CRH has completed the sale of its market-leading DIY business in the Netherlands and Belgium, as well as certain related property assets, to Intergamma, a Dutch DIY franchise and a US real-estate investor. The deal is valued at €510 million.
The business – part of CRH’s European Distribution business – was the leading DIY chain in the Netherlands and third largest in Belgium, according to the CRH website. The Irish company retains DIY positions in Germany and Portugal.
The European Distribution business also includes general building merchants in a number of northern and central European countries, as well as sanitary, heating, and plumbing (SHAP) businesses in Switzerland, Belgium, and northern Germany.
CRH has been reducing its exposure to the building materials distribution business, focusing on investments in heavy building materials. In January, the company completed the divestment of its Americas Distribution business for US$2.63 billion.
Meanwhile, the company has invested heavily in its Heavyside business, recently acquiring a number of US cement assets, including the headline-grabbing purchase of Ash Grove Cement for US$3.5 billion.
Read the article online at: https://www.worldcement.com/europe-cis/18072018/crh-divests-benelux-diy-businesses/