CRH plc has confirmed total disposal proceeds of approximately €1 billion in 2015. This figure includes the previously announced sale of its clay and concrete products operations in the UK and the Group’s clay business in the US, alongside several additional divestments across Europe and the Americas for total proceeds of approximately €0.53 billion. These included the disposal of CRH’s 25% equity stake in its Israeli operation, the disposal of a number f non-core ready mixed concrete and concrete products businesses across Europe and the sale of six operations across the US.
The Group also completed 20 bolt-on acquisition and investment transactions during 2015, which, along with the acquisition of assets from Lafarge and Holcim, the C.R. Lawrence acquisition and net deferred consolidation payments, bring development spend for 2015 to approximately €8 billion.
Albert Manifold, CRH Chief Executive, commented on these developments, saying, “Portfolio management, and in particular the reallocation of capital from lower growth areas into core businesses for growth, is a cornerstone of our value creation model. We are pleased with our progress in 2015, which brought cumulative proceeds from our multi-year divestment programme to almost €1.4 billion, while our targeted bolt-on investments strengthened our existing businesses and complemented the major acquisition activity which saw total acquisition spend of approximately €8 billion in 2015.”
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/the-americas/08012016/crh-development-strategy-update-286/