LONDON (dpa-AFX) - Building materials supplier CRH Plc (CRH.L, CRH), Wednesday, said it has spent 0.4 billion euros for acquisitions and investment activities during the the second half of 2011.
Providing a development strategy update, the company noted that the development spend pertains to 23 acquisitions and investment activities it has undertaken in the second half, which will result in total development spend for the year to 0.6 billion euros.
CRH's development initiatives include acquisitions and investment of 195 million euros in Europe Materials segment, acquisitions in Europe Products & Distribution for 28 million euros, acquisitions in Americas Materials totaling 112 million euros or $157 million and Americas Products & Distribution acquisitions of 72 million euros, or $101 million.
The Europe Materials division acquisitions added 93 million euros of annualized incremental sales and Europe Products & Distribution division added sales of 52 million euros.
Americas Materials division completed nine acquisitions, giving rise to incremental annualized sales of $164 million. Americas Products & Distribution division finished six bolt-on transactions, adding incremental annualized sales of $163 million, CRH stated.
Myles Lee, Chief Executive of the company said, 'The bolt-on transactions announced today are very much in keeping with the Group's strategy to acquire businesses which add value to our existing operations or which expand our footprint in developed markets where we see opportunities for further growth. Meanwhile we continued to grow our activities in developing economies by investing through our 26% associate in northeastern China and through a strategic bolt-on acquisition in Ukraine.'
In addition, the company noted that in September its Europe Materials Division disposed of Premier Periclase, its sea-water magnesia operations in Ireland for total proceeds of about 21 million euros.
CRH.L is currently trading at 1,299 pence, down 6 pence or 0.46 percent, on a volume of 706 thousand shares on the LSE.
In US, CRH ended on Tuesday at $20.27 on the NYSE.
Copyright RTT News/dpa-AFX
