CRH expands with 2 U.S. acquisitions

By Andrew Bushe

DUBLIN — Cement Roadstone Holdings have branched out further in the U.S. with its subsidiary there, the Oldcastle Materials Group, buying two New Jersey-based companies for a net costs of $146 million after the disposal of surplus assets.

CRH has been building up a substantial presence in the northeastern and mountain states, making acquisitions in materials for the expanded federal highways program.

CRH is paying $123 million cash, plus a deferred payment of $25 million, for Millington Quarry and Dell Contractors, but they would cost $146 million after the sale of assets.

Both firms produce aggregates and asphalt and had combined sales last year of $149 million and adjusted trading profits of $18 million.

The operations of both companies will be integrated with Tilcon New York, which CRH acquired in 1996

Before the purchases, CRH was already the number five aggregates producer in America and the number two producer of asphalt.

CRH’s operations in North and South America account for more than 50 percent of the group’s sales and profits.