CRH Agrees $1.1bn Divestment of European Lime
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DUBLIN, IRELAND / ACCESSWIRE / November 22, 2023 / CRH plc, the leading provider of building materials solutions, is pleased to announce that it has reached an agreement to divest its lime operations in Europe (the "Business") to SigmaRoc plc for a total consideration of c.
The Business comprises 16 operating locations with leading market positions across Ireland, the UK, Germany, Czech Republic and Poland. The combined Business generated sales of c.
The transaction is structured in three phases, the first of which is expected to complete in early 2024 comprising the Group's lime operations in Germany, Czech Republic and Ireland. The remaining phases, consisting of operations in the UK and Poland, are expected to complete in 2024.
Albert Manifold, Chief Executive of CRH, said: "The decision to divest at an attractive valuation follows a comprehensive review of the Business and demonstrates CRH's active approach to portfolio management. The proceeds from the divestment will provide us with significant additional capital allocation opportunities to deliver further growth and value creation for our shareholders".
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Contact CRH at Dublin 404 1000 (+353 1 404 1000)
Albert Manifold | Chief Executive |
Jim Mintern | Chief Financial Officer |
Frank Heisterkamp | Director of Capital Markets & ESG |
Tom Holmes | Head of Investor Relations |
About CRH
CRH (NYSE: CRH, LSE: CRH) is the leading provider of building materials solutions that build, connect and improve our world. Employing c.75,800 people at c.3,160 operating locations in 29 countries, CRH has market leadership positions in both North America and Europe. As the essential partner for road and critical utility infrastructure, commercial building projects and outdoor living solutions, CRH's unique offering of materials, products and value-added services helps to deliver a more resilient and sustainable built environment. The company is ranked among sector leaders by Environmental, Social and Governance (ESG) rating agencies. A Fortune 500 company, CRH's shares are listed on the NYSE and LSE.
Registered Office: No 12965. Registered Office: 42 Fitzwilliam Square, Dublin 2, R02 R279, Ireland
Forward-Looking Statements
This document contains statements that are, or may be deemed to be forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements may generally, but not always, be identified by the use of words such as "will", "believe", "continues", "is expected to", or similar expressions. These forward-looking statements include all matters that are not historical facts or matters of fact at the date of this document.
This document contains statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations, business, viability and future performance of CRH and certain of the plans and objectives of CRH, including but not limited to statements regarding expectations for the anticipated timing and benefits of the divestment and plans and expectations regarding CRH's further growth and shareholder value creation.
Forward-looking statements are subject to risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond CRH's control or precise estimate.
Such risks, uncertainties and other factors include, but are not limited to, economic and financial conditions, including market turbulence, high interest rates, inflation, price volatility and/or labour and materials shortages in various countries and regions where we operate; the pace of growth in the sectors in which we operate; demand for infrastructure, residential and non-residential construction and our products in our geographic markets; increased competition and its impact on prices; and increases in energy and/or raw materials costs. There are other important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including risks and uncertainties relating to CRH described under "Principal Risks and Uncertainties" in CRH's Report on Form 6-K regarding the results for the six-month period ended 30 June 2023, as filed with the US Securities and Exchange Commission (the "SEC"), as well as "Principal Risks and Uncertainties (Risk Factors)" in the Company's 2022 Annual Report on Form 20-F as filed with the SEC.
You are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this document. The Group expressly disclaims any obligation or undertaking to publicly update or revise these forward-looking statements other than as required by applicable law.
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SOURCE: CRH PLC
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FAQ
What is CRH plc's (CRH) recent announcement about divesting its lime operations in Europe to SigmaRoc plc for?
What are the details of the Business being divested by CRH plc (CRH)?
When is the completion of the first phase of the divestment expected to occur?
What did Albert Manifold, Chief Executive of CRH plc (CRH), highlight about the divestment decision?
