CRH agrees $2.1bn deal for alternative concrete supplier Eco Material Technologies
CRH, the Irish-based building materials company, has agreed a $2.1bn deal to buy sustainable cement alternatives supplier Eco Material Technologies as part of its continued expansion in North America.
New York-listed CRH said the acquisition would secure its long-term supply of critical materials, expand its national distribution network and strengthen its position as a leading player in cement across the Atlantic.
More than 1,100 Eco Material Technologies employees will join CRH with the acquisition.
"This strategic acquisition further positions CRH as a leading cementitious player in North America with both cement and [supplementary cementitious materials] capabilities," said Jim Mintern, chief executive of CRH.
"This transaction demonstrates CRH's disciplined approach to capital allocation, building market-leading positions in higher-growth markets with secular tailwinds and superior returns.
"As we continue to modernise North America’s infrastructure, this transaction secures the long-term supply of critical materials for future growth and puts CRH at the forefront of the transition to next-generation cement and concrete."
Headquartered in Utah, Eco Material Technologies operates a national network of fresh and harvested fly ash, pozzolans, synthetic gypsum and green cement operations across 125 utility source locations, production facilities and terminals.
Grant Quasha, chair and chief executive of Eco Materials Technologies, said: “Eco Material is excited to enter a new phase of growth, partnering with industry leader CRH to enhance our scale and suite of offerings to our Utility partners and Ready-Mix customers.
"CRH’s strong industry presence, coupled with its intense focus on safety, innovation and customer service pairs perfectly with Eco Material’s key values.”
The deal is subject to regulatory approval and customary closing conditions and is expected to be finalised before the end of the year.
CRH plans to fund the transaction with cash on hand and does not expect any change in its credit ratings.
CRH reported revenues of $35.6bn and adjusted EBITDA of $6.9bn last year after moving its listing from Dublin to New York in September 2023.
Jim Mintern, chief executive of CRH. (Pic: CRH)
The group now employs around 80,000 people in 28 counties, but the Americas account for two-thirds (65 per cent) of its turnover, which is split fairly evenly between the residential (35 per cent), infrastructure (35 per cent) and non-residential (30 per cent) markets.
(Pic: Getty Images)
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