CRH Acquires Company for $2.1 Billion

CRH Announces USD 2.1 Billion Acquisition CRH plc, a leading provider of building materials solutions, has announced that it has agreed to acquire a portfolio consisting of cement and ready-mixed concrete assets in Texas, USA, from Martin Marietta Materials, Inc. for a total consideration of USD 2.1 billion. The pro-forma 2023 EBITDA of the combined asset portfolio is expected to be approximately USD 170 million. The assets comprise a cement plant with capacity of 2.1 million metric tons located between San Antonio and Austin, a terminal network spanning the east coast of Texas, and a portfolio of 20 ready-mixed concrete facilities serving the Austin and San Antonio markets with annual shipments of approximately 1.6 million cubic meters. Albert Manifold, Chief Executive Officer of CRH, stated: "The acquisition of these high-quality assets further strengthens our market-leading position in Texas and increases our access to attractive, high-growth markets. Our ability to leverage our cement expertise and technical capabilities will enable us to develop and optimize our existing footprint in Texas, creating significant synergies and self-supply opportunities. This transaction reflects our disciplined approach to capital allocation and our commitment to creating greater growth and value for our shareholders. Furthermore, we believe there is considerable potential to unlock additional growth opportunities across our expanded footprint in this attractive growth market." The transaction is subject to regulatory approvals and is expected to be completed in the first half of 2024. Source