Sources: Ibstock plc, United Kingdom; CP staff
U.K. and U.S. clay and concrete product operator Ibstock has appointed Greg Silvestri as president of its key operating business, Wyomissing, Pa.-based Glen-Gery. He will oversee one of North America’s oldest and largest masonry brands, with 10 brick and stone plants plus 10 distribution sites serving 500-plus U.S. and Canadian dealers.
Sources: CRH Plc, Dublin; Bain Capital LLC, Boston; CP staff
CRH will sell its Ibstock and Glen-Gery businesses in the United Kingdom and United States, respectively, in a $640 million deal with funds managed by Bain Capital Europe LLP. Projected to close during the first half of 2015, the transaction includes assumption of certain debt and pension liabilities resulting in net cash value to CRH of approximately $457 million.