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CRH plows $530M into Mulzer, companion North American deals from European asset sales

Sources: CRH Plc, Dublin; CP staff

The parent of Atlanta-based Oldcastle Materials Inc. has closed on seven deals year to date, led by the acquisition of one of the largest privately held U.S. aggregates producers: Tell City, Ind.-based Mulzer Crushed Stone Inc., spanning six quarries, five sand & gravel operations, 14 materials yards, plus four ready mixed concrete and three asphalt plants serving Ohio River and Kanawha River valley markets in Indiana, Kentucky and West Virginia.

Mulzer Crushed Stone, plus smaller stone, aggregate and asphalt transactions in Connecticut, Minnesota, Washington and Montreal complement Oldcastle Materials South, North, Central, and West Divisions, along with CRH Canada. Totaling about $530 million, the deals were chiefly funded from $425 million in proceeds from the January-February 2017 sale of CRH Europe assets, led by a cement plant in Germany, plus precast concrete and clay product businesses accompanying five other deals in four other mainland countries.

“Development activity in the first two months of 2017 demonstrates both our strong pipeline and commitment to value-accretive portfolio management,” says CRH Chief Executive Albert Manifold. “With the disposal transactions announced [March 1], proceeds from divestments since 2014 will have reached €2 billion [$2.13 billion], and the Group continues to reinvest these proceeds to strengthen our core existing businesses and expand our operations.”