Displaying items by tag: Divestment
CRH to acquire Martin Marietta Materials’ South Texas business
21 November 2023US: Ireland-based CRH has concluded a deal for the acquisition of Martin Marietta Materials’ South Texas business. This includes 20 ready-mix concrete batching plants, alongside the Hunter cement plant and a network of cement terminals on the Gulf of Mexico. The value of the transaction is US$2.1bn.
CRH CEO Albert Manifold said “The acquisition of these high-quality assets further strengthens our market leading position in Texas and increases our exposure to attractive, high-growth markets. Our ability to leverage our cement expertise and technical capabilities will enable us to enhance and optimise our existing footprint in Texas, resulting in significant synergies and self-supply opportunities. This transaction reflects our disciplined approach to capital allocation as well as our commitment to deliver further growth and value creation for our shareholders. We also believe there is significant potential to unlock additional growth opportunities across an expanded footprint in this attractive growth market.”
Australia: The Australian Competition and Consumer Commission (ACCC) has called for public comment on Switzerland-based Sika's proposed acquisition of Germany-based fellow construction chemicals producer MBCC Group. The commission has raised 'preliminary concerns' over the possible competition impacts of Sika obtaining an 80% Australian market share as a result of the deal.
Sika group responded to the ACCC's concerns with an offer of an undertaking to divest MBCC Group's entire Australia and New Zealand business.
China: China Resources Cement (CRC) plans to sell subsidiaries CRC Changzhi and China Resources Concrete (Lucheng) for US$168m or more. CRC Changzhi operates a 2Mt/yr cement plant in Changzhi City, Shanxi Province. Both it and China Resources Concrete (Lucheng) serve the Shanxi Province market.
Xella sells Macon precast concrete operations to Romcim
13 April 2022Romania: Xella Romania has sold its Macon precast concrete operations to Romcim, a subsidiary of Ireland-based CRH. The operations being sold served the civil engineering and transport infrastructure end markets in Romania. The price of the divestment has not been disclosed.
Christophe Clemente, chief executive officer of Xella Group, said, "The sale of Macon's precast concrete division will sharpen Xella's profile in the autoclaved aerated concrete (AAC) and construction market and will allow us to focus our resources on the development of sustainable and efficient walling solutions for the building industry.”
Xella Romania acquired Macon Group in 2018. The addition added AAC as well as precast concrete, lime and terracotta operations. Parent company Germany-based Xella says that the acquisition made its subsidiary the largest AAC producer in Romania. The precast concrete business line is managed by Simbeton and operates two production facilities in Deva and Oradea.