Business News

CRH acquires amid reported 13% increase in sales

By Business & Finance
27 August 2015
sky tower wroclaw
The Sky Tower, Wroclaw, Poland. CRH was contracted to supply the 52,000 cubic metres of concrete and pumping services required to complete this project

CRH today announced its financial results for 2015 as news emerged that the company has agreed to purchase US glazing company CR Laurence (CRL) in a deal worth $1.3bn.

CRL is a leading manufacturer and distributor of custom hardware and installation products for the professional glazing industry in North America.

International building materials group CRH has said the business will be acquired debt-free and completion of the purchase is anticipated for early September 2015.

In it’s interim report, the company posted 13% increase in sales for the first half of the year and pre-tax profit rose from €61m to €63m.

Commenting on the agreement and the strong interim results, CRH chief executive Albert Manifold said: “CRL is a business with strong growth characteristics and an excellent operational fit with our Building Envelope business in the United States and represents an exciting opportunity for CRH.

”We are on track to deliver another year of growth in 2015. Trading in the Americas has been good and, against a mixed macro-economic backdrop, underlying trading in Europe is broadly in line.”