Last checked at 21 Nov 2023 07:00
Press Release
CRH agrees $2.1bn acquisition of materials assets in Texas
CRH plc, the leading provider of building materials solutions, is pleased to announce that it has reached an agreement to acquire an attractive portfolio of cement and readymixed concrete assets in Texas, USA (the "Assets") from Martin Marietta Materials, Inc. for a total consideration of $2.1 billion. The combined portfolio of assets is expected to generate pro-forma 2023 EBITDA of approximately $170 million.
The Assets comprise a 2.1mt capacity cement plant located between San Antonio and Austin, a network of terminals along the eastern gulf coast of Texas and a portfolio of 20 readymixed concrete plants with annual shipments of c.1.6m cubic yards serving the Austin and San Antonio markets.
Albert Manifold, Chief Executive of CRH, 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 optimize 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".
The proposed transaction is subject to regulatory approval and is expected to complete in H1 2024.
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Contact CRH at Dublin 404 1000 (+353 1 404 1000)
Albert Manifold | Chief Executive |
Jim Mintern | Chief Financial Officer |
Frank Heisterkamp | Director of Capital Markets & ESG |
Tom Holmes | Head of Investor Relations |
About CRH
CRH (NYSE: CRH, LSE: CRH) is the leading provider of building materials solutions that build, connect and improve our world. Employing c.75,800 people at c.3,160 operating locations in 29 countries, CRH has market leadership positions in both North America and Europe. As the essential partner for road and critical utility infrastructure, commercial building projects and outdoor living solutions, CRH's unique offering of materials, products and value-added services helps to deliver a more resilient and sustainable built environment. The company is ranked among sector leaders by Environmental, Social and Governance (ESG) rating agencies. A Fortune 500 company, CRH's shares are listed on the NYSE and LSE.
Registered Office: No 12965. Registered Office: 42 Fitzwilliam Square, Dublin 2, R02 R279, Ireland
Forward-Looking Statements
This document contains statements that are, or may be deemed to be forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements may generally, but not always, be identified by the use of words such as "will", "believe", "continues", "is expected to", or similar expressions. These forward-looking statements include all matters that are not historical facts or matters of fact at the date of this document.
This document contains statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations, business, viability and future performance of CRH and certain of the plans and objectives of CRH, including but not limited to statements regarding expectations for the anticipated proforma EBITDA of combined assets; plans and expectations for CRH's operations and market position in Texas; and plans and expectations related to the anticipated benefits and timing of the transaction.
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