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CRH to sell European distribution business for €1.64bn

"The transaction announced today demonstrates the continued execution of CRH's strategy of creating value for our shareholders through active portfolio management," said Albert Manifold.

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Proceeds are earmarked for acquisitions and share buy backs

CRH PLC (LON:CRH) has agreed to sell its European distribution unit in a deal worth €1.64bn, to be paid in cash.

The Irish building materials firm highlighted that the deal is in line with its strategy to actively manage its portfolio for higher growth and more sustainable returns.

READ: CRH boosts buyback, continues review of distribution arm

It added that the cash proceeds would be earmarked for general corporate purposes, value creating acquisitions and capital returns to shareholders (through an ongoing share buyback programme).

"The transaction announced today demonstrates the continued execution of CRH's strategy of creating value for our shareholders through active portfolio management, the efficient allocation of capital and creating a simpler and more focused group going forward,” said Albert Manifold, CRH chief executive.

The sold unit comprises CRH's entire general builders merchants business in Europe, including its sanitary heating and plumbing business.

It supplies building materials to professional builders, specialist contractors and DIY customers across six countries in western Europe.

Quick facts: CRH PLC

Price: 2956 GBX

LSE:CRH
Market: LSE
Market Cap: £23.31 billion
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