CRH announces divestment in the US
22 November 2010
CRH plc, the international building materials group, announces that it has sold substantially all the assets of its Ivy Steel and Wire business (Ivy) in the United States for a total consideration of US$51 million (approximately €37 million).
Ivy, which is based in Texas and manufactures welded wire reinforcement and wire products for concrete construction applications, was acquired by CRH as part of its April 2006 purchase of MMI Inc. Ivy reported sales of US$104 million in 2009. CRH has sold this business to Insteel Industries, Inc. one of the largest manufacturers of steel wire reinforcing products for concrete construction applications in the United States.
The full year profit guidance announced for the CRH Group on 9 November included impairment charges in respect of this business; accordingly, the sale of Ivy should not result in a gain or loss on disposal for CRH.
Myles Lee, Chief Executive of CRH, commented:
"The divestment announced today follows the recent announcement of our agreement to dispose of certain insulation businesses in Europe for a consideration of €120 million. We are pleased that Ivy has been sold to a strong industry player."
Contact CRH at Dublin 404 1000 (+353 1 404 1000)
|Myles Lee ||Chief Executive |
|Maeve Carton ||Finance Director |
|Éimear O’Flynn ||Head of Investor Relations |
|Rossa McCann ||Head of Group Finance & Treasury |
View the full release (PDF, 99KB, opens in a new window).