CRH acquires leading European producer of construction accessories
02 May 2006
CRH plc, the international building materials group, announces that it has acquired the Halfen-Deha Group (Halfen), a leading European producer of metal construction accessories used in commercial, civil engineering and residential construction for a cash consideration, including debt acquired, of approximately €170 million. Intangible assets, largely goodwill, arising on this deal amount to approximately €100 million.
Halfen, which was founded in 1929, produces a range of construction accessories including anchoring technology, façade fixing systems, reinforcement accessories, transport anchor systems and framing systems. Its products are used both in precast and on-site applications, primarily in the new-build non-residential and infrastructure sectors. Halfen’s product range of engineered construction accessories is sold directly to contractors and precast plants rather than through builders merchants.
In 2005, profit before interest, tax, depreciation and amortisation (EBITDA) for Halfen amounted to €22 million on sales of €190 million.
Halfen employs approximately 1,300 people in 16 countries and operates from a network of six modern production sites comprising two in Germany and one each in Poland, the Netherlands, Sweden and Malaysia, while its product range is brought to market through a sales network covering 42 countries world-wide. The MMI business which CRH acquired last week is a main distributor of Halfen products in the United States. Halfen’s strong brand name and reputation for product quality as well as its geographical spread represent an important addition to the Construction Accessories platform of Europe P&D. Halfen’s extensive distribution network provides opportunities for further growth and development of CRH’s existing range of construction accessories.
Commenting on the transaction, Liam O'Mahony, Chief Executive of CRH said:
"Halfen is an excellent fit with our existing Construction Accessories business making CRH the market leader in Europe in this sector with combined sales of over €330 million and introducing further breadth to our distribution network. Halfen’s track record of product quality makes it a first choice of many end-users in the construction business. The acquisition strengthens our successful Construction Accessories business in Western Europe and expands the opportunities for co-operation between this business and our new MMI platform business in the United States which is itself a significant player in this sector."
Contact CRH at Dublin 404 1000 (+353 1 404 1000)
|Liam O’Mahony ||Chief Executive |
|Myles Lee ||Finance Director |
|Éimear O’Flynn ||Head of Investor Relations |
|Maeve Carton ||Group Controller |