Building materials supplier CRH said today has agreed to sell its lime operations in Europe for about $1.1 billion to rival SigmaRoc.
Dublin-based CRH, which makes the bulk of its profits in the US and ditched its Dublin listing in favour of New York earlier this year, said the deal would be structured in phases.
The deal comes just a day after CRH announced a $2.1 billion acquisition of building materials assets in the high-growth Texas market from US rival Martin Marietta Materials.
The company's European lime operations, which generated sales of about $610m last year, include locations across Ireland, the UK, Germany, Czech Republic and Poland.
It said the deal is structured in three phases, the first of which is expected to complete in early 2024 and will comprise its lime operations in Germany, Czech Republic and Ireland.
The remaining phases, consisting of operations in the UK and Poland, are expected to complete in 2024.
Albert Manifold, the chief executive of CRH, said the decision to divest at an attractive valuation follows a comprehensive review of the Business and demonstrates CRH's active approach to portfolio management.
"The proceeds from the divestment will provide us with significant additional capital allocation opportunities to deliver further growth and value creation for our shareholders," he added.
