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November 22, 2023
1 Min Read
The transaction is expected to close in the first half of 2024.Image courtesy of PhanuwatNandee / iStock / Getty Images Plus
CRH, a leading provider of building materials solutions, is pleased to announce that it has reached an agreement to acquire an attractive portfolio of cement and ready-mixed concrete assets in Texas from Martin Marietta Materials for $2.1 billion.
The assets comprise a 2.1-metric-ton 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 ready-mixed concrete plants with annual shipments of c.1.6m cubic yards serving the Austin and San Antonio markets.
“The acquisition of these high-quality assets further strengthens our market leading position in Texas and increases our exposure to attractive, high-growth markets," said Albert Manifold, chief executive of CRH. "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 expected to be completed in the first half of 2024.
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