CRH shareholders lose 1bn over tardiness in disclosing asbestos action

THE tardiness of CRH in disclosing potential exposure to asbestos litigation cost shareholders over €1 billion as the share price plunged yesterday when the company finally went public on the problem.

The company has already paid out €2,649,900 to 33 claimants, and in a statement yesterday disclosed that companies in CRH’s distribution group in the United States have been named, together with a large number of other unrelated parties, in 244 pending cases involving a total of 251 claimants.

CRH shares fell by €1.05 billion on a day Irish shares fell 3.47%, wiping €2.02 billion off their value. In a statement yesterday, CRH said: “As part of its ongoing review procedures, senior group management has recently learned that certain of its operating companies have been named in asbestos litigation.