The Dublin-headquartered international building materials group has bought a 50% stake in the Turkish-based cement and pre-mixed concrete business, called Denizli Cement. It bought the stake from the privately-owned industrial group, Eren Holdings — which still owns the other half of the business.
Under the new arrangement, CRH and Eren will have joint management control of the business, based in the Turkish city of Denizli.
The company operates a modern cement facility with a 1.8m tonne cement capacity and is a market leader in Turkey. It also operates a network of 13 ready-mixed concrete plants in the region.
Meanwhile, CRH has exercised its existing option of buying out the remaining 50% of the Florida-based company, Paver Systems.
The Irish group initially bought a 50% stake in Paver at the beginning of 2004. Paver Systems is a leading manufacturer of inter-locking concrete pavers and operates three facilities in West Palm Beach, Tampa and Orlando.
Between them, the Turkish and American companies had sales of $223m (€164.6m) last year and earnings before interest, tax, depreciation and amortisation of $79m.
According to CRH chief executive, Liam O’Mahony: “The two transactions are important steps in the further development of our Europe materials and Americas products activities.”