CRH buys up China cement plant

ISEQ-listed building material group CRH has announced it has the go-ahead to complete the purchase of a cement-making plant in China.

The company was waiting on approval from the Chinese government on certain details of the purchase agreement and has finally reached a deal with the authorities there.

The company's new plant will operate as Harbin Sanling Cement Company and is located in Xiaoling Township, 45 km of Heilongjiang's largest city, Harbin.

CRH chief executive Liam O'Mahony said: "We are delighted to have concluded our first acquisition in China, which provides the opportunity for CRH to participate in the large and growing Chinese building materials market."

CRH shares have shot up on foot of the news and stood at €32.10, a 71c increase by 4.15pm today.