CRH agrees to acquire US concrete business

CRH announced today that it has reached agreement to acquire the Pavestone Group LP for an upfront cash consideration, including debt assumed, of US$540m (€348m), plus deferred consideration contingent on future increases in profitability.

Completion of the transaction is subject to the granting of the required regulatory approvals.

Pavestone is headquartered in Dallas, Texas and operates a national network of 18 concrete paver plants at 16 locations across the United States. In addition it has decorative stone bagging plants at 14 of these locations. The group currently employs 1,300 people across its operations.

In a comment, CRH chief executive Liam O’Mahony said: "The proposed acquisition of Pavestone represents an opportunity to build on our success in developing APG into the leading North American supplier of multiple landscaping products, enabling profitable growth and an improved ability to service our core professional and DIY hardscape markets."