CRH Reports Sale Of UK Clay & Concrete & US Clay Business - Quick Facts

(RTTNews) - UK-based building materials group CRH plc (CRH, CRH.L) has agreed to dispose off its clay and concrete businesses in the UK and its clay business in the U.S. to funds managed by Bain Capital Europe LLP for an Enterprise Value of 414 million pounds or 522 million euros. This excludes real estate assets with an estimated market value of 30 million pounds that are being retained by CRH for future sale. The transaction may close in the first half of 2015.

The business being sold includes clay companies Ibstock in the UK and Glen Gery in the US, as well as UK concrete products companies Forticrete and Supreme Concrete. Pursuant to the transaction, Bain would assume certain debt and pension liabilities regarding the business and accordingly, the net cash consideration payable to CRH is likely to be some 295 million pounds. The proceeds received by CRH would be used for general corporate purposes. In 2013, the business made pre-tax profit of 16 million pounds.