黑洞社区 materials firm spends 拢500m in bolt-in acquisitions in last six months
黑洞社区 materials firm CRH has revealed more than 拢500m of bolt-on acquisitions made in the second half of 2007.
The news comes as the group released a trading update anticipating profits to have risen last year to 鈧�1.9bn (拢1.41bn), up from 鈧�1.6bn (拢1.19bn) in 2006.
CRH spent 鈧�693 (拢516m) on 37 bolt-on acquisitions during the last six months, on top of the 鈧�101m (拢75m) it spent in August buying full ownership of Dutch aggregates firm Cementbouw.
The 37 purchases in Europe and America bring CRH鈥檚 total full year acquisition spend in 2007 to 鈧�2.2bn (拢1.65bn).
The bulk of the group鈥檚 spending was in the American product and distribution sector, in which it spent 鈧�348m (拢260m) on 10 acquisitions.
It also spent 鈧�199m (拢148m) on products and distribution companies in Europe, including the UK purchases of construction accessories wholesaler Forsite and fencing contractor West Midland Fencing.
As a result, the company expects to post a strong set of results for 2007, with European profits set to hit 鈧�1.1bn (拢821m), up from 鈧�814m (拢607m) in 2006.
The company is due to announce its preliminary results for 2007 in early March.
