CRH strikes $2.1bn US deal for Eco Material in green push
Eco Material will provide CRH with a long-term supply of building materials while positioning it for the transition to new, more environmentally friendly types of cement and concrete, according to CRH Chief Executive Officer Jim Mintern.
"This acquisition really puts us at the forefront of the next generation of cement and concrete in the US," Mintern said in an interview.
Eco Material, formed from predecessor companies in 2022, turns industrial waste into cement ingredients that can replace traditional components such as Portland cement to reduce concrete's carbon footprint. Eco Material's so-called supplementary cementitious materials are more durable, workable and stronger than traditional cement, Mintern said.
It also complements CRH's SCM business, Ash Grove, which it acquired in 2018, he added.
"SCMs are the fastest growing part of the US cementitious business," he said. "So this is really accelerating our growth in that space."
The Utah-based target company partners with utilities to process and recycle about 7 million tons of fly ash and 3 million tons of synthetic gypsum and other materials annually. It will continue to operate as Eco Material.
The deal underscores the takeover capacity at CRH, which moved its primary listing to New York from London two years ago, partly to make it easier to strike deals in the US. Acquisitions have played a key role in the company's growth strategy, including its agreement in 2023 to buy a portfolio of cement and ready-mix concrete assets in Texas from Martin Marietta Materials Inc. for about $2.1 billion.
CRH, with a market value of $67 billion, describes itself as the largest building-materials business in North America and Europe. The company provides aggregates, cement and related-services for scores of major construction and infrastructure projects around the world, including a stormwater system at the Los Angeles International Airport and concrete for the Gotthard Base Tunnel in Switzerland, according to its website. It's also the largest road builder in North America.
Over the past five years, CRH's revenue grew 29% to $35.6 billion in 2024. That makes it the world's biggest building materials company by revenue, according to a Bloomberg Intelligence report in March.
The deal, funded with cash on hand, is expected to close this year. CRH, now primarily listed on the New York Stock Exchange, will publish financial results for the second quarter of 2025 after market close on Wednesday, August 6.
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RTÉ News
21 hours ago
- RTÉ News
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Irish Examiner
2 days ago
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Agriland
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