CRH reveals €400m spend in second half of 2011

CRH, the Irish building materials group, has announced it spent €400m on acquisitions and investments in the second half of 2011. The total spend for 2011 was €600m.

In an update on its acquisition activities in the second half of last year, the company said the biggest investment came in its Europe Materials division which spent €195m including a deal to boost its cement grinding capacity in Belgium.

The Americas Materials division splashed out €112m, including the purchase of 0.25bn tonnes of aggregate reserves.

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The totals in CRH's other businesses were €28m at its Europe Products and Distribution arm and €72m through Americas Products and Distribution.

CRH's Chief Executive Myles Lee said: "The bolt-on transactions ... are very much in keeping with the group's strategy to acquire businesses which add value to our existing operations or which expand our footprint in developed markets where we see opportunities for further growth."

CRH shares were broadly flat at the open.

BS