Building materials firm CRH has agreed to sell its US-based unit that manufactures glass products to private equity firm KPS Capital Partners for $3.8bn.
CRH is the world’s second-largest building materials supplier.
The business being sold makes architectural glass, storefront systems, architectural glazing systems and related hardware for customers mainly in North America.
CRH said the decision to sell its Building Envelope business at what it described as an “attractive” valuation demonstrated its active approach to portfolio management, efficient allocation of capital and the creation of a simpler and more focused group.
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“The proceeds from the divestment will be incorporated into the group’s capital allocation resources, focused on value-enhancing capital expenditure, value-accretive acquisitions and cash returns to shareholders,” CRH said in a statement.
In 2020, the unit generated earnings before interest, tax, depreciation and amortisation (EBITDA) of $337m.
CRH reported full-year earnings of $4.6 billion across the group.
Source: RTE
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