12th Dec 2006 07:01
CRH PLC12 December 2006 NEWS RELEASE 12 December 2006 CRH ANNOUNCES SELECTIVE APAC DISPOSALS CRH plc, the international building materials group, announces good progress inintegrating the operations of Ashland Paving and Construction (APAC) which wasacquired by CRH's US subsidiary, Oldcastle Materials, Inc. in August 2006. Theintegration has focused on overhead reductions and disposals aimed at enhancingthe materials focus of APAC. The disposals, in six separate transactions, of certain APAC contracting andasphalt activities in Georgia, North and South Carolina, Texas and Virginia haverealised combined cash proceeds of approximately US$ 215 million (US$ 195million net of tax). In the 12 months ending June 2006, sales from the disposedoperations amounted to US$ 520 million, with EBITDA of approximately US$ 30million before charging depreciation and amortisation of US$ 18 million. In thesame period, these operations produced 6.7 million tons of asphalt usingexternally sourced aggregates. Commenting on these developments, Liam O'Mahony, CRH Chief Executive, said "These selective disposals completed over the past three months are consistentwith our stated objective of transitioning APAC from its previous emphasis of "construction with materials" to the Oldcastle model of "materials withconstruction". We are pleased with the progress achieved to-date both inrelation to these disposals and in the ongoing realisation of the administrationand operational synergies indicated with the acquisition of APAC". Contact CRH at Dublin 404 1000 (+353 1 404 1000)Liam O'Mahony, Chief ExecutiveMyles Lee, Finance DirectorEimear O'Flynn, Head of Investor RelationsMaeve Carton, Group Controller CRH plc, Belgard Castle , Clondalkin, Dublin 22, Ireland TELEPHONE +353.1.4041000 FAX +353.1.4041007 E-MAIL [email protected] WEBSITE www.crh.com Registered Office, 42 Fitzwilliam Square, Dublin 2, Ireland This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CRH