CRH (NYSE: CRH -news) has stated that its multiyear €1.5bn-2bn divestment programme announced last August was “well underway” after it sold off 16 assets in 2014. During the year, the company raised €350m in disposal proceeds after completing 16 divestments.
Divestments included the exit of the Turkish construction market and certain concrete businesses in Europe, as well as a number of disposals of non-core operations in the Americas.
At the same time, CRH spent €190m on acquisitions and investments in 2014 after completing 21 transactions.
“With a refined portfolio focus, the group is now well-positioned to pursue acquisitions which are in line with our long-term growth strategy,” said chief executive Albert Manifold.
“The 21 transactions completed during 2014 comprise primarily bolt-on acquisitions for our existing operations in the Americas, together with the expansion of our builders merchanting network in Europe.” The stock was up 1.9% at 1,524p by 08:38 on Thursday.