Summary
This Form 6-K filing by CRH Public Limited Company (CRH) reports the completion of its acquisition of a 26% shareholding in Yatai Cement, a significant player in the Chinese cement market. The transaction, valued at RMB 2.1 billion (approximately EUR 224 million), was initially announced in January 2008. Yatai Cement operates multiple integrated cement plants and grinding stations in northeastern China, with a current capacity of 14 million tonnes per annum, set to increase to 18 million tonnes by late 2009. This acquisition positions CRH as a leading cement supplier in the region and a top-10 supplier nationally within China. This move represents a strategic expansion for CRH into a key growth market. Investors should note the substantial investment and the expected increase in production capacity, indicating a commitment to growing its presence in China's burgeoning construction materials sector. The company's financial and operational teams, including Finance Director Glenn Culpepper, were involved in finalizing this significant international acquisition.
Key Highlights
- 1CRH has completed the acquisition of a 26% shareholding in Yatai Cement, China.
- 2The acquisition cost was RMB 2.1 billion (approximately EUR 224 million).
- 3Yatai Cement is a leading cement producer in China's northeastern provinces (Jilin and Heilongjiang).
- 4The acquired operations include 4 integrated cement plants and 4 grinding stations.
- 5Current cement capacity is 14 million tonnes per annum, with expansion to 18 million tonnes expected by late 2009.
- 6Yatai Cement is ranked among the top-10 cement suppliers in China.
- 7The deal was initially announced on January 30, 2008.