CRH has made its first major acquisition of 1998 with the purchase of the assets of M.A. Segale in the United States for $60 million (£42.9 million). Segale is a family-owned company and is one of the leading aggregates, asphalt, paving and construction businesses in the southern Seattle area, with long-term access to more than 50 million tons of aggregate reserves. Last year, Segale had trading profits of $4.4 million on sales of $50 million.

According to CRH, the cost of the acquisition includes a deferred consideration over a 10-year period. The net present cost of the acquisition, after the sale of surplus assets, is $36 million with goodwill of $10 million. The Segale family, including founder and majority shareholder, Mr Mario Segale, will remain in their management positions for the rest of the year and will have an advisory role thereafter. Seattle is home to the US's biggest industries, including Boeing and Microsoft and boasts one of the US's biggest container ports. CRH's Oldcastle division already has precast, architectural products, glass and distribution groups in Seattle. Segale will form part of the Oldcastle division.