Irish building materials group CRH today confirmed its Americas Materials Division is to buy US Aggregates Inc (USAI) operations in the western and southeastern US for $140 million.
As an initial step in the sale process, USAI filed for voluntary petitions for reorganisation under Chapter 11 yesterday. The proposed deal is still subject to consent by the bankruptcy court and expiration of the waiting period under US anti-trust laws.
Furthermore, and as part of the bankruptcy procedure, a competitive bidding auction will be conducted that will allow other parties the opportunity to bid for the assets of USAI.
USAI's assets in the western United States include a construction materials business in Utah, Arizona and Nevada with asphalt and ready-mixed concrete operations.
Last week CRH beat market expectations when it announced a 16 per cent rise in profits before tax to €862 million for 2001 on turnover of €10.4 billion.
An extended building season in the United States compensated for a relatively flat performance by CRH's European operations.
Additional reporting AFP
