Quoted building materials giant CRH is to sell one of its US businesses for €37 million.
The Irish company said this afternoon that has agreed to sell Texas-based Ivy Steel and Wire to rival Insteel Industries for $51 million (€37 million).
Ivy makes steel and wire reinforcements for concrete products and had sales last year of $104 million.
CRH acquired the operation when it bought MMI Inc in April 2006.
As the Irish company intends taking an impairment charge related in MMI in this year’s accounts, the deal will result in no material gains or losses for the group.
The announcement comes just days after CRH announced that has agreed to sell its European insulation businesses to another Irish group, Kingspan.
CRH chief executive Myles Lee said today that the group is glad that Ivy Steel and Wire is being sold to a strong industry player.
