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| CRH announces Pavestone acquisition will not proceed Irish building materials giant CRH has agreed, together with Pavestone Group LP, to withdraw the Hart-Scott-Rodino (HSR) filing for CRH's proposed acquisition of Dallas-based Pavestone. These actions have been taken following the recent decision by The United States Federal Trade Commission (FTC) to authorise FTC staff to challenge the proposed acquisition. CRH plc announced on 13 March 2008 it had reached agreement to acquire the Pavestone Group LP for an upfront cash consideration, including debt assumed, of US$540 million (euro 348 million). Pavestone operates a national network of 18 concrete paver plants at 16 locations across the United States. In addition it has decorative stone bagging plants at 14 of these locations. CRH's Architectural Products Group (APG) operates from 30 paver plants and 11 bagging plants in 37 states, with good opportunities for synergies. write your comments about the article :: © 2009 Construction News :: home page |