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| CRH announces divestment in the US Irish building materials maker CRH announces that it has sold substantially all the assets of its Ivy Steel and Wire business (Ivy) in the United States for a total consideration of US$51 million (approximately €37 million). Ivy, which is based in Texas and manufactures welded wire reinforcement and wire products for concrete construction applications, was acquired by CRH as part of its April 2006 purchase of MMI Inc. Ivy reported sales of US$104 million in 2009. CRH has sold this business to Insteel Industries, Inc. one of the largest manufacturers of steel wire reinforcing products for concrete construction applications in the United States. The full year profit guidance announced for the CRH Group on 9 November included impairment charges in respect of this business; accordingly, the sale of Ivy should not result in a gain or loss on disposal for CRH. write your comments about the article :: © 2010 Construction News :: home page |