(Bloomberg) -- CRH Plc has agreed to buy a portfolio of cement and readymixed concrete assets in Texas from Martin Marietta Materials Inc.
The building products company will acquire the assets for $2.1 billion, according to a statement on Tuesday. The combined portfolio is expected to generate roughly $170 million in pro-forma earnings before interest, taxes depreciation and amortization in 2023.
“The acquisition of these high-quality assets further strengthens our market leading position in Texas and increases our exposure to attractive, high-growth markets,” CRH’s Chief Executive Officer Albert Manifold said in the statement.
CRH moved its primary listing from London to New York in September, in part to make it easier for the company to strike deals in the US. Mergers and acquisitions are a key part of CRH’s growth strategy, Manifold said at the time.
Last year, CRH agreed to pay about $1.9 billion for Barrette Outdoor Living Inc., a provider of residential fencing and railing products.
©2023 Bloomberg L.P.