By Ian Walker

CRH PLC is selling its European lime operations to SigmaRoc for $1.1 billion in a three-part deal, the first of which is expected to complete early next year.

The Irish building-materials supplier said Wednesday that the sale follows a review of the business and is part of its approach to portfolio management.

The company said the first part of the sale includes operations in Germany, Czech Republic and Ireland. The remaining phases, consisting of operations in the U.K. and Poland, are expected to complete in 2024, it said.

"The proceeds from the divestment will provide us with significant additional capital allocation opportunities to deliver further growth and value creation for our shareholders," CRH Chief Executive Albert Manifold said.

The business being sold generated sales of $610 million and earnings before interest, taxes, depreciation and amortization of $137 million in 2022.

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(END) Dow Jones Newswires

11-22-23 0235ET