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CRH sells U.S. distribution arm to Beacon Roofing for $2.6 billion

Staff Writer |
Irish building materials firm CRH has sold its U.S. distribution business to Beacon Roofing Supply for $2.63 billion in cash and will use the proceeds to continue an acquisition spree.

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At the same time as announcing the sale, CRH said it was buying German lime and aggregates producer Fels for 600 million euros ($708 million), a business its chief executive said it tried to purchase on three other occasions in the last 20 years.

Added to the 632 million euros the company spent on buying 13 other smaller businesses in the first half of the year, that purchase signals a ramping up of acquisitions to a pace chief executive Albert Manifold said he expected to continue.

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