Building materials group CRH has purchased German concrete firm EHL Group for a cash consideration, including assumed debt, of €155.4 million.
The EHL Group is the market leader in concrete paving and landscape-walling products and operates 32 factories in Germany and one in Poland, employing 1,350 people.
Last year EHL had sales of €235.4 million and profits of €26.4 million.
The company’s senior management team will continue to run the business as part of CRH's Europe Products & Distribution Division's concrete products group headed by Mr Mairtin Clarke.
CRH has similar concrete products operations in The Netherlands, Belgium, France and Britain. Today’s acquisition brings annualised sales for that group to €700 million.
Shares in CRH dropped 45 cents to €18.45 on the Irish stock exchange this morning following the announcement. CRH shares are down almost 5 per cent year to date.