The purchase agreement was reached on 3 June 2022, and the transaction follows the recent divestment of CRH’s Building Envelope business. It demonstrates the continued execution of the Irish building materials group’s strategy to create shareholder value through active portfolio management and the efficient allocation and reallocation of capital.
For the year ended 1 January 2022, Barrette reported profit before tax of $79 million and gross assets of $1.2 billion. The transaction, financed through existing financial resources and subject to regulatory approval, is expected to close in the second half of 2022.
Speaking last month after the purchase deal was agreed, Albert Manifold, chief executive of CRH, said Barrette was an "excellent" addition to CRH.
He continued: "Our Architectural Products business has been one of our fastest-growing businesses in recent years, and the acquisition of Barrette complements and enhances our existing offering of sustainable outdoor living solutions in North America."
