According to CEO of Ireland-based CRH, Myles Lee, the construction materials company could increase spending for mergers and acquisitions to between €1 billion and €1.5 billion in the coming 18 months, should worthy opportunities arise. A total of 45% of the company's revenue in 2011 was accounted for by sales in the US (based on Bloomberg's compiled data), and the announcement comes at a time when the housing sector in the US is recovering. Figures from the US Commerce Department indicated that housing sta
November 22, 2012
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According to CEO of Ireland-based 723 CRH, Myles Lee, the construction materials company could increase spending for mergers and acquisitions to between €1 billion and €1.5 billion in the coming 18 months, should worthy opportunities arise.
A total of 45% of the company's revenue in 2011 was accounted for by sales in the US (based on Bloomberg's compiled data), and the announcement comes at a time when the housing sector in the US is recovering.
Figures from the US Commerce Department indicated that housing starts grew 3.6% to an 894,000 yearly rate in October 2012, the fastest since July 2008.
Since that year, CRH's takeover spending has not surpassed €1 billion, and the company cut such spending after the freezing of credit markets and the stalling of the worldwide economy amid the failure of 3057 Lehman Brothers Holdings.
