Building materials giant CRH (CRH) has had an unusually busy half-year, with acquisitions of around €7.5bn (£5.5bn) and disposals of nearly €700m. The biggest asset it acquired was the suite of cement, aggregates and ready-mixed concrete plants that came up for disposal on competition grounds as a result of the Lafarge/Holcim merger. This is now complete and integration is under way.
These half-year results were also accompanied by news that CRH has acquired CR Laurence, a US manufacturer and distributor of custom hardware and installation products. Net debt at the end of June was €1.2bn - down from €3.7bn a year earlier, helped by the proceeds of a €1.6bn placing in February. But the latest acquisitions imply pro-forma net debt of €8.6bn. However, this is expected to fall as the ongoing disposal programme continues and cash generation accelerates. Cash outflow in the first half was €600m, but this is in line with the normal seasonal pattern in the company's trading working capital; a strong operating inflow is expected in the second half.