UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, DC
20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A - 16 OR 15D - 16 OF
THE SECURITIES EXCHANGE ACT OF 1934
16 July 2019
Commission
File No. 001-32846
____________________________
CRH
public limited company
(Translation of registrant's name into English)
____________________________
Belgard Castle, Clondalkin,
Dublin 22, Ireland.
(Address of principal executive offices)
____________________________
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F:
Form
20-F X Form
40-F___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by
Regulation
S-T Rule 101(b)(1):_________
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by
Regulation
S-T Rule 101(b)(7):________
Enclosure:
CRH announces divestment of Europe
Distribution
Press
Release
CRH announces divestment of Europe Distribution
business
CRH plc, the global building materials group, announces that it has
reached agreement to divest of its Europe Distribution business
(the "Business") to private equity funds managed by Blackstone for
an Enterprise Value of €1.64 billion* payable in cash. The
transaction is subject to regulatory approval.
The Business comprises CRH's entire General Builders Merchants
business in Europe, including its Sanitary Heating and Plumbing
business. It supplies building materials to professional builders,
specialist contractors and DIY customers through a network of local
and regional brands across 6 countries in Western Europe. In 2018
the Business generated proforma EBITDA of €155 million on
proforma sales of €3.7 billion; profit before tax for the
year amounted to €124 million and gross assets at year-end
amounted to €1.9 billion.
This divestment follows a comprehensive strategic review of the
Business over the last several months which considered all options
to maximise value for shareholders. It concludes the exit from our
distribution businesses across the Group, creating a simpler and
more focused business.
The Group's strategy of actively managing its portfolio for higher
growth, more sustainable returns and efficiently allocating capital
to maximise shareholder value has resulted in its decision to
divest of the Business at an attractive valuation. The proceeds
from the divestment will be used for general corporate purposes,
value creating acquisitions and capital returns to shareholders
through our ongoing share buyback programme.
Commenting on this development, Albert Manifold, CRH Chief
Executive, said:
"The transaction announced today demonstrates the continued
execution of CRH's strategy of creating value for our shareholders
through active portfolio management, the efficient allocation of
capital and creating a simpler and more focused Group going
forward. We wish our colleagues in Europe Distribution every
success as they enter this new phase of their
development."
*The Enterprise Value excludes a further €50 million of
additional consideration which is contingent on the satisfaction of
certain other contractual clauses.
****
For further information, please contact CRH plc at Dublin 404 1000
(+353 1 404 1000)
Albert
Manifold
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Chief Executive
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Senan
Murphy
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Finance Director
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Frank
Heisterkamp
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Head of Investor Relations
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About CRH
CRH (LSE: CRH, ISE: CRG, NYSE: CRH) is the leading building
materials business in the world, employing c.90,000 people at
c.3,700 operating locations in 32 countries. It is the largest
building materials business in North America, the largest heavyside
materials business in Europe and has a number of strategic
positions in the emerging economic regions of Asia and South
America. CRH manufactures and supplies a range of integrated
building materials, products and innovative solutions which can be
found throughout the built environment, from major public
infrastructure projects to commercial buildings and residential
structures. A Fortune 500 company, CRH is a constituent member of
the FTSE 100 index, the EURO STOXX 50 index, the ISEQ 20 and the
Dow Jones Sustainability Index (DJSI) Europe. CRH's American
Depositary Shares are listed on the NYSE.
For more information visit www.crh.com.
Registered Office: No 12965. Registered Office: 42 Fitzwilliam
Square, Dublin 2, R02 R279, Ireland
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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CRH public limited company
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(Registrant)
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Date
16 July 2019
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By:___/s/Neil
Colgan___
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N.Colgan
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Company Secretary
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