CRH signed an agreement to acquire Eco Material Technologies, a supplier of supplementary cementitious materials (SCMs) in North America, for $2.1 billion.
Eco Material is headquartered in Utah and operates a national network of fresh and harvested fly ash, pozzolans, synthetic gypsum and green cement operations distributed across a network of more than 125 utility source locations, production facilities and terminals.
The business will operate as Eco Material Technologies, a CRH company.
“This strategic acquisition further positions CRH as a leading cementitious player in North America with both cement and SCM capabilities,” says Jim Mintern, CRH CEO. “This transaction demonstrates CRH’s disciplined approach to capital allocation, building market-leading positions in higher-growth markets with secular tailwinds and superior returns.
“As we continue to modernize North America’s infrastructure, this transaction secures the long-term supply of critical materials for future growth and puts CRH at the forefront of the transition to next-generation cement and concrete,” he adds. “With more than 1,100 Eco Material employees joining the CRH team, our combined operations create a more connected business to better serve our customers.”
According to CRH, Eco Material partners with electric utilities to process and recycle about 7 million tons of fly ash and 3 million tons of synthetic gypsum and other materials each year. Eco Material has additional capacity currently under construction, CRH adds.
“Eco Material is excited to enter a new phase of growth, partnering with industry leader CRH to enhance our scale and suite of offerings to our utility partners and ready-mix customers,” says Grant Quasha, chairman and CEO of Eco Material. “CRH’s strong industry presence, coupled with its intense focus on safety, innovation and customer service, pair perfectly with Eco Material’s key values.”
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