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CRH acquires US concrete business

Irish building materials firm CRH has acquired Texas-based Pavestone Group for £265 million in cash.

Completion of the deal is subject to the granting of the required regulatory approvals.

Pavestone, headquartered in Dallas, operates a national network of 18 concrete paver plants at 16 locations across the US.

CRH chief executive Liam O'Mahony said: "The proposed acquisition of Pavestone represents an opportunity to build on our success in developing APG into the leading North American supplier of multiple landscaping products, enabling profitable growth and an improved ability to service our core professional and DIY hardscape markets."