July 29 (Reuters) - Building materials maker CRH
said on Tuesday it has agreed to acquire Eco Material
Technologies, a supplier of supplementary cementitious
materials, for $2.1 billion to expand its presence in North
America.
Dublin, Ireland-based CRH operates through two regional
divisions Americas and International, of which the Americas
business brings in 65% of revenues as per its latest annual
filing, and includes the production of aggregates, cement,
ready-mixed concrete and asphalt used in construction.
As traditional cement production is responsible for around
8% of global CO2 emissions, the industry has been making the
switch to low-carbon alternatives, through investments, joint
ventures and mergers.
With the takeover of the Utah-based near-zero carbon cement
producer Eco Material, CRH also acquires its national network of
fresh and harvested fly ash, pozzolans, synthetic gypsum and
green cement operations.
"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," CRH chief executive Jim Mintern said.
CRH, which has its presence across 28 countries, said it
plans to fund the deal, expected to close in 2025, with cash on
hand.
The business will operate as Eco Material Technologies, a
CRH Company.