LONDON: British building materials group CRH has sold its clay and concrete activities in Britain and its clay business in the United States for £414 million, it said Monday.
CRH has agreed to sell the divisions to funds managed by private investment firm Bain Capital for the equivalent of 523 million euros or $650 million, it revealed in a statement.
The London-listed group is selling clay businesses Ibstock in Britain and Glen Gery in the United States, as well as British concrete product firms Forticrete and Supreme Concrete.
The transaction is not expected to close until the first half of 2015.
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