CRH Strikes $2.1 Billion Deal for Eco Material Technologies
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Building-materials provider CRH Plc has agreed to buy Eco Material Technologies for $2.1 billion in a major expansion in the cement-alternatives market in North America.
CRH is paying all cash for Eco Material, according to a statement July 29, confirming an earlier Bloomberg News report. Eco Material is backed by the private equity firms One Equity Partners and Warburg Pincus.
CRH Americas ranks No. 31 on the Transport Topics Top 100 list of the largest private carriers in North America, and No. 3 on the list of top building materials carriers.
Eco Material will provide CRH with a long-term supply of building materials while positioning it for the transition to new, more environmentally friendly types of cement and concrete, according to CRH CEO Jim Mintern.
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“This acquisition really puts us at the forefront of the next generation of cement and concrete in the U.S.,” Mintern said in an interview.
Eco Material, formed from predecessor companies in 2022, turns industrial waste into cement ingredients that can replace traditional components such as Portland cement to reduce concrete’s carbon footprint. Eco Material’s so-called supplementary cementitious materials are more durable, workable and stronger than traditional cement, Mintern said.
It also complements CRH’s SCM business, Ash Grove, which it acquired in 2018, he added.
“SCMs are the fastest growing part of the US cementitious business,” he said. “So this is really accelerating our growth in that space.”
CRH rose 0.2% at 10:37 a.m. in New York trading July 29.
The Utah-based company partners with utilities to process and recycle about 7 million tons of fly ash and 3 million tons of synthetic gypsum and other materials annually. It will continue to operate as Eco Material.
The deal underscores the takeover capacity at CRH, which moved its primary listing to New York from London two years ago, partly to make it easier to strike deals in the U.S. Acquisitions have played a key role in the company’s growth strategy, including its agreement in 2023 to buy a portfolio of cement and ready-mix concrete assets in Texas from Martin Marietta Materials Inc. for about $2.1 billion.
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CRH, with a market value of $67 billion, describes itself as the largest building-materials business in North America and Europe. The company provides aggregates, cement and related-services for scores of major construction and infrastructure projects around the world, including a stormwater system at the Los Angeles International Airport and concrete for the Gotthard Base Tunnel in Switzerland, according to its website. It’s also the largest road builder in North America.
Over the past five years, CRH’s revenue grew 29% to $35.6 billion in 2024. That makes it the world’s biggest building materials company by revenue, according to a Bloomberg Intelligence report in March.
The deal, funded with cash on hand, is expected to close this year.
