CRH to acquire Eco Material Technologies for US$2.1 billion
Positions CRH to meet growing demand for SCMs to modernize North America’s infrastructure
CRH today announced that they have signed an agreement to acquire Eco Material Technologies (Eco Material), a leading supplier of supplementary cementitious materials (SCMs) in North America, for a total consideration of US$2.1 billion. The business will operate as Eco Material Technologies, a CRH Company.
CRH chief executive officer Jim Mintern said: ‘This strategic acquisition further positions CRH as a leading cementitious player in North America with both cement and SCM capabilities. 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. 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.’
Eco Material are 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 company partners with leading electric utilities to process and recycle approximately seven million tons of fly ash and three million tons of synthetic gypsum and other materials annually, with significant additional capacity currently under construction.
Grant Quasha, Eco Material’s chairman and chief executive officer, said: ‘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-xix customers. CRH’s strong industry presence, coupled with their intense focus on safety, innovation, and customer service pair perfectly with Eco Material’s key values.’
The proposed transaction is subject to regulatory approval and customary closing conditions and is expected to close in 2025. CRH plan to fund the transaction with cash on hand and do not expect any change in their credit ratings.
