CRH plc is reportedly nearing an agreement to acquire Branford, Fla.-based Suwannee American Cement from Votorantim Cimentos and Anderson Columbia Co. to further drive growth in North America, according to Bloomberg.com. Bloomberg’s sources said the deal may value Suwannee at $750 million.
The planned acquisition follows a string of deals for CRH, which last month agreed to buy Ash Grove Cement Co. for $3.5 billion. However, Ash Grove recently received a competing bid by a third party, rumored to be Summit Materials, to acquire Ash Grove at an indicated enterprise value of $3.7 billion to $3.8 billion. CRH also announced in August the divestment of an interior building-products division for $2.63 billion to Beacon Roofing Supply.
Although a smaller deal than Ash Grove, Suwanee would give CRH its second cement plant in Florida, one of the nation’s largest cement markets.