CRH PLC (LON:CRH) has raised €510mln (around £450mln) from the sale of its DIY business in the Netherlands and Belgium, together with certain related property assets, to Intergamma, the Dutch DIY franchise organisation, and a US real estate investor.
The move comes around a month after the Ireland-based global building materials group announced plans to combine certain of its European and American businesses in a move designed to improve profit margins.
READ: CRH looks to boost margins by combining businesses to create new building products division
The FTSE 100-listed firm said on May 31 that it would combine its Europe Lightside, Europe Distribution and Americas Products divisions into a new Building Products division from 1 January 2019.
CRH – the world’s third-largest building group - said it was aiming to improve the group’s core underlying earnings (EBITDA) margin by 300 basis points by 2021.
The firm also said then that it has initiated a strategic review of its Europe Distribution business, focused on “improving the margins and returns of the business, as well as exploring other strategic options.”