Volume 36, Issue 2, February 2001

FinancialFlash

CRH Expands Development Initiatives in 2000 Totaling More Than $354 EU

Headquartered in Dublin, Ireland, CRH plc has announced a range of development initiatives taking place in 2000, totaling more than $354 Euro. All developments are in addition to November’s acquisition of the Jura Group, which reached a net total of $258 Euro.
“2000 has been a record year for development activity in CRH with a total spend of more than Euro 1.5 million,” said Liam O’Mahony, CRH chief executive. “The 27 acquisitions announced today clearly demonstrate the continued success of CRH in completing small- and medium-sized deals across the major regions and product groups with a view to enhancing value, providing a sound basis for future growth and maintaining market leadership.”

Included in the recent initiatives, is $196.2 million Euro in additions to CRH’s North American precast, architectural products and glass groups, which the company says will further consolidate its strong national
presence.

In September 2000 CRH’s glass group acquired Laminated Glass Corp. of Telford, Pa. also acquired by CRH was Hoffer’s, headquartered in Wausau, Wis. Combined annual sales for both acquisitions amount to circa $90 million Euro.

Likewise, the glass group initiated a 5.2 million EU project to expand its tempering and insulating glass manufacturing facilities at United Tempering Systems located in Vancouver, Wash.

PPG Announces Fourth-Quarter Results
In its fourth-quarter financial report, PPG Industries of Pittsburgh announced $1.99 billion in sales and a net income of $126 million, or 74 cents a share. The same period in 1999 saw sales total $2.05 billion, and a net income of $162 million or 92 cents per share, which included an acquisition-related after-tax charge of $2 million or 1 cent per share. For all of 2000, PPG’s net income was $620 million, or $3.57 a share, including after-tax charges totaling $38 million, or 22 cents a share, to write off an equity investment and rationalize the recently formed PPG Auto Glass automotive replacement glass distribution venture. Sales for the year hit a record $8.37 billion.

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