CRH PLC, the international building materials group, has announced it has reached agreement with Tyco International to acquire Ancon Building Products for a total cash consideration of
109 million (£88 million).
Completion of the transaction is subject to the granting of the required regulatory approvals.
Ancon, which is headquartered in Sheffield and also has operations in continental Europe, the Middle East and Australia, designs and manufactures a range of stainless-steel fixing systems and other accessories for the construction industry.
In 2007, Ancon reported earnings before interest tax depreciation and amortisation of £12.9 million on sales of £54.5 million. According to Tyco, Ancon employs 370 people.
CRH's existing construction accessories business, which was formed in 2003 with the acquisition of Plakabeton, is the market leader in western Europe with sales in 2007 of over
400 million, CRH said in a statement.
Tyco said the sale of Ancon is a further step in its ongoing refinement of its portfolio and is consistent with the company's strategy to divest certain non-core businesses.
Tyco International is quoted on the New York stock exchange and describes itself as a leading provider of security products and services, fire protection and detection products and services, valves and controls, and other industrial products. It had 2007 revenues of more than $18 billion (
11.25 billion).
