CRH joins Bau-King

The Irish building materials group CRH is to become a partner of Bau-King, which is a member of Hagebau. According to an announcement from Bau-King, CRH Germany is going to acquire an interest in the German builders' merchant and DIY company in two steps by means of an increase in the share capital.
Hagebau rates the participation as a significant step in the direction of an international future, according to a press release. The company sees not only additional opportunities for growth in the collaboration, but can also conceive of cooperative ventures and synergies from the development of a European network of DIY stores.
The information supplied says that CRH is a major European group in the sectors involving the production and distribution of building materials and construction-related products with an annual turnover of € 12.8 bn. The group is active in the DIY retailing business in the Netherlands and Belgium through participating interests in the Gamma group.
Bau-King, the biggest member of Hagebau, has 110 businesses including 42 Hagebaumarkt outlets. The group achieved a total turnover of € 635 mio in 2004.