CRH’s Americas Products Division Acquires Coral Industries
CRH’s Americas Products Division announced today that it has acquired privately-held Coral Industries, Inc. (“Coral”) effective April 10, 2018. Coral is a leading fabricator of framed and semi-frameless glass shower enclosures, custom frameless glass shower doors, and architectural glass and aluminum products, primarily in the Southern United States.
“Coral Industries is a well-run family company that has built a strong reputation for quality products and incredible customer service. Our acquisition of Coral demonstrates our renewed focus on growth in our glass fabrication and architectural aluminum products businesses,” said Nathan Creech, President of Oldcastle BuildingEnvelope®, a CRH Company. “Coral’s presence in frameless shower doors, a key product category, as well as framed and semi-frameless applications, will expand our ability to service the residential market. In addition, Coral operates in several nonresidential architectural market segments such as storefronts, entrances, curtain wall, window wall and sun control systems where we see significant opportunity to leverage our scale, operational expertise, and supply chain management to make a very strong business even better.”
Coral will operate independently, as a CRH Company, led by its existing management team with the exception of Coral’s founder and CEO, Mac McAllister, and longtime President, Al Askew, who are both retiring after the transaction is completed. The remaining members of the management team, including Grant and Lewis McAllister, will continue to lead the business.
“As a leader in building products, CRH is an ideal partner for Coral,” said Grant McAllister, Coral Executive Vice President. “As we started to look for ways to grow our business while continuing to provide our customers with best-in-class service, it became very clear that CRH and Coral shared similar values.” Coral Executive Vice President Lewis McAllister added, “We could not be more pleased to be joining the CRH family. Personally, I am very much looking forward to being part of CRH to benefit from product, market and operational opportunities that will allow us to better serve our customers. It is a very exciting time for our business.”
“We are acquiring a fantastic business. We fully expect that Coral will contribute to CRH’s continued strong performance, and are especially pleased that Lewis, Grant and the remaining members of the management team will continue to lead the business. They have cultivated a strong culture of quality, service, and customer focus that is consistent with the values we hold at CRH,” added Creech.
CRH (LSE: CRH, ISE: CRG, NYSE: CRH) is a leading global diversified building materials group, employing c.85,000 people at c.3,600 operating locations in 32 countries worldwide. With a market capitalisation of c.€23 billion (April 2018), CRH is the largest building materials company in North America and the second largest worldwide. The Group has leadership positions in Europe as well as established strategic positions in the emerging economic regions of Asia and South America. CRH is committed to improving the built environment through the delivery of superior materials and products for the construction and maintenance of infrastructure, housing and commercial projects. A Fortune 500 company, CRH is a constituent member of the FTSE 100 index, the EURO STOXX 50 index, the ISEQ 20 and the Dow Jones Sustainability Index (DJSI) Europe. CRH’s American Depositary Shares are listed on the NYSE.
For more information visit www.crh.com.
About CRH in North America
CRH is the leading supplier of building materials and products for residential, non-residential and infrastructure construction projects across the United States and Canada. CRH’s Americas Materials Division supplies aggregates, asphalt, readymixed concrete, cement, and paving and construction services. CRH’s Americas Products Division supplies a broad range of value-added building products through its three primary businesses: Oldcastle Architectural, Oldcastle Precast and Oldcastle BuildingEnvelope®.
For more information visit www.crhamericas.com.