CRH and Tyco International have reached an agreement to buyout steel fixing specialist Ancon Building Products for GBP 88 million. UK-based Ancon, which also operates in continental Europe, the Middle East and Australia, designs and manufactures stainless steel fixing systems for the construction industry. The company recorded an EBITDA of GBP 12.9 million in 2007 based on sales of GBP 54.5 million. The deal is subject to regulatory approval but it is thought that the new company will be merged with CRH’s existing construction accessory business, which was formed through the acquisition of Plakabeton in 2003.
