Dublin-based CRH has put up its Northern Ireland-based building and civil engineering contractor Farrans for sale, according to media reports.
Farrans is a part of the Northstone Group, which is a subsidiary of CRH.
CRH supplies construction materials, and employs 73,000 people at 3,155 locations in 29 countries.
Farrans, which has over eight decades of experience in delivering civil and building projects across the UK and Ireland, employs around 550 people.
It has offices in Cambridge, London, Edinburgh, Leeds and Dunmurry, with more site offices linking its regional network.
The potential divestiture plans for Farrans was first reported by the Irish News.
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By GlobalDataIn a statement, CRH was quoted by BBC as saying: “While no final decision has been made, following a strategic review, CRH is exploring the potential divestment of its construction contracting business, Farrans.
“The business, which has a successful track record, a strong market presence and a skilled workforce, continues to operate as normal across all its projects.
“Farrans will continue to update its employees throughout the process.”
Through accounts are yet to be filed for last year, its overall turnover fell by 5.5% from £383.5m in 2019 to £362.5m in 2020 and posted operating loss of £5.8m in 2020 from a profit of £11.7m in 2019.
On a yearly basis, Farrans’ contribution to CRH is stated to be around 2 to 3%. However, in the last two years, the business posted a loss of earnings.
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Image: Farrans has over eight decades of experience in delivering civil and building projects. Credit: Michal Jarmoluk from Pixabay.
