CRH, a provider of building materials, has agreed to acquire Eco Material Technologies, a North American supplier of supplementary cementitious materials, for $2.1bn.

Upon completion, the business will continue to operate under the name Eco Material Technologies, a CRH Company.

CRH CEO Jim Mintern said: “This strategic acquisition further positions CRH as a leading cementitious player in North America with both cement and SCM [supply chain management] capabilities.

“This transaction demonstrates CRH's disciplined approach to capital allocation, building market-leading positions in higher-growth markets with secular tailwinds and superior returns.

“As we continue to modernise North America’s infrastructure, this transaction secures the long-term supply of critical materials for future growth and puts CRH at the forefront of the transition to next-generation cement and concrete."

Headquartered in Utah, Eco Material Technologies manages a comprehensive network of operations, including fresh and harvested fly ash, pozzolans, synthetic gypsum, and green cement.

Its distribution spans over 125 utility source locations, production facilities, and terminals. The company collaborates with major electric utilities to process and recycle approximately seven million tons of fly ash and three million tons of synthetic gypsum annually. Additional capacity is currently being developed.

Eco Material chair and CEO Grant Quasha said: “Eco Material is excited to enter a new phase of growth, partnering with industry leader CRH to enhance our scale and suite of offerings to our utility partners and ready-mix customers.

“CRH’s strong industry presence, coupled with its intense focus on safety, innovation and customer service pair perfectly with Eco Material’s key values.”

The deal is subject to regulatory approval and standard closing conditions, with an anticipated completion date in 2025.

CRH plans to finance the acquisition using available cash and anticipates no impact on its credit ratings.