US subsidiary Oldcastle Materials buys Ashland Paving and Construction for £685m

International materials group CRH has agreed to buy Ashland Paving and Construction for £685m representing its biggest ever transaction.

CRH US subsidiary Oldcastle Materials has made the offer which is subject to some adjustment for seasonal working capital.

Atlanta-based APAC is an aggregates, asphalt and heavy highway construction company, which was a subsidiary of the global chemical company Ashland. Turnover for the 12 months ending June 2006 was £1.5bn generating a pre-tax profit of £116m.