CRH made 25 strategic investments, including acquisitions totalling €309 million, during the second half of 2004.

The biggest investment was at its US materials division where it had six projects totalling €111 million. The New York/New Jersey division acquired a major quarry in north-eastern New Jersey and a sand and gravel pit in New York. Other investments were in Oregon and Ohio.

A further six deals totalling €109 million were completed at its Europe products and distribution business.

Ten projects were added to its US products and distribution subsidiary totalling €70 million, including acquisitions in Florida and Alabama. Its European materials business undertook three projects totalling €19 million.

CRH chief executive Mr Liam O'Mahony said 2004 had been another strong year for the group from a development perspective with its total spend exceeding €1 billion.

"The acquisitions and development capital projects announced are geared towards building leadership positions across the building materials industry with the objective of delivering organic and acquisitive growth and increasing shareholder value," he said.

The company has spent around €2 billion on acquisitions in the past two years.