CRH - Highway obligations jump; bolt-ons continue

Davy Research
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US highway obligations improved again in May after falling materially around the turn of the year. That suggests that state spending is picking up strongly following the disruption of the government shutdown and protracted budget talks. CRH, meanwhile, continues to pursue its bolt-on acquisition strategy with another deal completed by its Infrastructure Products unit. The group’s financial strength allows it to simultaneously pursue accretive bolt-on transactions and buy back its own shares.