The Irish company insists it sold its 25% holding in Mashav as part of its multi-year streamlining plan.
Irish building materials company CRH plc has denied reports that it has sold its 25% stake in Israeli company Mashav Holdings for political reasons. Nesher Israel Cement Enterprises Ltd. is one of Mashav's subsidiaries and the BDS movement, which has been pressuring CRH to sell because of the use of Nesher's cement in building the separation fence in the West Bank, has claimed a victory on the matter. However, CRH has dismissed claims of victory by pro-Palestinian groups and insists that it sold its stake in Mashav as part of its "multi-year streamlining plan," which saw it divest 29 assets worth €537 million in 2015. CRH, which acquired its stake in Mashav for $141 million in 2001, is concerned about regulatory reform of the cement market in Israel, which could threaten its position as the country's leading building materials producer.
Published by Globes [online], Israel business news - www.globes-online.com - on January 12, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
Nesher cement factory