Hanson extends spending spree

BUILDING materials group Hanson has splashed out £120m on a breezeblocks business as it steps up its acquisitions spree.

The purchase of Thermalite brings to £200m the amount Hanson has spent on bolt-on buys so far this year. Group finance manager Nick Swift said the firm could spend 'the same again' in the remainder of the year to expand operations in Britain and overseas.

'The pipeline of deals remains good and there are still further opportunities in our core markets in the US, UK and Australia,' he said.

Thermalite is the UK market leader for aircrete blocks, a £200m-a-year market producing lightweight breeze blocks used to help retain heat in flats.

The market for these blocks has been booming as about two-thirds of new home builds are now flats.

After the soon-to-be completed takeover of Aggregate Industries by Europe's Holcim, Hanson will be one of only two aggregates companies quoted on the London Stock Exchange, the other being the smaller Ennstone.

Aggregate Industries today reported a £7.5m increase in pre-tax profits to £147.6m for the year to end-December on sales of £1.66bn, up from £1.46bn.