CRH, Heidelberg Materials Join Suitors for NCC's Industry Unit, Worth Up to $1 Billion

CRH and Heidelberg Materials are among suitors for NCC's industry unit, which makes aggregates, asphalt, and asphalt paving. The unit is valued at up to $1 billion and has also attracted interest from Bouygues' Colas unit and private equity firms. NCC's strategic review is ongoing, with the company hoping to conclude the process by year-end. A sale would leave NCC focused on infrastructure, building, and commercial development.

NCC AB, a Nordic construction firm, is in the midst of a strategic review of its industry business, which includes the production of aggregates, asphalt, and asphalt paving. This unit, which accounts for approximately 20% of NCC's sales, has attracted significant interest from major players in the industry. According to sources familiar with the matter, CRH Plc and Heidelberg Materials AG are among the potential suitors [1].

CRH Plc, one of the world's largest building materials companies, is joined by Heidelberg Materials AG, another major player in the sector. Additionally, Bouygues SA's Colas unit and several private equity firms have also shown interest in the business [1]. NCC announced the strategic review in February and hired SEB Corporate Finance to advise on a potential divestment. The unit could fetch as much as $1 billion in a transaction, according to sources [1].

The ongoing deliberations suggest that the suitors could decide against proceeding with their bids, or NCC could choose to keep the business for a longer period. A representative for NCC stated that the company aims to reach a conclusion of the strategic review before the end of the year, declining to comment on the bidders. Representatives for CRH, Colas, and Heidelberg Materials also declined to comment [1].

NCC Industry had an operating profit of 584 million Swedish krona ($62 million) on net sales of 12.6 billion krona in 2024, with an operating margin of 4.6%. If sold, the unit would allow NCC to focus on infrastructure, building, and commercial development [1].

Shares of NCC have gained about 16% this year, valuing the company at about $2 billion [1]. The company operates in Sweden, Denmark, Norway, and Finland.

References:
[1] https://www.bloomberg.com/news/articles/2025-09-05/crh-heidelberg-said-to-be-among-suitors-for-ncc-s-industry-unit