CRH could triple its acquisitions this year as the building materials group clears a backlog of stalled deals and positions itself to benefit from the next wave of US stimulus spending.

The company has set aside €1.5bn to spend on bolt-on transactions and strategic investments in the next 12-18 months, according to chief executive Myles Lee. The bulk of this money will go towards acquisitions and stakebuilding in the US aggregates and asphalt and Chinese cement firms, continuing the strategy the group followed in 2009, but on a larger scale.

Lee also told analysts in a conference call last week that CRH would revisit deals in other sectors from 2008 it did not manage to complete last year.

"[We are] keeping a very close eye on a lot of the targets that we would have approached in 2008 in some of the other sectors in which we are involved," he said.

CRH spent €450m on 17 takeovers and investments last year, with a flurry of activity in November and December. The company confirmed in an end-year trading statement last Tuesday that it had bought seven US building materials firms for €146m ? the bulk of its second-half spend of €168m ? including Wheeler companies, a leading asphalt, ready-mixed concrete and paving operator based in Texas which was the subject of market rumours last month.

According to analysts, the US firms were acquired at the attractive multiple of four times earnings. CRH said these acquisitions, which together produce about €140m in annual sales, were already contributing to incremental earnings before expected cost take-outs and synergies.

"This is a very attractive multiple for aggregate businesses and reflects CRH's skill at completing attractively-priced, bolt-on deals," Davy said in a research note.

Lee said deals in the pipeline would be similar to those in the second-half of last year in terms of strong, immediate earnings potential, but that the prices may not be as keen.