Cevian Capital has acquired a stake in Irish cement maker CRH, the activist’s managing partner Christer Gardell told Reuters.
The size of the stake is unknown but Gardell revealed that Cevian is now the company’s second-largest shareholder, which gives the activist ownership of around 3%.
“We prefer to communicate with the company in a more constructive way,” Gardell said.
He declined to comment on whether Cevian plans to push for board seats.
“We have actively taken advantage of the recent market turbulence to make a number of new investments and add to some existing holdings. The group has many strong positions in attractive markets and we are convinced that CRH’s assets could become significantly more valuable,” Gardell said.
In April last year, the Irish company announced a share buyback program aimed at improving shareholder returns and initiated a strategic review of its European distribution business.
The Swedish activist usually seeks board representation at the companies in which it invests. Among its current investments are German steel and elevators group ThyssenKrupp, equipment maker Ericsson and Finland-based lender Nordea.
CRH is the second-largest building materials company in the world and the largest building materials and asphalt producer in North America. It employs 80,000 workers in 32 countries.
Shares in CRH traded up 3.4% on Wednesday in London.