Corporate performance suffers at the outset of the global health crisis
CRH encountered a challenging year in 2020 as a result of the significant disruption the COVID-19 (coronavirus) pandemic had on global economic and construction markets. The company battled project delays, lower demand from non-residential customers amid the recession and other negative effects associated with government shut down orders. However, CRH noted strong demand for repair, maintenance and new build construction services from its residential market helped offset lower demand from nonresidential customers as investment in residential construction boomed during the pandemic.
COVID|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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