It will deliver those profitable translation to higher cash and better returns. That’s the advantage of investing and working with CRH and multi-companies like this. And again it must be seen against the backdrop of our constant portfolio management. During the course of the last 12 months, we disposed of maybe slow growth businesses in Lime business in Europe. We disposed the business in Quebec. That money has been reinvested into the fast-growing regions of Western Texas in and around this plant here. And again, that’s what you should expect to see as efficient, disciplined stewards of capital.
Michael Dudas: That’s a great segue. And my follow-up is maybe Albert you could or gentlemen you can elaborate on your current visibility on the M&A pipeline and some of the valuations you’re experiencing in your negotiations?
Albert Manifold: Look, valuations have always been too high in my 25 some years in CRH, and they continue to be too high, except, what we do is, but when we deliver synergies like we deliver for synergies, that’s how we pay those high prices and we deliver shareholder returns. Our pipeline is strong. I already said earlier in this call that I expect us to do about $4 billion worth of deals this year, between what’s announced and what’s coming. We will digest those deals. We’ll obviously integrate them, create those synergies and move on to next year after that. So the pipeline is good and strong, happy that it’s continue to build out our footprint. And I think the portfolio management will continue as we continue to reallocate capital back into the higher growth products of our solutions model.
Michael Dudas: Thank you, gentlemen.
Operator: Your next question comes from the line of Brent Thielman with D.A. Davidson. Please go ahead.
Brent Thielman: Great. Thank you. I guess my first question would just be if you could provide an update on the timing of US index inclusion?
Jim Mintern: Good morning, Brent. Yes, firstly, there are several key equity indices in the US, right. You have S&P, Russell, CRSP, MSCI, and they all have different eligibility criteria and rebalancing timelines. Since the relisting last September, we’re very pleased with the progress we’ve made to date. In fact, today, the NYSE represents over 80% of our daily trading volumes and also today the majority of our shareholders are now based in the US. For us, the filing of our 10-K and our US GAAP financials in February was also a key kind of important milestone for us. But obviously inclusion is at the discretion of the individual index providers, but we’re confident that we’re eligible for consideration. And of course, we’ll be seeking inclusion as soon as possible.
Brent Thielman: Okay. I appreciate that. And then my follow-up would just be on Americas Building Solutions. You mentioned good early season demand trends in Outdoor Living. I’m wondering how that might inform your view for the first half or rest of the year for that group, in particular, just in terms of organic growth potential this year?
Albert Manifold: I have to say, I think, there’s one particular division within our Americas Building Solution, which for me has always been the canary in the coal mine, which is our Outdoor Living business because it’s the early season sell-in, the spring season selling for our Outdoor Living business, and it gives you a good sense of what the underlying demand is for the small jobbing contractors across the United States, which is a good bedrock. And I have to say the seasonal demand has been better than we expected. Volume levels are ahead. Activity levels are strong. Sell-through numbers are still strong. I saw the numbers for last week, again, continue to be strong and the order books are goods. So I’m positively pleased with the development there and it’s a good sign as we start to ramp up for the busy part of our season now.
Brent Thielman: Okay. Great. Thank you.
Albert Manifold: Thanks, Brent.
Operator: Your next question comes from the line of Keith Hughes with Truist. Please go ahead.
Keith Hughes: Thank you. I agree with your comment, Albert, about being a canary in the coal mine. Can you just speak a little more on specifically what products in Americas Outdoors that are doing well and leading the charge here?
Albert Manifold: The question was, I used the term canary in the coal mine for Outdoor Living and what products am I specifically talking about. Actually, it’s a wide range, but it’s mainly our hardscapes and paving products that are used in building at the back yard. Usually what happens as we come out of the winter season, early spring season, people are prepared to spend time, effort and energy, preparing their Outdoor Living areas for the summer season. So it tends to be those hardscape areas, concrete pavers, bricks, hardscapes, all of that walls, capstones all of that, that’s where the demand comes from as people prepare for the season, and it really indicates the level of activity that people are prepared to invest in their homes.
So we have always found that to be a good indication of the underlying demand and confidence for people to send in this environment. And that’s what we’re calling it from. And we haven’t been proved wrong yet in the 25 years. We’ve really had a strong business in this area.
Keith Hughes: Okay. Thank you.
Operator: Your next question comes from the line of Will Jones from Redburn Atlantic. Please go ahead.
Will Jones: Thanks. Good morning and can I just ask around the asphalt and paving elements of Americas Materials, please. Perhaps you could just update us on the winter fill program as you come out of that now? And what — how that went and how you feel it leaves you with regard to what you need on price over the summer season? And then linked to that, I guess, the paving revenues, I think 20% or so growth. I appreciate it’s a small quarter, but can you help us understand that? And whether that solutions approach is helping you maybe gain share in that area? Thanks.
Randy Lake: Yes. Thanks for the question. I think just as a reminder, on the liquid asphalt side, and asphalt in particular, we run that business on a margin basis. So it’s important for us certainly to have the quantum of liquid asphalt in the tanks in the off-season because of availability and surety of supply. So that’s the primary reason that we have and utilize kind of our storage capabilities. I think in broad terms, we’re from a quantum standpoint and a pricing standpoint, very similar to where we were last year. Again, there’s various ways that we grow and protect that margin with state indexes being one, contractual obligations to our third-party customers and then there’s a bit of it that’s kind of floater in the market.
