In a significant move, Swiss building materials giant Holcim Ltd (OTC:HCMLY) has announced its plans to list its North American business on the New York Stock Exchange. The company also revealed a new CEO for its operations. The spin-off is expected to value the business at $30 billion.
What Happened: Holcim will list 100% of its North American operations on the NYSE, the company announced on Sunday, as reported by CNBC. This move is part of a larger strategy to focus on the North American market, which has been a significant growth driver for the company in recent years. The divestment is expected to be completed in the first half of 2025.
Miljan Gutovic, currently the head of Europe at Holcim, will take over as CEO from Jan Jenisch on May 1. Jenisch, who has led Holcim since 2017, will remain chairman and lead the planned listing in the U.S.
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The company said that the U.S. business aims to increase annual sales from around $11 billion to more than $20 billion and generate an operating profit of more than $5 billion by 2030.
Why It Matters: The listing of Holcim's North American business is a significant development in the global construction industry. Last year, the Adani Group, which acquired Ambuja Cements and ACC from Holcim for $10.5 billion in 2022, dismissed rumors of merging the two companies and revealed that they would continue selling cement products under these established brands.
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