Holcim has confirmed the looming spin-off of its North American business remains on track to be completed next year.
The company is undertaking the full capital market separation of its North American business. The 100 per cent spin-off will be listed on the New York Stock Exchange.
The initiative is subject to shareholder approval at Holcim’s annual general meeting, which will take place on May 14. If the approval is granted, the spin-off is expected to be completed by the first half of 2025.
It comes after the company first announced its plans for the spin-off earlier this year. Jan Jenisch, the former chief executive officer of Holcim and current chairman of the managing board, is leading the company’s project.
“With a US listing, we will unleash its full potential to be the partner of choice for our customers in one of the world’s most attractive construction markets,” Jenisch said earlier this year.
“This next step of growth and value creation is possible thanks to the outstanding leadership of our empowered teams around the world delivering record results year after year.”
According to Holcim, the spin-off is planned as a domestic issuer under SEC rules, reporting in US GAAP and seeking inclusion in relevant US equity indices. An additional listing on the SIX Swiss Exchange is planned to accommodate European investors.
The endeavour is subject to customary approvals.
The post Holcim on track to list North American business appeared first on Quarry.