Holcim eyes $30 billion valuation with N.American business listing, picks new CEO
By John Revill
ZURICH (Reuters) -Switzerland's Holcim (SIX:HOLN) will spin off 100% of its North American operations in a New York flotation which could value the business at $30 billion, the building materials giant said on Sunday, as it also named a new chief executive.
Miljan Gutovic, currently head of Europe at Holcim, will replace Jan Jenisch as CEO beginning May 1, said the company, one of the world's biggest cement makers.
In the biggest shake-up at Holcim since the Swiss company took over French rival Lafarge in 2015, the divestment will likely be completed in the first half of 2025.
The spin-off could value the new company at around $30 billion, Jenisch told reporters, with Holcim retaining no stake.
«We're going to do a full capital market separation of our North American business, so we will list 100% of the business on the New York Stock Exchange,» said Jenisch, who was confident of getting shareholder backing for the flotation.
The U.S. business aims to boost annual sales from around $11 billion at present to more than $20 billion and generate operating profit of more than $5 billion by 2030, the company said.
The rest of Holcim's global business — in Europe, Latin America, Africa and Asia — would remain listed on the Swiss blue chip SMI index, and focus on building solutions like roofing products.
Jenisch, who has led Holcim since 2017, will remain as chairman and will lead the planned listing in the U.S., where building materials companies trade at higher earnings multiples than in Europe, potentially improving its valuation.
Analysts were positive about the listing, which would be one of the biggest in the construction industry for many years.
«As transatlantic synergies are limited, it makes sense to
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