Cement maker Holcim wants to list its North American business on Wall Street

The board of directors of Holcim, the Swiss cement and concrete giant, announced this Sunday the appointment of Miljan Gutovic as chief executive officer, as well as a planned split of its activities in North America, which will make the subject to a separate stock exchange listing.

A member of the group's executive committee since 2018, Miljan Gutovic will take up his new role on May 1, 2024. Previously, he led the Middle East and Africa region, before becoming responsible for the Europe zone and operational excellence. This Australian will succeed Jan Jenisch, who will focus on his role as chairman, for which he will be a candidate for re-election at the 2024 general meeting. Jan Jenisch is also responsible for leading the listing process for the North American activities of the group in the United States. The transaction is planned in the form of a spin-off, and the final structure should be communicated during the second half of 2024. The listing in the United States should thus be finalized in the first half of 2025. Once this operation is completed, the Holcim company should remain listed on the Swiss Stock Exchange. The cement manufacturer thus wishes to create “two distinct and attractive investment profiles” for shareholders, one which will be listed on the stock exchange in the United States and one which will remain so in Switzerland.

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“The success of our North American operations makes us the leading purely specialty construction solutions company in the region. With a listing in the United States, we will unlock its full potential to become the partner of choice for our clients in one of the most attractive construction markets in the world,” Jan Jenisch said in a statement. With this accelerated growth strategy, Holcim expects to reach more than $20 billion in net sales.