Swiss Holcim will spin off 100% of its North American business on the New York Stock Exchange, which could value the business at $30 billion, the building materials giant said on Sunday, also naming a new chief executive.
Miljan Gutovic, currently head of Holcim in Europe, will replace Jan Jenisch as chief executive from May 1, the company, one of the world’s largest cement producers, said.
The biggest change for Holcim since the Swiss company took control of French rival Lafarge in 2015 is that the sale will likely be completed in the first half of 2025.
The split, without Holcim’s participation, could value the new company at about $30 billion, Jenisch told reporters.
“We will completely separate the capital markets from our North American operations, then list 100% of the assets on the New York Stock Exchange,” Jenisch said, confident of gaining shareholder support.
Source: Terra
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