Holcim Plans Dual Listing for North American Business

ZURICH (Reuters) – Holcim (SIX:HOLN) will list shares in its North American business on the SIX Swiss stock exchange along with the planned New York flotation when it is spun off to shareholders next year, as announced on Friday.

Holcim revealed in January its intention to spin off 100% of its North American business into a separate U.S.-listed entity, which could have a market valuation exceeding $30 billion.

This spin-off is contingent on shareholder approval at the Holcim annual general meeting on May 14, 2025, and is anticipated to be completed by the end of the first half of 2025.

The proposed Swiss listing might assist certain European funds in maintaining their investments in Holcim, as some are prohibited from holding U.S. stocks due to their investment guidelines.

A Swiss listing could also help retain local investors, considering Swiss stakeholders own nearly 20% of the company's stock, according to Reuters data.

Holcim is pursuing the North American division spin-off to leverage the region's infrastructure and construction boom, aiming for a higher valuation.

The business, which recorded approximately $11 billion in sales in 2023, has performed exceptionally, boasting a yearly sales growth rate of around 20%.

The division, which also provides cement and aggregates, aims to double its annual sales to $20 billion by 2030, focusing on organic growth and minor acquisitions.

Chief Financial Officer Steffen Kindler stated in October that the business separation process is progressing "extremely well."