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Holcim to Spin Off North American Unit in $30 Billion U.S. Listing

The move, expected to be completed by 2025, comes as the profitable division aims to double its sales by 2030 amid a shift away from globalization.

Overview

  • Swiss cement maker Holcim Ltd. plans to spin off its North American unit and list it on a U.S. exchange, with a projected valuation of $30 billion.
  • The North American division of Holcim has been the largest, fastest growing, and most profitable part of the company, accounting for about 40% of sales last year.
  • The U.S. listing is expected to be completed by the first half of 2025, and the spun-off company aims to nearly double its sales by 2030.
  • Current CEO Jan Jenisch will lead the planned U.S. listing and will be replaced as CEO by Miljan Gutovic starting May 1.
  • The move is seen as a response to the end of globalization, with American growth and protectionism making it more profitable to be listed in the United States.