Jan 29, 2024 - Business

Holcim, world's largest cement maker, to spin off North American unit

Holcim CEO Jan Jenisch

Holcim CEO Jan Jenisch. Photo: Jonas Walzberg/picture alliance via Getty Images

Holcim, the world's largest cement maker, said it plans to spin off its North American business via an IPO that could value the unit at over $30 billion.

Why it matters: This reflects confidence in America's appetite for new homes, particularly once rates decline.

  • Plus that building materials companies will continue to trade at higher multiples in New York than in Europe.

The bottom line: Switzerland-based Holcim plans to complete the spinoff by the first half of 2025.

  • The process will be led by CEO Jan Jenisch, who in May will transition to a chairman role, with the CEO spot to be filled by Europe head Miljan Gutovic.
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