From Fortune:

Holcim Ltd. plans to separate its fast-growing North American business and list it next year in the US, which valuing at over $30 billion. Miljan Gutovic has been named as the new chief executive officer and will take over the leadership. This move unwinds a period of acquisitions around the globe.

The executive move is effective May 1, Jenisch will remain the chairman. The spinoff should be a value-creating move from the company’s standpoint. The company’s shares rose 38% last year, reaching the highest level since 2015 in December. They closed on Friday at 64.20 francs.

The separation initiates a period of acquisitions around the globe and occurred as a result of diverging regulatory regimes in North America and Europe. North America generated over a third of the company’s revenue in 2022. The company acquired Duro-Last Inc. a US roofing systems maker valued at $1.3 billion last year.

US CEO will be decided between now and first half of 2025. Under Jenisch’s leadership, Holcim disposed of its Indian operations to billionaire Gautam Adani for $6.4 bn. Holcim is expected to report earnings on Feb. 28, Gutovic said the company is looking at another 20 bolt-on acquisitions in 2024.

The US market is growing at a rapid pace with increased demand for single-family homes. Holcim will trade on the New York Stock exchange, with shareholders receiving shares in both the European and US operations. Jenisch pivoted the company away from traditional cement as builders face increasing pressure to lower their carbon footprint.

Holcim is expected to report earnings on February 28 and is looking at another 20 small acquisitions in 2024 and doesn’t exclude another transformational deal. Wolcim aims to report earnings on February 28.



Read more: Cement giant Holcim to spin off North America unit