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Highlights
- Spin-Off Approval: Shareholders will vote on the spin-off at Holcim’s AGM on May 14, 2025.
- Dual Listing: Shares of the North American business will be listed on both the SIX Swiss Exchange and the NYSE by mid-2025.
- Growth Ambitions: The North American division aims to increase annual sales from $11 billion to $20 billion by 2030 through organic growth and acquisitions.
Swiss building materials giant Holcim has announced plans to list shares of its North American business on the SIX Swiss Exchange in addition to its previously announced New York Stock Exchange (NYSE) flotation. The spin-off, with a potential market valuation exceeding $30 billion, is expected to be finalized by mid-2025, subject to shareholder approval.
Dual Listing for Broader Investor Appeal
The decision to include a Swiss listing aims to accommodate European investors whose guidelines may restrict them from holding U.S.-listed stocks. Swiss investors currently own nearly 20% of Holcim’s stock, and this move ensures continuity for these stakeholders.
Holcim’s dual-listing strategy is designed to appeal to a broader range of investors while retaining strong ties to its home country. The spin-off will be voted on during Holcim’s annual general meeting on May 14, 2025, with the separation expected to be completed by the end of June 2025.
Capitalizing on North America's Growth
Holcim’s North American business has been a standout performer, driven by robust infrastructure investments and a booming construction market. With $11 billion in sales in 2023 and an impressive annual growth rate of 20%, the division is a significant contributor to Holcim’s global success.
The business plans to double its annual sales to $20 billion by 2030, focusing on organic growth and strategic small-scale acquisitions. By spinning off the division into a separate publicly traded entity, Holcim aims to unlock greater value and leverage the higher valuations typically afforded to infrastructure and construction-focused companies in the U.S.
Investor Outlook
The dual listing also serves to reassure Swiss and European investors about their ability to remain invested in the new entity without violating investment mandates. This flexibility is likely to maintain strong investor interest, particularly in Switzerland, where Holcim’s roots and significant shareholder base are concentrated.
