Switzerland's Holcim will spin off 100% of its North American operations in a New York flotation which could value the business at $30 billion, the building materials giant said on Sunday, as it also named a new chief executive.
The spin-off could value the new company at around $30 billion, Jenisch told reporters, with Holcim retaining no stake.
Holcim North America was trading at only 7 times operating profit, far less than the 10 to 15 times multiple of peers.
Holcim is the biggest cement maker in North America, where it employs 16,000 people across 850 sites.
The remaining Holcim business will have sales of around 17 billion Swiss francs ($19.69 billion), and employ 48,000 people.
Persons:
Switzerland's, Miljan Gutovic, Jan Jenisch, Lafarge, Jenisch, Zuercher, Martin Huesler, Carlisle, James Hardy
Organizations:
Holcim, New York Stock Exchange, Eagle Materials
Locations:
New York, Holcim, Swiss, U.S, Europe, Latin America, Africa, Asia, America, North America, Carlisle, The U.S