Holcim separates North American operations, chooses new CEO From Reuters

©Reuters. FILE PHOTO: The logo of Swiss cement manufacturer Holcim is seen at its headquarters in Zug, Switzerland, October 26, 2022. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) -Holcim will spin off its North American operations which it plans to list in the United States in the first half of 2025, the building materials giant said on Sunday, adding that it will also appoint a new chief executive.

Miljan Gutovic, currently head of Europe at Holcim (SIX:), will replace Jan Jenisch as CEO starting May 1, the company, one of the world’s largest cement producers, said.

It is the biggest change at Holcim since the Swiss company took over French rival Lafarge in 2015. The spinoff will likely be completed in the first half of 2025, the company said.

The rest of Holcim’s global businesses are expected to remain listed on the Swiss blue chip and focus on building solutions such as roofing products, Holcim said.

Jenisch, who has led Holcim since 2017, will remain group chairman and lead the planned US listing, which could potentially improve its valuation.

Describing the United States as one of the world’s most attractive construction markets, Jenisch said: “As we take full advantage of the region’s infrastructure and construction boom, we will accelerate growth and unlock value for our stakeholders.”

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *