Switzerland’s Holcim plans separation of US cement business https://t.co/ZeJG8dg0ul
— Financial Times (@FT) January 27, 2024
The Swiss cement giant Holcim plans to spin off its North American business and list it in the US, as it seeks to unlock value and speed up growth for the unit.The Zug-based group also announced that the head of its European business, Miljan Gutovic, would take over as group chief executive from May. Outgoing chief Jan Jenisch will remain chair and lead the planned break-up…Makers of building materials such as Holcim have fallen out of favour with more climate-conscious investors in recent years, because of the carbon footprint of products such as cement and concrete. Holcim has sought to shift its business towards greener construction in recent years, and emphasised its role in "decarbonising building".Holcim will remain listed in Switzerland after the spin-off, with a presence across Europe, Asia, the Middle East, Africa and Latin America.
