Holcim to spin off North American business, picks new CEO
Business
Holcim to spin off North American business, picks new CEO
ZURICH (Reuters) - Holcim (HOLN.S), opens new tab will spin off its North American business which it plans to list in the United States in the first half of 2025, the building materials giant said on Sunday, adding it would also appoint a new chief executive.
Miljan Gutovic, currently head of Europe at Holcim, will replace Jan Jenisch as CEO beginning May 1, said the company, one of the world's biggest cement makers.
The biggest shake-up 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 remainder of Holcim's global business is expected to remain listed on the Swiss blue chip SMI index, and will focus on building solutions like roofing products, Holcim said.
Jenisch, who has led Holcim since 2017, will remain as chairman of the group and will lead the planned U.S. listing, which could potentially improve its valuation.
Describing the U.S. as one of the world's most attractive construction markets, Jenisch said: "As we fully capitalize on the region’s infrastructure and construction boom, we will accelerate growth and unlock value for our stakeholders."
