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Cement Issuer Holcim (Baa1/BBB+) Appoints New CEO, Announces US Spin-Off

CAPITAL GOODS
  • Holcim yesterday announced intention to list its North American business in the US, aiming for a full separation. Head of Europe, Miljan Gutovic, will also become CEO from 01 May.
  • Expected completion of the spin-off listing is H125. A valuation above USD 30bn is “the right ballpark” according to outgoing CEO Jan Jenisch who said the deal “should be a very value-creating move” for shareholders.
  • Holcim's North American business has a strong growth record with EBIT growth of >26% over the past four years. The North American business, post-listing, will target over USD 20bn in net sales and more than USD 5bn in EBIT by 2030.
  • Post US listing, the European entity will aim for CHF 22bn in net sales, CHF 4bn in EBIT, and CHF 3bn in FCF by 2030.
  • The transaction will be subject to shareholder/regulatory, with Holcim hosting Capital Markets Days for both entities in H2.
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