In a Sunday press statement, Holcim (HOLN.SW) announced it appointed Miljan Gutovic as chief executive officer (CEO) as of 1 May 2024. This new appointment follows the global construction company’s intention to spin off its North American segment and publicly list it as a separate business.
Holcim to spin off North American operations to the value of $30bn
Holcim’s current CEO, Jan Jenisch, will be at the helm of this spin-off while focusing on his role as chairman. Jenisch will also stand for re-election at the company’s annual general meeting in May 2024.
Gutovic has been part of the company’s group executive committee since 2018. He is presently in charge of Region Europe and Operational Excellence. According to Holcim, Gutovic boosted the company’s market positions and drove net zero initiatives while keeping profit growth in view.
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Analysts estimate the New York listing of the North American spin-off could achieve a value of approximately $30bn. This is the most significant restructuring move since Holcim took over Lafarge in 2015. This process should be finalised during the first half of 2025. Jenisch indicated Holcim would not retain a stake in this divestment. He commented:
We’re going to do a full capital market separation of our North American business, so we will list 100% of the business on the New York Stock Exchange.
Holcim’s international operations in Europe, South America, Africa, and Asia will continue as usual and remain listed on the Swiss Market Index (SMI). The US offshoot will become wholly independent and aim for a $5bn operational profit by 2030. Currently the largest cement manufacturer in North America, Holcim has 16,000 employees in 850 locations.
