Amid U.S. construction boom, world's largest cement maker will spin off North American business, seek $30B valuation: ‘We now make two independent champions' [Fortune]
BRIDGESTONE CORP UNSP/ADR (BRDCY)
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Source: Fortune
The Swiss maker of building materials also named its European head, Miljan Gutovic, as chief executive officer. He will replace Jan Jenisch, who will remain chairman. The executive move is effective May 1. A valuation over $30 billion is in “the right ballpark” for the unit, Jenisch said in a conference call after the announcement. Holcim shares soared 38% last year, reaching the highest level since 2015 in December. They closed Friday at 64.20 francs. The spinoff “should be a very value-creating move from our side for our shareholders,” Jenisch told reporters. “We now make two independent champions.” The separation unwinds a period of acquisitions around the globe for Zug, Switzerland-based Holcim, triggered by diverging regulatory regimes in North America and Europe. North America accounted for $11 billion of revenue last year, according to Jenisch. In 2022, the region generated more than a third of the company's revenue. The US market is growing at a rapid pace as builders
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