Switzerland’s Holcim plans separation of US business

<p> <br />
</p>
<div>
<div>
<img decoding="async" alt="Switzerland's Holcim plans separation of US business – WSJ" id="carouselImage" src="https://i-invdn-com.investing.com/trkd-images/LYNXMPEK0Q09D_L.jpg" style="visibility:hidden" /><br />
<span>© Reuters. FILE PHOTO: The logo of Swiss cement maker Holcim is seen at its headquarters in Zug, Switzerland October 26, 2022. REUTERS/Arnd Wiegmann/File Photo</span><br />
<i class="imgGrad"/>
</div>
<p>(Reuters) -Swiss building materials giant <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Holcim </span></span> (SIX:) is nearing a deal to separate its North America business that could be worth more than $30 billion, the Wall Street Journal reported on Saturday.</p>
<p>The deal could be announced this coming week, assuming the plans don’t fall apart at the last minute, the report said, citing people familiar with the matter.</p>
<p>Holcim did not immediately respond to a request for comment on the report.</p>
<p>Holcim has close to 350 sites in 43 states in the U.S. and employs 7,000 people, according to its website.</p>
<p>In July last year, the Swiss company said North America was on track to reach around 40% of group sales, increasing to roughly $12 billion, up from $10 billion the previous year.</p>
<p>The Swiss cement maker has been banking on new business in the United States from manufacturers shifting production home to avoid supply chain jams and taking advantage of government subsidies.</p>
<p>North America remains an attractive market for Holcim’s investments and acquisitions, the head of the cement maker’s Europe region told Reuters this month.</p>
<p>“Today, 40% of our business is North America. And we have been in North America for the past 50-plus years. So, we have a very strong geographical footprint in U.S., but also in Canada,” said Miljan Gutovic, in an interview on the sidelines of the World Economic Forum (WEF) annual meeting in Davos, Switzerland.</p>
<p>“We have many initiatives across North America to increase the capacity to de-bottleneck our plants. And also, we are looking at the M&amp;A,” Gutovic added.</p>
</div>
<p><br />
<br /><a href="https://www.investing.com/news/stock-market-news/switzerlands-holcim-plans-separation-of-us-business–wsj-3284999">Source link </a></p><p>The post <a href="https://forextraderhub.com/switzerlands-holcim-plans-separation-of-us-business.html">Switzerland’s Holcim plans separation of US business</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>