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Swiss cement giant Holcim is close to a deal to separate its North American operations, people familiar with the matter said.
The company could announce its plans within the next few days, the people said, adding that the North American business could eventually be listed in the United States.
Zug-based Holcim was formed in 2015 through the merger of France's Lafarge and Switzerland's Holcim, which created the world's largest cement company. Holcim's market capitalization is approximately CHF 37.2 billion (approximately $43.1 billion).
Holcim said in its first-half results last year that North America is expected to contribute about $12 billion to its 2023 net sales, accounting for about 40% of the group's total.
He added that the company is a major supplier of cement in North America and a leading provider of commercial flat roofing and concrete. The company has approximately 350 locations in 43 states and employs 7,000 people, according to its website.
Holcim has been transactionally active since its merger almost a decade ago.
In 2022, Holcim agreed to sell its India operations to Adani Group for $10.5 billion in cash.
Last year, the group agreed to buy Firestone Building Products from Japan's Bridgestone for $3.4 billion to strengthen its position in the United States. The deal was intended to help Holcim enter the lucrative flat roof market.
European companies are turning to U.S. listings for higher valuations, market liquidity and greater analyst coverage.
CRH, the world's largest building materials group, moved its primary listing from London to New York last year.
Holcim did not immediately respond to a request for comment. The Journal first reported on Holcim's plans.
