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CRH shifts primary listing to U.S., eyes growth in North American market
Editor
Published Sep 20, 2023 02:25AM ET
Updated Sep 20, 2023 02:25AM ET
© Reuters.
CRH (NYSE:CRH), the Ireland-based building materials supplier, has made a strategic shift towards the American market by moving its primary listing to the United States as of Tuesday. The company's decision follows shareholder approval received in June earlier this year. As part of this transition, CRH will withdraw its shares from the Euronext Dublin stock exchange, where it was first listed in 1973. The delisting is set for September 25.
This significant change doesn't mean a complete departure from European exchanges for CRH. The company will retain a standard listing on the London Stock Exchange, where it has been listed since 2005. The move to an American primary listing mirrors the company's operational focus, given that North America generates roughly 75% of CRH's earnings before interest, taxes, depreciation, and amortization.
The decision to shift towards a U.S. primary listing aligns with CRH's future growth strategy. The company anticipates that the U.S. market, with its ongoing economic expansion, growing population, and substantial construction requirements, will be a key driver of its progress.
In terms of financial performance, CRH has demonstrated encouraging results in the first half of this year. The company reported a pretax profit of $1.51 billion, marking an increase from $1.20 billion during the same period last year. Revenue also showed positive momentum, growing by 7.6% to reach $16.14 billion.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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