CRH shareholders have overwhelmingly approved the unanimous recommendation of the Board and management team to transition to a US primary listing on the New York Stock Exchange (NYSE). The group will retain a standard listing on the London Stock Exchange (LSE) and will de-list from Euronext Dublin. The changes are expected to take effect on or around 25 September 2023.
“We believe a US primary listing will bring increased commercial, operational and acquisition opportunities for our business, further accelerating our successful integrated solutions strategy and delivering even higher levels of profitability, returns and cash for our shareholders,” said the company in a statement.
North America represents approximately 75 per cent of the group’s EBITDA and the US is expected to be a key driver of future growth for CRH due to continued economic expansion, a growing population and significant construction needs. As the leading building materials solutions business in North America, CRH is uniquely positioned to capitalise on the strong growth opportunities in the US construction market, underpinned by long-term structural tailwinds from federal, state and municipal funding support, said the company.
Commenting on the decision, Albert Manifold, chief executive of CRH, said, "We are pleased to see such strong shareholder support for the listing transition as it marks an important milestone in our development and will enable CRH to fully participate in the significant growth opportunities that lie ahead”.
