Titan Cement International SA, Greece’s oldest and biggest cement maker, this week announced that it will list its North American subsidiary, Titan America, on a stock market in New York City.
Greece-based multinational has announced that it aims to raise capital in order to fund future development and investment opportunities of both the Titan group and Titan America.
The North American subsidiary has reported sales of 1.6 billion USD, with a commercial presence mostly along the eastern seaboard of the United States, the Midwest, Florida and especially the greater NYC/New Jersey area.
The listing will reportedly be accompanied by a public offering for a minority stake in the subsidiary, which by all accounts will range from between 15% to 25%.
The listing and public offering will not have a tax effect on the group and is expected to be concluded in the early part of 2025.
Titan Cement International is already listed on the boards of Euronext Brussels, the Athens Stock Exchange (ATHEX) and Euronext Paris.
