ZURICH (Reuters) – Holcim (SIX:HOLN) will list shares in its North American business on the SIX Swiss stock exchange in addition to the planned New York flotation when it is spun off to shareholders next year, the Swiss building materials maker said on Friday.

Holcim announced in January it was spinning off 100% of its North American business into a separate U.S.-listed entity with a potential market valuation of more than $30 billion.

The spin-off is subject to shareholder approval at the Holcim annual general meeting on May 14, 2025, and is expected to occur by the end of the first half 2025, Holcim said.

The additional Swiss listing could help some European funds remain invested in Holcim. Some may have been forced to sell their stakes because their investment guidelines do not allow them to hold U.S. stocks.

A Swiss listing would help retain investors in Holcim’s home country, with the Swiss investors holding nearly 20% of the company’s stock, according to Reuters data.

Holcim is spinning off the North American division to capitalise on the region’s infrastructure and construction boom, as well as capture a higher valuation.

The business, which had sales of roughly $11 billion in 2023, has been a star performer in recent years, increasing its sales by an average of 20% per year.

The business, which also supplies cement and aggregates, now wants to increase annual sales to $20 billion by 2030, mainly through organic growth and small acquisitions.

Chief Financial Officer Steffen Kindler said in October the separation of the business was going “extremely well”.