In a move to take advantage of a robust North American construction market, Swiss-based cement manufacturer Holcim Ltd. has announced it will spin off its U.S.-based subsidiary, Holcim US—preparing it for an initial public offering on the New York Stock Exchange in the first half of 2025.

Chicago-based Holcim US, with more than 850 locations and more than 14,000 employees, is the largest U.S. cement producer. According to Holcim Group, the subsidiary booked an estimated $11 billion in sales in 2023. It will be the largest business shift for the company since its $44-billion merger with French-based materials firm Lafarge in 2015.