Building supplies company CRH completes move to New York Stock Exchange
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Irish building supplies company CRH rang the opening bell at the New York Stock Exchange today as it formally completed its change of listing to the US.
Earlier in the summer, the company gained shareholder approval to move its primary listing from the London Stock Exchange to New York and delist itself from the Euronext Dublin exchange altogether.
The company still plans to keep its London listing.
At the time, Albert Manifold, chief executive of CRH, said that the move was to allow the company to portray itself more as a US company and enable it to better compete for infrastructure contracts planned by the Biden administration.
North America accounts for approximately 75% of the company’s earnings, and it believes the country will be the key driver of growth in the future.
Mr Manifold said the listing marks an “important milestone” in the company’s development, which will “enable us to fully participate in the significant growth opportunities that lie ahead for our business”.
The company said it is “uniquely positioned” to capitalise on the growth opportunities in the US construction market “underpinned by long-term structural tailwinds from federal, state, and municipal funding support”.
Shares in the company were trading around $55 (€52) after markets opened.
Despite moving its listing to the US, CRH will still be headquartered in Ireland. The company employs nearly 76,000 people across 29 countries.
The company was the largest traded company on the Euronext Dublin exchange.
After its departure, Paddy Power owner Flutter Entertainment becomes the largest traded company on the exchange, and even that might change as the company mulls whether it should list in the US as well, where a sizable portion of its business operates.
Euronext Dublin has seen a number of departures in recent months. At the end of May, Guinness owner Diageo delisted from Euronext Dublin, while virtual reality software company Engage XR decided to leave in April.