CRH shareholders on board with New York Stock Exchange move

Sources: CRH Plc, Dublin; CP staff

Shareholders have overwhelmingly approved a board and management team recommendation to switch the CRH Plc primary securities listing from the London Stock Exchange to the New York Stock Exchange. “We are pleased to see such strong support for the 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,” says Chief Executive Albert Manifold.

A prospective move was indicated in February and April investor guidance, management noting how CRH Americas Materials Solutions and Building Solutions businesses have grown to account for 75 percent of enterprise EBITDA. Executives believe a U.S. primary listing will bring increased commercial, operational and acquisition opportunities, further accelerating their “successful integrated solutions strategy and delivering even higher levels of profitability, returns and cash for shareholders.” In particular, they add, the United States is expected to be a key driver of future growth thanks to to continued economic expansion, a growing population and significant construction needs.

Scheduled by late September, the move will position CRH with North American peers for whom the New York Stock Exchange is their primary or sole listing venue: Eagle Materials, Knife River Corp., Martin Marietta Materials, Summit Materials and Vulcan Materials.