Albert Manifold, chief executive of CRH. The group decided to move its primary stock listing to the US. Photograph: Cyril ByrneBuilding materials giant CRH, the largest company on the Irish stock market, said on Thursday. that it plans to move its primary shares listing to the US, as North America now accounts for three-quarters of its earnings.
“The US is expected to be a key driver of future growth for CRH and our exposure to this market is likely to increase further driven by substantial increases in infrastructure funding, a renewed drive for the onshoring of manufacturing activity and significant levels of under-build in the residential construction market,” the company said as it reported a strong set of full-year results.
Since late 2011, the group has had a primary listing has been in London with a secondary one in Dublin. A spokesman declined to comment on the future of these listings, pending the outcome of the company’s shareholder engagement in the coming weeks. An update will be given on April 26th when CRH, which was formed in 1970 through the merger of the already publicly-quoted Irish Cement and Roadstone companies, is scheduled to issue a trading update.
A majority of at least 75 per cent of CRH shareholders would need to approve a move in the primary listing. It currently has a maket value of close to £30 billion .
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