The Titan Cement International SA group will proceed with the listing of its subsidiary, Titan America, on the US stock exchange. As stated in a related announcement, in this way the company will raise funds that will facilitate the financing of the future development and investment opportunities of the TITAN Group and Titan America.

At the same time, it is emphasized that Titan America, with sales of 1.6 billion dollars, is a dynamic and fully vertically integrated company, which operates in the strongly developing major economic regions of the East Coast of the USA, with a presence and leadership position in the markets of Florida, Mid-Atlantic states and in the New York/New Jersey Metropolitan area.

The listing is expected to take place on the New York Stock Exchange and will be accompanied by a public offering of a minority interest, commensurate with the usual share offering rate in US IPOs. The procedure will not impose a tax burden on the Group and expected to be completed in early 2025.

Eighth quarter of EBITDA growth

For the first quarter of the year, the group announced an increase in sales in all regions where it operates, with turnover reaching 623.7 million euros (6.1% increase). EBITDA amounted to 109.8 million euros, recording the eighth consecutive quarter of growth. The net profits after taxes and minority rights were also particularly strengthened, which amounted to 52.4 million euros, registering an increase of 18.4%, while the net debt/EBITDA ratio is at the low levels of 1.2x.

The group’s management estimates that the outlook for the year is positive thanks to increased demand, stable price levels, improved energy cost management and improved operational efficiency.