Titan, a multinational cement and building materials company with cement production facilities in ten countries and operations in 25, which was founded in Greece in 1902, is taking another step towards its further development.
Its subsidiary, Titan America SA, which concentrates the Group’s activities in the US, has filed for the listing of its common shares on the New York Stock Exchange under the symbol “TTAM”.
Titan Cement International S.A. is listed on Euronext in Brussels, Paris and the Athens Stock Exchange (ASE). Investors in Greece welcomed the news of the subsidiary’s listing on the US stock exchange, with the company’s share rising 3.49% to 41.5 euros on the ASE.
Based on the process that Titan America is required to follow, at this stage, it has not announced the timing of the listing, nor the amount it expects to raise. Its announcement only stated that the initial public offering (IPO) is planned to include a primary offering by Titan America, as well as a secondary sale by Titan Cement International.
Figures
Titan has shown remarkable growth in the US. As stated in the first prospectus filed with the US Securities and Exchange Commission between the fiscal years 2013 and 2023, it increased its sales from 539 million dollars to approximately 1.6 billion dollars (a compound annual growth rate of 11% – CAGR).
During the same period, its net income turned into a profit of 155.2 million from a loss of 5.4 million, while its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased to 328 million (25% CAGR) from 36 million and its net income margin from a negative 12% became a positive 10%.
Furthermore, as a result of its continuous investment program, it has achieved a reduction in carbon emissions of 18%.
Titan America is a fully vertically integrated company, operating in the rapidly growing major economic regions of the US East Coast, with a presence and leading position in the markets of Florida, the Mid-Atlantic states and the New York/New Jersey metropolitan area.
The initial investment of the Greek cement industry in the US was made in 1989. Today, based on data from the American cement industry association (Portland Cement Association – PCA), Titan America is one of the largest cement suppliers in Florida, Virginia and the Carolinas, while it holds a leading position in the New York metropolitan area.
Specifically, according to PCA data, its share in the Florida market stands at 31.3%, 30% in the Virginia and North Carolina markets and 24.1% in New York. This makes it one of the largest suppliers of building materials to three of the 11 economic mega-regions in the United States, which are densely populated and have attractive demographics.
Titan America has more than 100 facilities. Its plants are capable of producing approximately 3.8 million tons of cement per year, more than 95% of which contains up to 10% lower CO 2 emissions than conventional cement for typical use. Its cement manufacturing activities are supported by a network of mining operations containing a total of 474 million tons of reserves.
