CRH shareholders vote to move stock listing to New York

Company removes itself completely from the Euronext exchange in Dublin.

CRH Chief Executive Albert Manifold. Company said the reason for moving the listing to New York is because it expects the US to be the “key driver of future growth”.

Shareholders in the Irish building supply company CRH have overwhelmingly voted to move the company’s primary stock exchange from London to New York and remove itself completely from the Euronext exchange in Dublin.

The votes took place in Dublin on Thursday morning and were backed by close to 96% of shareholders.

CRH is one of the biggest and most traded companies on the Euronext exchange with the delisting expected to hit local traders.

The switchover to the New York Stock Exchange is due to take place in September but approval is still needed from the High Court. The company’s listing on the London Stock Exchange is also set to change from a premium listing to a standard listing.

Shareholders were told that no action was needed on their part and that the changes would take place automatically.

In total, six resolutions were voted on to make the change happen, all of which needed to pass in order to make the switch happen. All the resolutions received huge majorities of support from shareholders.

The company said it believes the US listing would increase its commercial, operational and acquisition opportunities.

CRH is one of the biggest construction supply companies in the US where it makes up to 75% of its core earnings. Last year, core earnings totalled $5.6bn.

The company said the reason for moving the listing to New York is because it expects the US to be the “key driver of future growth” with exposure to the market likely to increase in the years ahead.

The company also cited the “unprecedented levels of infrastructure funding” in the US of $1.2tr. It believes that this change will allow them to win more Government funded infrastructure contracts.

CRH said that Europe remains an “important strategic part” of the business and it will continue to expand operations across the region.

Despite the change in stock exchanges, the company plans to remain headquartered in Ireland.