Shares in building materials giant CRH have started trading on Wall Street as the company delisted from the Irish Stock Exchange after over 80 years of trading in Dublin.
In a statement today, the company said it had completed the required changes to effect the transfer of its primary listing to the New York Stock Exchange.
"We believe a US primary listing will bring increased commercial, operational and acquisition opportunities for our business, further accelerating our successful integrated solutions strategy and delivering even higher levels of profitability, returns and cash for our shareholders," CRH said.
It added that as the leading building materials solutions business in North America, CRH is uniquely positioned to capitalise on the strong growth opportunities in the US construction market, underpinned by long-term structural tailwinds from federal, state and municipal funding support.
"Today marks an important milestone in CRH's development which will enable us to fully participate in the significant growth opportunities that lie ahead for our business," CRH's chief executive Albert Manifold said.
The company decided earlier this year to shift its primary listing to New York and also opted for a secondary listing in London.
The company will remain headquartered and tax resident in Ireland.
CRH shareholders approved the move from Dublin to Wall Street at an EGM in June.
The company is the largest building materials supplier in the US and generated about 75% of its core earnings there last year.
CEOAlbert Manifold said the move would help CRH benefit from large US government spending programmes and open up tax advantages in future mergers and acquisitions, helping it achieve a "higher vector of growth".
"We see significant benefits by representing ourselves to be truly an American company," Albert Manifold said at the EGM in June.
"This leaves us at last on a level playing field with our competitors over there in what is a very competitive market," he added.
Davy said in a note to clients that the move of the primary listing to New York "is a significant event for the share".
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Flutter Entertainment, the owner of Betfair and Paddy Power, may follow CRH from Dublin to Wall Street after a majority of its investors backed its plan to list in New York as it pursues a wider investor base.
Flutter has not yet committed to the move, but it is viewed as an inevitability at some point.
Meanwhile, earlier this month paper and packaging giant Smurfit Kappa confirmed that talks with US company WestRock had yielded a deal that would see the companies combining to create a $20 billion paper and packaging giant.
The merged entity, Smurfit WestRock, would continue to be headquartered here but it would be listed on the New York Stock Exchange (NYSE) and Smurfit Kappa's shares will be delisted from the Dublin market.
