Heidelberg moves to spin-off Hanson

Heidelberg Cement has moved ahead with its plan to sell part of its building products business with the first steps that could lead to an initial public offering (IPO) in its Hanson Building Products subsidiary.

Hanson Building Products makes a range of concrete and clay building products including pipes, bricks and tiles, with manufacturing and sales channels in the Canada, the UK and US.

Heidelberg has taken the first step which could lead to an IPO in the business by filing a registration statement with the US Securities and Exchange Commission (SEC) for a potential IPO of ordinary shares. At this stage the number of shares to be offered and the price range for the offering have not been announced.

If Heidelberg does go ahead, more details will be given in a prospectus on the IPO.