georgemiller
Publish Date: Thu, 27 Feb 2025, 06:43 AM
Feb 27 (Reuters) - Belgian chemicals maker Syensqo (SYENS.BR) , opens new tab said on Thursday it was exploring a potential dual listing in the U.S. after it forecast 2025 core earnings at least on last year's level.
"As we expect a major part of our future growth and investments to be in this strategically important region, it makes sense for us to explore a U.S. listing, which has the potential added benefits of expanding and enhancing our investor base," CEO Ilham Kadri said in a statement.
The group does not consider moving its headquarters to the United States, Kadri added in a wire call with journalists.
The Americas are Syensqo's largest business region, representing more than 40% of group sales and workforce, as well as being home to more than half its industrial footprint.
Syensqo said on Tuesday it would respond to U.S. trade tariffs with strategic measures and was evaluating shorter-term mitigation options, such as introducing a temporary surcharge to offset higher tariff-related costs. It did not provide more details in Wednesday's press release.
The speciality chemicals company, spun off from Solvay (SOLB.BR) , opens new tab last year, said it expected macroeconomic concerns and demand uncertainty to persist across most of its end markets this year, weighing on its outlook.
"2025 will also see us continue to assess options to accelerate value creation, including through divestments," Kadri said in the statement. The group plans to separate its Aroma business next, he added.
Syensqo said it aimed to deliver more than 200 million euros ($209.4 million) in savings by the end of 2026.
It sees underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of at least 1.4 billion euros in 2025, which would put it in line with last year's number.
Analysts polled by Syensqo had forecast 2024 EBITDA of 1.4 billion euros, which they were expecting to rise to 1.47 billion in 2025.
($1 = 0.9552 euros)
Sign up here.
https://www.reuters.com/markets/commodities/syensqo-explore-us-listing-after-it-forecasts-least-flat-2025-earnings-2025-02-27/