In a preliminary U.S. Securities and Exchange Commission filing, Titan Cement International documents the portfolio of a new Norfolk, Va.-based entity, Titan America SA, for which it proposes an initial public offering.
Trading on the New York Stock Exchange under the TTAM symbol, the business will span the assets of Titan America LLC and subsidiaries operating in Metro New York, Virginia, the Carolinas and Florida: Two cement plants; three marine import terminals; 82 ready mixed concrete production sites with 92 batch plants; eight concrete block plants with 13 production lines; seven fly ash processing facilities; and, 21 distribution hubs.
Audited 2023 financials and unaudited figures through nine months of 2024 show the Titan America SA operations booked approximately $1.6 billion in sales.
“As a result of our continuous investment program to modernize and scale our operations, we have experienced 50 percent revenue growth, 150% net income growth and 65% Adjusted EBITDA growth from fiscal 2019 to fiscal 2023,” Titan Cement tells prospective Titan America SA investors. “We believe our vertically integrated business model and continued investment in our extensive logistical capabilities have enabled us to grow with our diverse customer base across infrastructure, residential and non-residential end markets. By leveraging these competitive advantages across our two reportable segments, the Mid-Atlantic and Florida, we believe that we are in a strong position to drive meaningful growth and enhanced profitability into the future.”
A forthcoming SEC filing will indicate the number and target pricing of IPO shares and percentage of Titan America SA shares Titan Cement plans to retain. A remaining Titan America LLC subsidiary specializing in coal ash processing and beneficiation, ST Equipment and Technology LLC, has been transferred to a Titan Cement business in The Netherlands.
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