Ferguson parent company transfers primary listing to NYSE

UK-based Ferguson PLC still holds standard shares on the LSE

Published

May 13, 2022




by

Catherine Schulte


NYSE photo courtesy of Ferguson PLC

Ferguson Enterprises LLC, the UK-based parent company of plumbing, HVAC and industrial products distributor Newport News, has moved its primary listing from the London Stock Exchange to the New York Stock Exchange, Ferguson PLC announced on Thursday.

“We are excited to reach this key milestone as our listing structure is now fully aligned with our operations and the location of our team,” Ferguson Enterprises CEO Kevin Murphy said in a statement.

As of 2:54 p.m. Friday, shares were trading at $121.71 on the NYSE.

Ferguson’s shares remain eligible on the main market of the London Stock Exchange as a standard listing segment issuer.

The plan has been in the works for a while. On March 8, 2021, Ferguson PLC listed additional common stock on the NYSE as a first step in the transition. On March 10, shareholders passed a special resolution to change the company’s listing category on the London Stock Exchange from premium to standard.

“With 100% of our operations today in North America, we now have the right listing structure for Ferguson as it continues to grow,” Ferguson PLC Chairman Geoff Drabble said in a statement. “On behalf of the Board of Directors, I would like to thank our associates, customers and investors for their support, and we look forward to the significant opportunities ahead.”

Ferguson PLC changed its name from Wolseley PLC in 2017 to reflect its largest subsidiary, Ferguson Enterprises LLC. In January 2021, the parent company sold its UK-based plumbing and heating distribution business, Wolseley, to private investment firm Clayton, Dubilier & Rice LLC for net cash consideration of approximately $420 million. of dollars.

Founded in 1953, Ferguson Enterprises has 1,679 branches in the United States and Canada and employs 31,000 people. The company has 34,000 suppliers who manufacture products across North America. Ferguson reported $21 billion in U.S. revenue in 2021 and $22.79 billion in total revenue in 2021.