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The U.K.-based parent company of Newport News plumbing, HVAC and industrial product distributor Ferguson Enterprises LLC has transferred its primary stock listing from the London Stock Exchange to the New York Stock Exchange, Ferguson PLC announced Thursday.
“We are excited to achieve this key milestone as our listing structure is now fully aligned with our operations and location of our team,” Ferguson Enterprises CEO Kevin Murphy said in a statement.
As of 2:54 p.m. Friday, shares were trading for $121.71 on the NYSE.
Ferguson’s shares remain eligible for the Main Market of the London Stock Exchange as a standard listing segment issuer.
The plan has been in the works a while. On March 8, 2021, Ferguson PLC listed additional ordinary shares on the NYSE as its first step in the transition. On March 10, shareholders passed a special resolution to transfer the company’s listing category on the London 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, I’d 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 United Kingdom-based plumbing and heating distribution business, Wolseley, to private investment firm Clayton, Dubilier & Rice LLC for net cash consideration of approximately $420 million.
Founded in 1953, Ferguson Enterprises has 1,679 branches across the U.S. and Canada and employs 31,000. The company has 34,000 suppliers manufacturing products across North America. Ferguson reported $21 billion in 2021 U.S. revenue and $22.79 billion in its total 2021 revenue.