(Bloomberg) -- Topsoe A/S’s chief executive officer plans to hold off on an initial public offering for now, and focus on improving key units before listing the Danish engineering company, which last month cut its revenue forecast.
The firm, which makes catalysts and technology for the green transition, is currently revamping its business by introducing new technologies and entering new markets, and that process is better done “in the shade of a private owner,” CEO Roeland Baan said in an interview.
Topsoe reported revenue of 9.42 billion kroner ($1.4 billion) last year and has 2,800 employees. Last month, the company said 2024 sales will decline more than previously expected due to a slow-down in its European markets. The company, which was founded in 1940, has earlier said it considered an IPO.
“Once you are there, you have proven it, you have a market, you are generating solid cash, then that’s the moment that you might think about an IPO,” Baan said. “But for now we try to delay it.”
A listing might happen in “five or 10 or 15 years,” Baan said.
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