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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.