--- title: "Holcim: the imperfect split" description: "On 23 June 2025, Holcim will separate into two distinct entities: Amrize and Holcim. Shareholders will receive one share of Amrize for each share of Holcim held (1:1 ratio). Amrize will comprise Holcim’s North America operations, while the remaining company—Holcim (RemainCo)—will retain all assets and operations outside the United States and Canada." image: https://blog.syzgroup.com/hubfs/Focus_250618_cover.jpeg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) ### Holcim: the imperfect split On 23 June 2025, Holcim will separate into two distinct entities: Amrize and Holcim. Shareholders will receive one share of Amrize for each share of Holcim held (1:1 ratio). Amrize will comprise Holcim’s North America operations, while the remaining company—Holcim (RemainCo)—will retain all assets and operations outside the United States and Canada. [**Gaël Combes**](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-comb) **Wednesday, 06/18/2025** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](file:///C:/Users/awyneken/OneDrive%20-%20Banque%20Syz%20SA/Desktop/Focus_250618_Holcim-split.pdf) - - - - ---   ## Holcim Ltd today       Holcim is a global leader in innovative and sustainable building materials, headquartered in Switzerland. Holcim operates through four business segments: Cement, Ready-Mix Concrete, Aggregates and Solutions and Products. The company generates most of its revenues from Cement (49.8%), which includes core building materials and ECOPlanet low-carbon cement products. Solutions and Products (22.5%) includes advanced roofing systems, insulation, and specialty products under brands like Elevate. Ready-Mix Concrete (21.2%) provides pre-mixed concrete solutions including ECOPact low-carbon products. Aggregates (16.4%) supplies sand, gravel, and crushed stone for construction applications. Holcim is a multinational company, present in around 70 countries, with over 2,300 operating sites and over 60,000 employees. Europe is the largest region by revenue (35.9%), while North America follows as the second largest region (31.7%) the fastest growing. Europe represents a more mature market where, unlike the US, the regulations are growth drivers for sustainable cement solutions. Holcim benefits from European regulatory instruments that incentivise investments in decarbonisation technologies.   ---   ## Why the split? Holcim Ltd will complete the spin-off of its North American operations on 23 June 2025, creating Amrize as an independent company, a name derived from "Ambition" and "Rising" that will trade separately on US exchanges. The rationale behind the corporate restructuring is driven by several factors: **- US market opportunities:** Amrize is set to capitalise on the US construction market's growth, which spends about $2 trillion on construction each year. With over 1,000 sites and 19,000 employees, Amrize aims to take advantage of increased infrastructure investment and reshoring trends in the US Holcim sees the split as necessary to fully exploit growth opportunities and ensure a strong start.   **- Different profiles:** The two companies have different growth profiles, different markets and different agendas. Amrize will focus primarily on growth opportunities in North American markets where deregulation trends prevail, while Holcim will concentrate on sustainability initiatives, low-carbon innovation, vertical integration and maintaining a global geographic footprint.  **- American valuation:** Holcim believes its North American business is undervalued compared to peers. The company believes that separating the business will allow it to achieve a valuation closer to its North American peers rather than being valued as part of a global conglomerate. --- ## How do the two entities compare? ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jun-18-2025-09-46-14-9263-AM.png?width=891&height=1019&name=image-png-Jun-18-2025-09-46-14-9263-AM.png) The final plan will differ slightly from the initial one, as Amrize will be incorporated in Switzerland rather than the US, and for now, it will not be included in any major US indices. We understand that most institutional investors based in Switzerland face difficulties owning a US-incorporated company that is not part of major indices such as the S&P 500. As a result, Holcim’s management chose to incorporate Amrize in Switzerland and pursue dual listings to accommodate Swiss-based investors. On the one hand, this is a positive development—most Swiss investors surveyed indicated they intend to hold both stocks. However, it could present a challenge for Amrize to achieve a “US-style” valuation, as it may not benefit from capital flows from large US investors. Both entities remain well positioned over the long term, but Amrize may face more short-term headwinds than Holcim. While Amrize is poised to benefit from the structural growth of the North American market, the near-term outlook appears more subdued due to softening demand. Holcim (RemainCo), on the other hand, retains a dominant position in Europe, where tightening regulations and rising demand for low-carbon cement are key drivers. Growth is currently being led by operations in Latin America, while markets in parts of Europe—such as France and the UK—appear to be bottoming out. --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Venezuela's oil rollercoaster takes a new turn](https://blog.syzgroup.com/slow-food-for-thought/venezuelas-oil-rollercoaster-takes-a-new-turn?hsLang=en) $100bn in investment, $209bn in projected state revenue, 65 billion barrels of oil. The figures attached to the new US-Venezuela deal are as large as the uncertainty surrounding them. **[Charles-Henry Monchau](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 08/09/2026 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Reading 3,000 earnings calls: no recession, but capacity constraints](https://blog.syzgroup.com/slow-food-for-thought/reading-3000-earnings-calls-no-recession-but-capacity-constraints?hsLang=en) Investors have always listened carefully to what CEOs and CFOs say. 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