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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?
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
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