UPDATE: JUNE, 23, 2025: Cement maker Holcim has completed the spinoff of its North American business, Amrize, as part of its growth strategy in sustainable construction, the company said Monday.

The 100% spinoff was completed by way of a one-to-one distribution of Amrize shares to Holcim shareholders as of June 20. Reuters reported a valuation of $30 billion for Amrize, which will be traded as AMRZ on stock exchanges in Zurich, Switzerland and New York.

Both Holcim and Amrize will benefit from a sharpened strategic and operational focus on their respective global markets, according to a news release. Jan Jenisch, who previously led Holcim from 2017 to 2024, is taking over as chairman and CEO of Amrize.

Holcim’s territory will span 45 markets in Europe, Latin America, Asia, the Middle East and Africa, while Amrize takes on markets in the United States and Canada, according to a news release.

Dive Brief: March 6, 2025:

• Swiss cement company Holcim is spinning off its North American business and rebranding it as Amrize to become the largest supplier in the U.S. and Canada.
• The deal, which is expected to close by the end of June, would carve out more than 1,000 sites and facilities across the continent and more than 19,000 employees, according to a recent Form 10 investor filing.
• As part of the move, Holcim invested $18.6 million to establish the spinoff’s headquarters in Chicago. The company said it will share a business plan and strategy as part of an investor day for Amrize on March 25 in New York City.

Dive Insight:

The spinoff, initially announced early 2024, could be one of the biggest deals in the global construction market this year. The upcoming U.S. listing is expected to open up more capital and growth opportunities for Holcim, the largest cement and concrete provider in the world.

After a year of preparation, the Form 10 filing, which is a requirement for companies registering their securities, marks a significant step on Holcim’s journey to carve out its U.S. and Canada operations, Chairman Jan Jenisch said in a statement.

“With our strong financial position and track record of profitable growth across all construction markets, we aim to be the partner of choice for our North American customers and unlock value for all stakeholders,” Jenisch said.

Amrize generated $11.7 billion in annual revenue last year, according to Holcim’s filing, which included a financial carve-out for the North American business. It also posted net income of $1.3 billion for the period.

Holcim said Amrize is well positioned to capitalize on tailwinds from the U.S. market, which spends about $2 trillion on construction each year. The U.S. cement market is largely controlled by multinational companies, including Mexico-based Cemex and Thailand-based Siam Cement Group. Market research group Ibisworld valued the domestic cement market at roughly $9.9 billion last year.

Holcim’s spinoff will be split into two business segments focused on building materials, such as cement and ready-mix concrete, and building envelope, which includes products for roofing and insulation, according to a release.

The spinoff will be listed on the New York Stock Exchange and Six Swiss Exchange with the ticker AMRZ, according to the company. The name Amrize is a combination of the words “ambition” and “rising” to symbolize high performance and drive in the building industry.