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It’s not every week that a ‘new’ cement producer gains hold of nearly 30Mt/yr of production capacity.¹ Back in 2022, a few readers studying the North America pages of the year’s Global Cement Directory probably wondered “Where’s Lafarge gone?” following the dissolution of the France-based producer’s corporate identity into Holcim in June 2021. Now, in the upcoming Global Cement Directory 2026, readers will be able to search in vain for another name among the cement maps of Canada and the US – that of Holcim itself. A decade on from the completion of the Lafarge/Holcim merger, the combination of the two in North America has precipitated something entirely new: Amrize.

On 23 June 2025, Amrize assumed the entire business of Canada and US market leader Holcim North America, following its successful spin-off from Switzerland-based Holcim. Amrize occupies its predecessor’s operational headquarters in Chicago, US, with registered offices in Zug, Switzerland, and is dual-listed in the US and Switzerland.² For those interested in finance, shares in Amrize debuted on the New York Stock Exchange in the US at US$50. Meanwhile on the SIX Swiss Exchange, they dropped by 13% from reference price, to US$49.30, while those in its erstwhile parent rose by 14%.

Table 1 (below) gives the relative size of the entities, based on their latest published figures and the Global Cement Directory 2025. Amrize and Holcims’ respective percentages of the former Holcim total are given in brackets:

Metric                                     Amrize                        Rump Holcim            TOTAL

Integrated cement plants     18 (17%)                     88 (83%)                     106

Capacity                                 28.7Mt/yr (11%)          224.9Mt/yr (89%)        253.6Mt/yr

Employees                             19,000 (29%)              46,000 (71%)              65,000                        

Revenues                               US$7.85bn (24%)       US$24.95 (76%)         US$32.8bn

Amrize chair and CEO Jan Jenisch stated the company’s aims in a post to LinkedIn: to be partner of choice for the US$2tn/yr North American construction sector, to deliver ‘advanced’ materials ‘from foundation to rooftop’ and to serve customers in every province and state.³ This paraphrases Amrize’s Five Strategic Drivers: 100% North America focus; unparalleled footprint and resources; value creation; unlocking growth and driving shareholder value. The menu on the company website offers not ‘products,’ but ‘solutions,’ categorised by type of construction. For cement, users can navigate to Our Businesses > Building Materials > Cement.⁴ Behind this new messaging, the Canadians and Americans who rely on Amrize’s cement business might like to know what exact role cement will play.

Holcim’s global cement revenues first fell below 50% of group sales in 2024, at US$16.4bn (49%). In North America, its recent acquisitions include both those within the cement value chain (British-Columbia based Langley Concrete Group in June 2025) and outside it (OX Engineered Products in November 2024).

Amrize is organised into Building Materials (cement, concrete, aggregates and asphalt) and Building Envelope (insulation, roofing, sealants and weatherproofing). It operates in five regions: Central (Alberta, Manitoba, Saskatchewan and inland US west of the Mississippi, from Missouri to Nevada northward), Great Lakes (Ontario and the US Midwest), Northeast (Quebec, Nova Scotia and the eastern US from Maryland northward), Pacific (British Columbia, California, Oregon and Washington) and South (southern US, west to Arizona, and Ohio).

Setting aside its extensive grinding and logistics infrastructure, the geographical footprint of North America’s largest cement producer breaks down as follows:

Region            Integrated cement plants     Capacity

Central           4                                              9.8

South              5                                              7.6

Northeast       5                                              5.5

Great Lakes   3                                              4.7

Pacific            1                                              1.1

TOTAL            18                                            28.7

Four of these geographies – all except South – are transnational. This at a time when Canada and the US are diverging in industrial policy and engaged in a trade war… Supposedly, regional directors will be juggling ambitious projects like Amrize’s on-going Bath, Ontario, and Richmond, British Columbia, carbon capture projects in Canada with a complement of lower-cost strategies in the US.

Just as important for the future of the company is the team in charge. Leadership is structured similarly to Holcim, with some names even reprising the same role. Chair and CEO Jan Jenisch previously chaired Holcim from May 2023, and was its CEO between September 2023 and April 2024. Jenisch first joined Holcim from Switzerland-based Sika, where he had been CEO, in 2017. He obtained his Master’s of Business Administration degree from the University of Fribourg in Switzerland, though Jenisch is in fact a German national.

Ian Johnston steps into the Amrize chief financial officer (CFO) position. A long-time Lafarge and Holcim mover in North America, he holds an accountancy degree from the University of Ottawa in Canada. Building Materials division president Jaime Hill came up through the Holcim corporate structure in the group’s Latin America region, including stints as CEO of Holcim Colombia in 2015 – 2019 and Holcim Mexico in 2019 – 2024, before entering the North American region as regional head in September 2024. However, his familiarity with the region goes back to his completion of a bachelor’s in Business Administration, Management and Marketing at Georgetown University in Washington, US.

Nollaig Forrest was Holcim’s chief sustainability officer (CSO) in September 2023 – June 2025; Amrize doesn’t have one. Instead, Forrest moves across to the chief marketing and corporate affairs officer spot. It’s possible that her intended role had a larger sustainability component during planning in 2024, that might have been struck off after US President Donald Trump withdrew his country from the Paris Accords and suspended, then withdrew, new decarbonisation funding. If this is correct, then Amrize may be giving strategic primacy to the larger US over Canada. Whatever the case, its enormous undertakings towards reaching net zero in Canada do not appear to have a dedicated champion on the leadership team. Forrest is another European, and brings leadership experience at chemicals companies Firmenich, Dow and Dupont and the World Economic Forum, grounded in a master’s in International Relations from the Geneva Graduate Institute in her home country of Switzerland.

Also of interest is Patrick Cleary, who steps up as senior vice president commercial cement for the US, and previously worked with Holcim US and LafargeHolcim US in Chicago. Only cement has a dedicated commercial director at this level, and then only in the US. Meanwhile, Samuel Poletti will serve as chief strategy and mergers and acquisitions. He was previously Holcim’s head of mergers and acquisitions since July 2018, before which time he was high up in the group’s South Asia subregion, including serving as Ambuja Cements’ head of strategy and commercial development in India. Poletti, presumably, will be responsible for sustaining the inorganic growth of the Holcim North America era. The flip side of this strategy for Holcim was flash market exits, including from Brazil, Zimbabwe and India in 2022. Insofar as there is a pattern to Holcim’s geographical realignment, it may be towards growth in ‘mature markets’ – a description to which all of Amrize’s regions conform. Ultimately, Amrize is a whole different company to Holcim. Whatever strategy the team is going in with, there is likely to be a transition phase and time needed to feel things out.

Overall, the Amrize leadership displays a thorough grounding in the Holcim way of doing things and a record of responsibility in a variety of its markets. Above them sits the board, with Nicholas Gangestad beside chair Jan Jenisch as lead independent director. Amrize’s 10-seat board includes four (40%) women: Theresa Drew, Holli Ladhani, Katja Roth Pellanda and Maria Cristina Wilbur.

Amrize has arisen. What makes the spin-off so interesting, besides its unprecedented scale, is the strangeness of the market into which it emerges. Spin-off plans went public in January 2024, at a time when the Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA) were set to unleash over US$1.9tn in additional public spending into the medium-term future. This is not now going to happen. Yet Amrize’s new website proclaims that “The US and Canada are modernising their infrastructure” for ‘greater efficiency and resilience.’ Of course, building materials consumption will continue in other forms, but the level of visibility is less than ideal. One of Holcim’s partner start-ups, Sublime Systems, appeared on a government list on 30 May 2025 and lost US$87m funding at a stroke.

As for Holcim, it enters the second half of the 2020s in a different shape to that in which it began the decade. Only the geographical signature of its North and West African and Latin American subsidiaries (as well as in Bangladesh and the Philippines) confirm this European producer as having once been the closest thing ever to a global cement hegemon. Holcim’s Latin American holdings look distinctly peripheral without the multi-megatonne bookends of Holcim Brazil and, now, Holcim US.

Amrize inherits an environmental, social and governance (ESG) apparatus from Holcim that suits Canada but is now inappropriate for the US. It has chosen to strip out sustainability from its corporate structure, messaging and Strategic Drivers. The wisdom of this decision can only be measured in the longer term. On the other hand, Amrize’s efforts to mitigate its impacts may continue quietly, in a kind of reverse greenwashing – ‘brownwashing’? – until political conditions are suitable to emphasise them once again.

References

1. Global Cement Directory 2025, www.globalcement.com/directory

2. Amrize, ‘Contact Us,’ accessed 25 June 2025, www.amrize.com/us/en/contact-us.html

3. Jan Jenisch, post to LinkedIn, 23 June 2025, www.linkedin.com/feed/update/urn:li:activity:7342995000399421440/

4. Amrize, ‘Our Cement,’ accessed 25 June 2025, www.amrize.com/us/en/our-businesses/building-materials/cement.html

Canada: Minister of Environment and Climate Change, Steven Guilbeault, announced the reinvestment of up to US$1.6m from industrial pollution pricing proceeds into a new emissions reduction project at St Marys Cement in St Marys, Ontario. This initiative will involve the installation of a new kiln utilising low-carbon fuels, including discarded plastics, to reduce the use of carbon-intensive fuels used in the manufacturing process by up to 30%. The project aims for a reduction of over 39,900t of greenhouse gas emissions by 2030, according to Foreign Affairs news.

Canada: WEG will supply the substation of Votorantim Cimentos North America’s St Marys Cement plant in Bowmanville, Ontario with its transformers. The order includes four transformers with capacities of 20MVA and 25MVA and voltage levels of 43.8/4.16kV. Sales and engineering teams from Brazil collaborated with VJ Pamensky Canada, the exclusive distributor of WEG in Canada, on the project.

Canada: Hyperion Global Energy has fired up its pilot Tandem Carbon Recycling System at Lafarge Canada’s Bath cement plant in Ontario. The system mineralises captured CO₂ to produce mineral components for alternative building materials. It has a capture capacity of 1000t/yr. The partners will test the Tandem Carbon Recycling System in producing Lafarge Canada’s 30 – 90% reduced CO₂ ECOPact concrete.

Lafarge Canada’s Eastern Canada regional president and CEO of David Redfern said "Our collaboration with Hyperion marks an exciting milestone in our decarbonisation journey and the advancement of our circular construction technologies. We look forward to advancing our net zero strategy by leveraging carbon utilisation technology like Hyperion's, enabling us to further reduce CO₂ emissions from our operations while at the same time producing innovative and sustainable building solutions."

Hyperion CEO Heather Ward said "Working together with an innovative partner like Lafarge on this exciting pilot project allows us to apply our proprietary carbon recycling technology to large-scale industries, and make an immediate, measurable reduction on carbon emissions. At the same time, we are advancing our vision to offer a scalable and affordable decarbonisation solution for industry, and a market-driven profit incentive on the cost of carbon removal."

Canada/US: Brazil-based Votorantim Cimentos and Caisse de dépôt et placement du Québec (CDPQ) have completed the transaction to merge their cement operations in North America. After having obtained regulatory approval from authorities in Brazil, Canada and the US, St Marys Cement (Canada), a wholly owned subsidiary of Votorantim Cimentos can now commence with the integration process with McInnis Cement. As part of the transaction, the parties will combine their North American assets in a jointly-held entity. Votorantim Cimentos International, the international investments platform and wholly owned subsidiary of Votorantim Cimentos, will hold 83% and CDPQ will indirectly hold 17% of the shares.

The combined entity will comprise operations in Bowmanville and St Marys, in Ontario, Canada and in Detroit and Charlevoix in Michigan, Dixon in Illinois and Badger in Wisconsin in the US, along with a distribution network concentrated in the Great Lakes region - plus the Port-Daniel–Gascons plant and its distribution operations, including terminals located in Quebec, Ontario, New Brunswick, Nova Scotia and the Northeastern region of the US.

Canada: St Marys Cement, part of Brazil-based Votoronatim Cimentos, has installed a US$19.9m wet scrubber at its Bowmanville cement plant in Ontario. The installation will reduce the plant’s sulphur dioxide (SO₂) emissions by 90%. The producer says it is the first wet scrubber installed at a cement plant in Canada.

Operations Manager Jim Storey said “This investment in technology to improve the plant’s environmental performance has proven to be effective in removing SO₂ produced in the cement manufacturing process. We are also pleased that the scrubber was assembled on-site and installed by local Ontario contractors and crews during our annual scheduled plant shutdown.”

Canada: Lafarge Canada, part of Switzerland-based LafargeHolcim, has made its first delivery of 2021 to Northern Ontario. The Lafarge ship Alpena made the journey across the Hudson Bay. Sales and logistics vice president Andrew Stewart thanked the US Coastguard for its icebreaking assistance.

Canada: Environmental groups including Nature Canada, Ontario Nature, Nature Quebec and the VanKleek Hill and District Nature Society have called on Environment and Climate Change Minister Catherine McKenna to start a review of the proposed Colacem Canada L’Orignal cement plant in Ontario. The groups have received a response from the Canadian Environmental Assessment Agency (CEAA) saying that their concerns had been acknowledged and that it was providing advice to the minister, according to the National Observer. Colacem hopes to build a 3000t/day plant next to a limestone quarry it already operates.

Canada: The government has made a proposed new carbon tax easier for large-scale industrial emitters such as cement and steel producers. Originally the new legislation proposed imposing a levy on around 30% of a company’s CO₂ emissions from the start of 2018, according to the Globe and Mail newspaper. However, the revision has reduced the tax on so-called vulnerable industries with the cement and steel sectors only having to pay 10%. The levy will start at US$15/t in January 2018, rising to around US$40/t in 2022.

The decision to soften the carbon tax follows lobbying by the affected industries. The tax applies to provinces that do not have existing carbon emission controls, such as cap-and-trade schemes, that meets the central government’s standards. The provincial government of Ontario, which contains six of the country’s 17 integrated cement plants, recently decided to leave its own carbon pricing system. It will be subject to the new rules. Saskatchewan will also be affected.