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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

Switzerland: Holcim shareholders have elected Kim Fausing as the Chair of the group’s board of directors, succeeding Jan Jenisch, who will become chair and CEO of the group’s North American spin-off, Amrize. Other appointments include the election of Adolfo Orive and Sven Schneider as new Holcim board members.

Fausing has served on Holcim’s board since 2020. He is CEO of Danfoss, a Denmark-based supplier of heating and cooling, motor and electronics technology, and Deputy Chair of Germany-based SMA Solar Technologies, and previously held senior roles at Liechtenstein-based tooling company Hilti and Denmark-based windows producer VELUX. He holds an Executive Master’s of Business Administration from Henley Business School in the UK and a master’s degree in Mechanical Engineering from Aarhus Tech, Denmark.

Holcim's spin-off of its North American business, Amrize, is scheduled to be completed by the end of June 2025. Amrize shares are due to list on the SIX Swiss Exchange the New York Stock Exchange as AMRZ.

Fausing said “As Chair and CEO of Holcim for over seven years, Jan has made Holcim a leading company in its financial performance, sustainability, innovation and culture. I extend our deep thanks to Jan for his outstanding accomplishments.”

Switzerland/US: Holcim’s shareholders have approved all proposals at the group’s annual general meeting in Zug, Switzerland. A key proposal was the planned spin-off of the producer’s North American business as US-based Amrize. Holcim will now make a special distribution of one Amrize share for every Holcim share. Amrize shares are due to list on the SIX Swiss Exchange the New York Stock Exchange as AMRZ from June 2025.

Holcim says that over 99% of voters favoured the spin-off proposal.

Colombia: Cemex is ‘exploring’ the possible sale of its business in Colombia, Bloomberg has reported.

Cemex previously delisted Spain-based Cemex Latam Holdings from the Colombian Stock Exchange in 2023.

North America: Switzerland-based Holcim has announced the name for its upcoming spin-off of its North American operations: Amrize. Amrize will operate as an independent public company and a leader in the North American building materials sector ‘from foundation to rooftop.’ Holcim says that the new name combines the business’ values and vision of ‘ambition’ and ‘rising.’ A spin-off on the New York Stock Exchange and SIX Swiss Exchange is scheduled for completion before 30 June 2025, pending shareholder and regulatory approvals.

Holcim Chair and designated Chair and CEO of Amrize Jan Jenisch said "This is an exciting time for construction in North America, with the ongoing modernisation of infrastructure, the reshoring of manufacturing and the opportunity to bridge the housing gap with the most advanced building solutions. With our planned spin-off of Amrize, we aim to be the partner of choice for our North American customers and unlock value for all our stakeholders.”

The stock market price of Tianrui Cement crashed by a staggering 99% last week. On 9 April 2024, during the last 15 minutes of trading at the Hong Kong Stock Exchange, the price of shares in the company dropped from around US$0.64 to below US$0.01. Its market capitalisation swung from US$1.8bn to US$18m in a quarter of an hour. The cement producer then suspended trading shares the following morning. It said trading would remain halted until it made a formal announcement about the situation. At the time of writing that announcement is still forthcoming. The question on everyone’s minds is, “What happened?!”

On its website Tianrui Cement describes itself as “one of the 12 national cement enterprises supported by the Chinese government.” It is part of Tianrui Group and it listed itself on the Hong Kong Exchange in late 2011. By the end of 2020 it had 22 clinker production lines and 59 cement grinding units with a total cement production capacity of just under 58Mt/yr. It describes itself as the “leading clinker producer in Henan and Liaoning Provinces” and the ninth biggest clinker producer by capacity in the country.

Unfortunately, as reported by Global Cement Weekly earlier in April 2024, the cement market in China was tough in 2023. This has continued into the first quarter of 2024 with cement output falling by 12% year-on-year to 337Mt. Tianrui Cement, like many other China-based cement producers, reported falling sales and profits in 2023. Its revenue decreased by 29% year-on-year to US$1.09bn from US$1.58bn and it made a loss of US$87.6m compared to a profit of US$62m. Its cement sales volumes fell by 9% to 25.2Mt and it noted that the average price also fell by 22%. It blamed the fall in revenue on the lower volumes and prices. Profits and earnings suffered in turn as it couldn’t cut its costs fast enough.

Aside from the general poor state of the property market in China there has been little information about what actually happened to Tianrui Cement on 9 April 2024. Reuters reported speculation amongst financial sources that the company may have become subject to a margin call. In this situation an investor that has borrowed money to invest in shares has to provide additional funds if the value of the shares fall below a certain point. Bloomberg said that the controlling shareholder Li Liufa and his spouse jointly own approximately 70% of the company. It noted the risks of companies with a high concentration of shareholders and those that use shares as debt collateral. In this situation a large sale of shares could potentially trigger a panic as there might not be enough buyers.

Within China the Financial Associated Press (CLS) reported that three other companies listed on the Hong Kong Exchange had also experienced severe stock market volatility at the same time as Tianrui Cement. None of these other companies are in the building materials sector. Following the drop in its share price, Tianrui Cement told local media that the company was operating normally. Its spokesperson wondered whether the plunge in share value was due to small shareholders selling up. Coverage of local media by the China Cement Association explored the theory that the market was jittery about the poor state of the cement industry in China. Suspicions about the company’s debt structure were also raised.

From a western point of view the meteoric rise of the cement industry in China over the last 20 years has always carried the fear of a hard landing once the period of growth ended. The trick for the government and cement manufacturing is how to transition to lower levels of cement production without causing a recession. So, extreme stock volatility for a major cement producer in China is exactly what a cynical external observer might expect. China has a couple of exit routes up its sleeve though from the state-controlled nature of its economy, to how it approaches its net zero commitments, to the unreliability of its data, to exporting production capacity overseas and so on. This leaves us waiting to see what Tianrui Cement has to say to the market about what happened and what happens next. One share price crash for a cement producer might be forgivable. Two, however, might be seen as a sign of something else.

Nepal: Sarbottam Cement's initial public offering (IPO) concluded on 8 March 2023, with the company issuing 13% of its capital. SSPro News has reported that this corresponds to a value of US$35m. Of the issued shares, 40% were allocated to qualified institutional investors. The issue was oversubscribed by a factor of 18.

The last traded price of Sarbottam Cement’s shares had risen by 10% on its first trading day on 19 March 2024.

Germany/US: Heidelberg Materials CEO Dominik von Achten spoke during the producer’s 2023 results presentation about ‘various scenarios’ to maximise the benefits of its high valuation in the US. Börsen-Zeitung News has reported that the company is considering a possible listing in the US. Alternative scenarios include the launch of an initial public offering (IPO) there.

Switzerland: Holcim has appointed Miljan Gutovic as its new CEO, effective 1 May 2024. Gutovic will replace Jan Jenisch, who will continue in his role as chair, for which he is set to stand for re-election at the group’s upcoming 2024 Annual General Meeting. Jenisch is also tasked with leading the planned US listing of Holcim's North American business.

Miljan Gutovic has served on Holcim’s Group Executive Committee since 2018, including as its regional head of Middle East and Africa, regional head of Europe and head of operational excellence. Holcim said that Gutovic’s area leadership helped to strengthen its market positions and deliver industry-leading margins. He also succeeded in advancing decarbonisation as a driver of profitable growth. Prior to joining Holcim as head of marketing and innovation in March 2018, Gutovic spent 12 years with construction chemicals producer Sika, where he became area manager Sika Middle East in January 2016. Gutovic has a civil engineering background and holds a PhD in Engineering from the University of Technology Sydney, Australia.

Jan Jenisch said "I am very pleased that the board has appointed Miljan as the new CEO of Holcim. He is a highly qualified successor who has played an instrumental role in Holcim’s successful transformation to become the leader in innovative and sustainable building solutions. Miljan has strengthened our business with record profitability in Europe, closing strategic transactions and building winning teams. I am honoured to stand for re-election as the chair of the board and to lead the planned US listing of Holcim’s North America business. I will continue to dedicate all my efforts to the future of Holcim and all our stakeholders.”

Miljan Gutovic said "I thank the board of directors for trusting me to lead Holcim into its next chapter of success. As a civil engineer who is passionate about the construction industry, Holcim is the best company to be part of. With decarbonisation and advanced technologies transforming how we build, there has never been a more exciting time for our sector. I look forward to working with the Holcim teams around the world to advance our leadership.”

North America: Holcim has announced plans for a full capital market separation of its North American business. Subject to shareholder approval, it will subsequently list the business in the US in the first half of 2025. The group will communicate the final structure of the separation, which it expects to execute as a spin-off, later in 2024. Reuters has reported that Holcim chair and chief executive officer Jan Jenisch said that the North American business may attract a valuation of US$30bn upon listing, with Holcim retaining no stake. The business recorded an estimated earnings before interest, taxation, depreciation and amortisation (EBITDA) margin of over 27% in 2023. Following the US listing of the business, Holcim itself expects to continue its inclusion in the Swiss Market Index in Switzerland.

Jenisch said “Holcim has reached a new level of financial performance and a superior earnings profile with industry-leading margins and a strong balance sheet. The success of our North American business makes it the leading pure-play building solutions company in the region. With a US listing, we will unleash its full potential to be the partner of choice for our customers in one of the world’s most attractive construction markets. As we fully capitalise on the region’s infrastructure and construction boom, we will accelerate growth and unlock value for our stakeholders.”