Amrize Spin-Off: Unlocking North America’s Leading Building Solutions Company (AMRZ)

On June 23, 2025, Amrize will make its debut on the New York Stock Exchange and the SIX Swiss Exchange under the ticker AMRZ, marking the completion of Holcim’s plan to spin off its North American operations into a standalone, pure-play building solutions company. This 100 percent separation will be affected via a dividend-in-kind distribution, with each Holcim shareholder receiving one Amrize share for every Holcim share owned as of the close of business on June 20, 2025. Backed by more than 1,000 operational sites and a workforce exceeding 19,000 employees, Amrize is poised to serve a North American construction market that invests roughly 2 trillion dollars annually.

As an independent entity, Amrize will concentrate exclusively on the North American region, commanding leading positions in cement, aggregates and commercial roofing. Holcim’s shareholders overwhelmingly supported the spin-off, with 99.75 percent voting in favor at the annual general meeting on May 14, 2025. Under the leadership of Jan Jenisch, who will serve as chairman and chief executive officer, Amrize is set to capitalize on strong infrastructure spending, reshoring of manufacturing and a growing need to bridge the housing gap across the United States and Canada.

Spin-Off Mechanics

The spin-off of Amrize involves several key steps to ensure a smooth transition:

1. Dividend-in-kind distribution: On June 20, 2025, Holcim shareholders of record will receive one Amrize share per Holcim share held.

2. Record and ex-distribution dates: June 20, 2025 serves as the record date; June 23, 2025 is the ex-dividend date when Amrize begins standalone trading.

3. Dual listing: Amrize will list on both the NYSE and SIX Swiss Exchange under the symbol AMRZ, reflecting its Swiss incorporation and North American focus.

4. Index inclusion: On its first trading day, Amrize is scheduled to join the Swiss Market Index and the Swiss Leader Index, and will seek addition to relevant U.S. equity benchmarks.

5. Regulatory clearances: The SEC declared effective Amrize’s Form 10 registration on May 30, 2025, and Holcim filed its final information statement on June 2, 2025.

These steps follow extensive internal reorganizations, asset transfers and separation agreements executed through May and June 2025 to ensure operational continuity post spin-off.

Strategic Rationale

Creating Amrize as a pure-play building solutions company unlocks several advantages:

• Market focus: A dedicated North American platform allows management to tailor strategies to regional dynamics, from infrastructure upgrades to urban development.

• Value creation: Separating businesses can enhance transparency and improve capital allocation, driving shareholder returns over the long term.

• Growth acceleration: With a U.S.-dollar–based capital structure and investment grade ratings of BBB+ (S&P) and Baa1 (Moody’s), Amrize can efficiently fund growth initiatives such as strategic acquisitions and network expansion.

• Operational agility: As an independent entity, Amrize can respond more quickly to customer needs and invest in innovations, such as advanced roofing systems and sustainable materials, without the complexity of a global parent structure.

Jan Jenisch emphasizes that Amrize aims to be “the partner of choice for our North American customers and unlock value for all our stakeholders”.

Leadership's Vision for a Solutions-Driven Future

Under the guidance of Chairman and CEO Jan Jenisch, who previously led a widely acclaimed turnaround at Holcim, Amrize is being positioned as more than a mere materials supplier. The strategic vision emphasizes becoming a fast-growing provider of integrated "solutions" and the preferred partner for complex projects. This approach aims to capitalize on growth opportunities in a fragmented industry through strategic acquisitions, a strategy also pursued by rivals like Saint-Gobain and Owens Corning. Instead of spinning off a less attractive asset, Holcim is launching its high-performing North American business, which is targeting 8% to 11% annual earnings growth over the next three years, to unlock its full potential in the dynamic U.S. and Canadian markets.

Market Reception and Valuation Outlook

The spin-off represents one of the largest deals in the global construction industry, with an initial valuation target of $30 billion when announced in January 2024. Since the plan was revealed, Holcim’s stock has risen significantly, outperforming benchmark indices. Analysts see the spin-off as a strategic move to unlock shareholder value by allowing Amrize to operate with greater autonomy and a sharper focus on the North American infrastructure boom. The key test for the transaction’s success will be whether Amrize can achieve a higher trading multiple than its former parent company, potentially aligning more closely with U.S. peers like Martin Marietta Materials.

Business Profile

Amrize’s operations span two main segments, covering every stage of construction from foundation to rooftop:

Building Materials Segment

• Products: Cement, aggregates, ready-mix concrete, asphalt and related materials.

• Assets: 18 cement plants, 141 terminals, 269 ready-mix concrete plants, 462 aggregates operations, and 50 asphalt facilities.

• 2024 Revenue: 8.3 billion USD, representing 71 percent of total revenues.

Building Envelope Segment

• Products: Single-ply membranes, insulation, shingles, waterproofing coatings, adhesives, tapes and sealants.

• Portfolio: Serves commercial roofing and wall systems, accounting for 29 percent of revenues in 2024.

Market Reach and Leadership

• Cement: Number one position in North America.

• Commercial roofing: Second largest player.

• Aggregates: Top one or two positions in 85 percent of served markets.

• Sites and workforce: Over 1,000 locations and more than 19,000 employees across the U.S. and Canada.

Amrize addresses both new construction (56 percent of revenues) and repair and refurbishment (44 percent) across infrastructure (28 percent), commercial (49 percent) and residential (23 percent) markets.

Financial Performance and Outlook

Historical Performance

Between 2021 and 2024, Amrize delivered strong growth:

• Revenue growth: Annualized 13 percent, reaching 11.7 billion USD in 2024.

• Adjusted EBITDA: Increased 16 percent to 3.2 billion USD, with margins expanding by 220 basis points to 27.2 percent.

• Net income: 1.3 billion USD in 2024.

• Free cash flow: 1.7 billion USD, up 15 percent over the period.

Mid-Term Targets (2025–2028)

• Revenue: 5–8 percent annual growth.

• Adjusted EBITDA: 8–11 percent annual growth.

• Free cash flow conversion: Over 50 percent of adjusted EBITDA.

• Cumulative free cash flow: More than 8 billion USD through 2028.

These targets reflect a disciplined approach to pricing, cost control and selective M&A. Since 2018, Amrize completed 35 acquisitions, adding 3.8 billion USD in annualized revenue and bolstering its Building Envelope business.

Financial Structure

Amrize entered the market with a robust capital base:

• Debt financing: 3.4 billion USD in bond issuances.

• Credit lines: 2 billion USD committed facility and 2 billion USD commercial paper program.

• Credit ratings: BBB+ (S&P) and Baa1 (Moody’s), both stable.

The spin-off is expected to be tax neutral in Switzerland and tax-free for U.S. federal income tax purposes.

Implications for Stakeholders

• Investors: Gain direct exposure to North America’s largest pure-play building solutions company with clear growth targets and solid financial footing.

• Customers: Benefit from a partner focused solely on the region, offering comprehensive solutions and enhanced service levels.

• Holcim: Retains its international operations and continues to concentrate on sustainable construction, decarbonization and circularity initiatives.

For debt holders, the completion of exchange offers and the establishment of registration rights through June 1, 2026 reinforces liquidity and compliance for Amrize’s note issuances.

Key Takeaways

Amrize stands ready to lead North America’s building solutions sector with a focused management team, unmatched asset footprint and strong financial track record. The spin-off unlocks value by aligning capital structure, incentives and strategy around a single region. Investors and customers alike can look forward to dedicated innovation and growth initiatives tailored to the continent’s construction demands.

Frequently Asked Questions

What is the Amrize spin-off about?

It is the 100 percent separation of Holcim’s North American business into an independent, publicly traded company named Amrize, trading as AMRZ.

When will Amrize begin trading?

Amrize shares are scheduled to start trading on the NYSE and SIX Swiss Exchange on June 23, 2025.

How will shareholders receive Amrize shares?

Holcim shareholders of record on June 20, 2025 will receive one Amrize share for each Holcim share they own.

What are Amrize’s primary business segments?

The company operates a Building Materials segment (cement, aggregates, ready-mix, asphalt) and a Building Envelope segment (roofing systems, insulation, coatings).

What financial targets has Amrize set for 2025–2028?

Annual revenue growth of 5–8 percent, EBITDA growth of 8–11 percent, free cash flow conversion above 50 percent, and cumulative free cash flow exceeding 8 billion USD.

Is the spin-off tax-free?

Yes. It is expected to be tax neutral in Switzerland and tax-free for U.S. federal income tax purposes.

AMRZ Amrize Spin Off

AMRZ Amrize Spin Off

Financial Disclaimer

This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell securities. Past performance is not indicative of future results. Readers should consult their own financial advisors before making investment decisions.