Published by Global Banking & Finance Review®
Posted on February 3, 2025
2 min readLast updated: January 26, 2026
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Holcim CEO Miljan Gutovic states US tariffs won't affect the company, focusing on US infrastructure growth and acquisitions.
By John Revill
ZURICH (Reuters) - Swiss building materials supplier Holcim does not expect any impact on its business from U.S. President Donald Trump's tariffs and aims to benefit from increased U.S. spending on infrastructure, Chief Executive Miljan Gutovic said.
The cement maker plans to step up capital expenditure and acquisitions to make the most of infrastructure spending and reshoring trends in the United States, its biggest market, Gutovic told Reuters in an interview.
"I don't really see any impact, because our business is a local business (in the U.S.)," Gutovic said when asked about the effect of tariffs on Holcim.
"We are producing locally, we are sourcing the equipment, the spare parts locally, so how is this going to affect us? I do not see it."
Holcim will proceed with the listing of its North American business in the first half of 2025, added Gutovic, who became CEO last May.
The spin-off is set to be one of the biggest transactions in the global construction market this year, and could give Holcim's North American business a market valuation of around $30 billion, according to the company.
"I don't see any challenges from the listing point of view," Gutovic said. "We are committed to make this happen by the end of H1."
Holcim expects to expand in the United States this year via organic growth and acquisitions, he said.
"There is huge demand for refurbishments, revamps of bridges, tunnels and roads," said Gutovic. "Last year we saw good momentum in reshoring...and from data centres to factories."
"And this goes on," he added. "The best is yet to come."
Holcim's German rival Heidelberg Materials last week pledged to do more deals in the U.S. this year and has also identified the country as big growth driver.
Holcim has made 35 acquisitions in North America since 2018 and has expand its footprint in the United States, building new factories in Indiana and Utah last year.
Its North American workforce has increased by around 50% since 2020 to 16,000 people and the business aims to reach annual sales of $20 billion by 2030, up from around $11 billion in 2023.
"We are investing in M&A and also in organic growth," Gutovic said. "We need to look on both sides. We have enough firepower to manage both."
(Reporting by John Revill; Editing by Susan Fenton)
The article discusses Holcim's outlook on US tariffs and its growth strategy in the US construction market.
Holcim plans to grow through infrastructure spending, reshoring, and acquisitions.
The listing could value Holcim's North American business at $30 billion, marking a major transaction in the construction sector.
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