Finance
Cement maker Holcim moves closer to North American spin-off after SEC filing
Published by Global Banking & Finance Review®
Posted on February 28, 2025
2 min readLast updated: January 25, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 28, 2025
2 min readLast updated: January 25, 2026
Holcim advances its North American spin-off, Amrize, with an SEC filing. The company reports strong Q4 earnings and plans for growth despite challenges in the U.S. construction market.
By John Revill
ZURICH (Reuters) -Holcim gave more details of its plan to spin off its North American business on Friday as the building materials company reported better-than-expected earnings for its fourth quarter.
Holcim has made a filing to the United States securities regulator about the divestment to shareholders, likely to be one of the biggest deals in the global construction market this year.
The Swiss company has submitted a Form 10 registration statement to the SEC, needed to register shares ahead of the spin-off and trading on a U.S. exchange.
It contains details about the carved-out business, which Holcim last week said it would call Amrize, including its 2024 revenue of $11.7 billion and adjusted core profit of $3.2 billion.
"Today's filing marks an important step towards the planned listing of Amrize and our ambition to become North America's leading building solutions company from foundation to rooftop," Holcim Chairman Jan Jenisch, who is set to be CEO of Amrize, said in a statement.
Holcim, said it was track to complete the spin-off in the first half of 2025 and would hold an investor day in New York on March 25.
The announcement as Holcim reported its fourth quarter results on Friday.
Recurring operating profit rose 4.4% to 1.17 billion Swiss francs ($1.30 billion), beating forecasts for 1.14 billion, while sales of 6.47 billion francs, down 1.9% from a year earlier, were in line with market expectation.
Holcim said its North American business had secured work on more than 200 infrastructure projects in the region and expected the reshoring of manufacturing to drive growth in 2025.
Still, it could be a difficult year for parts of the U.S. construction market, the Portland Cement Association said.
"Continued high mortgage rates have subdued residential construction activity," said Brian Schmidt, from the PCA, noting that commercial investments were also being delayed.
Holcim, which said it expected to increase its sales, when measured in local currencies, in the mid single-digit percentage range in 2025, will hold an investor day for its non-North American business on March 28.
($1 = 0.8988 Swiss francs)
(Reporting by John Revill, editing by Rachel More and David Evans)
Holcim plans to spin off its North American business, which it will call Amrize, and has filed a Form 10 registration statement with the SEC to facilitate this process.
Holcim is on track to complete the spin-off in the first half of 2025.
Amrize is projected to have a revenue of $11.7 billion and an adjusted core profit of $3.2 billion in 2024.
The U.S. construction market is facing challenges due to continued high mortgage rates, which have subdued residential construction activity and delayed commercial investments.
Holcim expects to increase its sales in local currencies in the mid single-digit percentage range in 2025.
Explore more articles in the Finance category
