By John Revill ZURICH (Reuters) -Holcim shareholders on Wednesday approved the separation and spinoff of the cement maker’s North American business in a transaction designed to benefit from ramped up construction spending in the United States. Nearly all shareholders voted for the separation to create a new company called Amrize, focussed on North America, with […]
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Holcim shareholders approve spinoff of North American business
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By John Revill
ZURICH (Reuters) -Holcim shareholders on Wednesday approved the separation and spinoff of the cement maker’s North American business in a transaction designed to benefit from ramped up construction spending in the United States.
Nearly all shareholders voted for the separation to create a new company called Amrize, focussed on North America, with Holcim providing building materials for the rest of the world, with 99.75% backing the move.
The spinoff is due to be completed by the end of June.
The listing is planned via a 100% spinoff to Holcim shareholders, with the new company’s stock to trade on the New York Stock Exchange with an additional listing on the Six Swiss Exchange.
Amrize, which has more than 1,000 sites and 19,000 employees across North America, will be the biggest producer of cement across Canada and the United States.
In 2024 it generated net income of $1.3 billion from sales of $11.7 billion, and intends to capitalise on the large infrastructure spending under way across the region.
“We are convinced that as independent separately traded companies, Holcim and Amrize will benefit from a stronger strategic and operational focus,” said Holcim Chairman Jan Jenisch, who is due to be CEO and Chairman of Amrize.
($1 = 0.8386 Swiss francs)
(Reporting by John Revill, Editing by Rachel More and Madeline Chambers)