ZURICH (Reuters) - Holcim has given the name Amrize to its North American building materials company, which it plans to list this year, the Swiss firm said on Friday. Holcim aims to spin off its North
Holcim Renames North American Business to Amrize Ahead of Spin-Off
ZURICH (Reuters) - Holcim has given the name Amrize to its North American building materials company, which it plans to list this year, the Swiss firm said on Friday.
Holcim aims to spin off its North American business to its shareholders in the first half of 2025, in one of the biggest deals in the global construction market this year.
It said the name came from combining the words "ambition" and "rising," with Chairman Jan Jenisch saying it was an important step towards creating an independent company.
"This is an exciting time for construction in North America, with the ongoing modernization of infrastructure, the reshoring of manufacturing, and the opportunity to bridge the housing gap with the most advanced building solutions," said Jenisch, who will be CEO of Amrize after the spin-off.
Holcim will list Amrize on the New York Stock Exchange under the symbol AMRZ, as well as on the SIX Swiss Exchange.
The North American business, which had sales of roughly $11 billion in 2023, could have a market valuation of around $30 billion, Holcim said last year.
Jenisch wants to increase its annual sales to $20 billion by 2030, mainly through organic growth and small acquisitions.
(Reporting by John Revill; Editing by Dave Graham)
