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It’s not every week that a ‘new’ cement producer gains hold of nearly 30Mt/yr of production capacity.¹ Back in 2022, a few readers studying the North America pages of the year’s Global Cement Directory probably wondered “Where’s Lafarge gone?” following the dissolution of the France-based producer’s corporate identity into Holcim in June 2021. Now, in the upcoming Global Cement Directory 2026, readers will be able to search in vain for another name among the cement maps of Canada and the US – that of Holcim itself. A decade on from the completion of the Lafarge/Holcim merger, the combination of the two in North America has precipitated something entirely new: Amrize.

On 23 June 2025, Amrize assumed the entire business of Canada and US market leader Holcim North America, following its successful spin-off from Switzerland-based Holcim. Amrize occupies its predecessor’s operational headquarters in Chicago, US, with registered offices in Zug, Switzerland, and is dual-listed in the US and Switzerland.² For those interested in finance, shares in Amrize debuted on the New York Stock Exchange in the US at US$50. Meanwhile on the SIX Swiss Exchange, they dropped by 13% from reference price, to US$49.30, while those in its erstwhile parent rose by 14%.

Table 1 (below) gives the relative size of the entities, based on their latest published figures and the Global Cement Directory 2025. Amrize and Holcims’ respective percentages of the former Holcim total are given in brackets:

Metric                                     Amrize                        Rump Holcim            TOTAL

Integrated cement plants     18 (17%)                     88 (83%)                     106

Capacity                                 28.7Mt/yr (11%)          224.9Mt/yr (89%)        253.6Mt/yr

Employees                             19,000 (29%)              46,000 (71%)              65,000                        

Revenues                               US$7.85bn (24%)       US$24.95 (76%)         US$32.8bn

Amrize chair and CEO Jan Jenisch stated the company’s aims in a post to LinkedIn: to be partner of choice for the US$2tn/yr North American construction sector, to deliver ‘advanced’ materials ‘from foundation to rooftop’ and to serve customers in every province and state.³ This paraphrases Amrize’s Five Strategic Drivers: 100% North America focus; unparalleled footprint and resources; value creation; unlocking growth and driving shareholder value. The menu on the company website offers not ‘products,’ but ‘solutions,’ categorised by type of construction. For cement, users can navigate to Our Businesses > Building Materials > Cement.⁴ Behind this new messaging, the Canadians and Americans who rely on Amrize’s cement business might like to know what exact role cement will play.

Holcim’s global cement revenues first fell below 50% of group sales in 2024, at US$16.4bn (49%). In North America, its recent acquisitions include both those within the cement value chain (British-Columbia based Langley Concrete Group in June 2025) and outside it (OX Engineered Products in November 2024).

Amrize is organised into Building Materials (cement, concrete, aggregates and asphalt) and Building Envelope (insulation, roofing, sealants and weatherproofing). It operates in five regions: Central (Alberta, Manitoba, Saskatchewan and inland US west of the Mississippi, from Missouri to Nevada northward), Great Lakes (Ontario and the US Midwest), Northeast (Quebec, Nova Scotia and the eastern US from Maryland northward), Pacific (British Columbia, California, Oregon and Washington) and South (southern US, west to Arizona, and Ohio).

Setting aside its extensive grinding and logistics infrastructure, the geographical footprint of North America’s largest cement producer breaks down as follows:

Region            Integrated cement plants     Capacity

Central           4                                              9.8

South              5                                              7.6

Northeast       5                                              5.5

Great Lakes   3                                              4.7

Pacific            1                                              1.1

TOTAL            18                                            28.7

Four of these geographies – all except South – are transnational. This at a time when Canada and the US are diverging in industrial policy and engaged in a trade war… Supposedly, regional directors will be juggling ambitious projects like Amrize’s on-going Bath, Ontario, and Richmond, British Columbia, carbon capture projects in Canada with a complement of lower-cost strategies in the US.

Just as important for the future of the company is the team in charge. Leadership is structured similarly to Holcim, with some names even reprising the same role. Chair and CEO Jan Jenisch previously chaired Holcim from May 2023, and was its CEO between September 2023 and April 2024. Jenisch first joined Holcim from Switzerland-based Sika, where he had been CEO, in 2017. He obtained his Master’s of Business Administration degree from the University of Fribourg in Switzerland, though Jenisch is in fact a German national.

Ian Johnston steps into the Amrize chief financial officer (CFO) position. A long-time Lafarge and Holcim mover in North America, he holds an accountancy degree from the University of Ottawa in Canada. Building Materials division president Jaime Hill came up through the Holcim corporate structure in the group’s Latin America region, including stints as CEO of Holcim Colombia in 2015 – 2019 and Holcim Mexico in 2019 – 2024, before entering the North American region as regional head in September 2024. However, his familiarity with the region goes back to his completion of a bachelor’s in Business Administration, Management and Marketing at Georgetown University in Washington, US.

Nollaig Forrest was Holcim’s chief sustainability officer (CSO) in September 2023 – June 2025; Amrize doesn’t have one. Instead, Forrest moves across to the chief marketing and corporate affairs officer spot. It’s possible that her intended role had a larger sustainability component during planning in 2024, that might have been struck off after US President Donald Trump withdrew his country from the Paris Accords and suspended, then withdrew, new decarbonisation funding. If this is correct, then Amrize may be giving strategic primacy to the larger US over Canada. Whatever the case, its enormous undertakings towards reaching net zero in Canada do not appear to have a dedicated champion on the leadership team. Forrest is another European, and brings leadership experience at chemicals companies Firmenich, Dow and Dupont and the World Economic Forum, grounded in a master’s in International Relations from the Geneva Graduate Institute in her home country of Switzerland.

Also of interest is Patrick Cleary, who steps up as senior vice president commercial cement for the US, and previously worked with Holcim US and LafargeHolcim US in Chicago. Only cement has a dedicated commercial director at this level, and then only in the US. Meanwhile, Samuel Poletti will serve as chief strategy and mergers and acquisitions. He was previously Holcim’s head of mergers and acquisitions since July 2018, before which time he was high up in the group’s South Asia subregion, including serving as Ambuja Cements’ head of strategy and commercial development in India. Poletti, presumably, will be responsible for sustaining the inorganic growth of the Holcim North America era. The flip side of this strategy for Holcim was flash market exits, including from Brazil, Zimbabwe and India in 2022. Insofar as there is a pattern to Holcim’s geographical realignment, it may be towards growth in ‘mature markets’ – a description to which all of Amrize’s regions conform. Ultimately, Amrize is a whole different company to Holcim. Whatever strategy the team is going in with, there is likely to be a transition phase and time needed to feel things out.

Overall, the Amrize leadership displays a thorough grounding in the Holcim way of doing things and a record of responsibility in a variety of its markets. Above them sits the board, with Nicholas Gangestad beside chair Jan Jenisch as lead independent director. Amrize’s 10-seat board includes four (40%) women: Theresa Drew, Holli Ladhani, Katja Roth Pellanda and Maria Cristina Wilbur.

Amrize has arisen. What makes the spin-off so interesting, besides its unprecedented scale, is the strangeness of the market into which it emerges. Spin-off plans went public in January 2024, at a time when the Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA) were set to unleash over US$1.9tn in additional public spending into the medium-term future. This is not now going to happen. Yet Amrize’s new website proclaims that “The US and Canada are modernising their infrastructure” for ‘greater efficiency and resilience.’ Of course, building materials consumption will continue in other forms, but the level of visibility is less than ideal. One of Holcim’s partner start-ups, Sublime Systems, appeared on a government list on 30 May 2025 and lost US$87m funding at a stroke.

As for Holcim, it enters the second half of the 2020s in a different shape to that in which it began the decade. Only the geographical signature of its North and West African and Latin American subsidiaries (as well as in Bangladesh and the Philippines) confirm this European producer as having once been the closest thing ever to a global cement hegemon. Holcim’s Latin American holdings look distinctly peripheral without the multi-megatonne bookends of Holcim Brazil and, now, Holcim US.

Amrize inherits an environmental, social and governance (ESG) apparatus from Holcim that suits Canada but is now inappropriate for the US. It has chosen to strip out sustainability from its corporate structure, messaging and Strategic Drivers. The wisdom of this decision can only be measured in the longer term. On the other hand, Amrize’s efforts to mitigate its impacts may continue quietly, in a kind of reverse greenwashing – ‘brownwashing’? – until political conditions are suitable to emphasise them once again.

References

1. Global Cement Directory 2025, www.globalcement.com/directory

2. Amrize, ‘Contact Us,’ accessed 25 June 2025, www.amrize.com/us/en/contact-us.html

3. Jan Jenisch, post to LinkedIn, 23 June 2025, www.linkedin.com/feed/update/urn:li:activity:7342995000399421440/

4. Amrize, ‘Our Cement,’ accessed 25 June 2025, www.amrize.com/us/en/our-businesses/building-materials/cement.html

Belgium: FEBELCEM, the Federation of the Belgian Cement Industry, has elected Morgan Malecotte as its president. He succeeds Christoph Streicher in the post. The appointment has a duration of two years.

Malecotte is currently the CEO of Holcim Belgium and has been in this position since late 2022. Prior to this he worked for Arkema in management roles from 2014 to 2022. He eventually became its general manager France – BU Construction & Consumer Adhesive. Earlier in his career he worked for the chemicals company Henkel from 2002 to 2014. He holds an bachelor's degree in marketing and management from the Université Paris-Est Marne-la-Vallée, a master’s degree in the same subject from OMNES Education and an executive master’s of business administration (MBA) from INSEAD.

EU: The European Commission intends to withdraw a proposal aimed at combating so-called ‘greenwashing’, by ensuring companies’ environmental claims are accurate, substantiated and independently verified, according to MSN News. The proposal was initially presented in March 2023, as part of the broader European Green Deal legislative framework and was expected to go ahead in a matter of days, after reported ‘successful talks.’

Poland’s EU Council presidency said it is “ready to enter constructively into the trilogue and go ahead as planned until there is a clear decision from the Commission.”

A Parliament negotiator said “It is unacceptable that the Commission blatantly interferes with the progress made by co-legislators on this file.”

The Commission has not confirmed whether its College of Commissioners has formally decided to withdraw the proposal. Beyond the immediate legislative impact, the move raises broader questions about the Commission's authority to retract its own proposals. A 2015 Court of Justice ruling allows proposal withdrawals under strict conditions, such as in the case of institutional deadlock or the proposal becoming obsolete. Neither case appears to apply to the Green Claims Directive.

Tanzania: Tanzania Portland Cement Company (TPC), also known as Twiga Cement, has acquired a 95% stake in limestone extractor Mamba Cement from UAE-based Sura Holdings for US$15.9m. The acquisition secures access to major limestone deposits 125km from the TPC plant in Dar es Salaam, addressing limited reserves at its current Tegeta–Wazo Hill quarry. Twiga Cement said “The acquisition was done with the intention of vertical integration of Mamba Cement’s operations with TPC.”

TPC recorded a net profit of US$21.5m in 2024, down from US$37.6m in 2023. Sales fell by 8.5% year-on-year to US$170m, while clinker production declined by 1% and cement output rose by 0.3%. The dividend is expected to be approved and paid in June 2025. Tanzania’s cement market had 13 plants operating below 60% capacity utilisation as of December 2024.

Pakistan: Cement exports rose by 22% year-on-year in the first 11 months of the 2024–25 financial year, which started in July 2024, reaching over 8Mt, according to the Pakistan Bureau of Statistics. Shipments increased by 30% year-on-year from 6.18Mt to 8.0Mt. In May 2025, exports rose by 6% year-on-year to US$34m in value and by 45% month-on-month from April 2025. Overall, national exports grew by 5% while imports rose by 7.5% over the same period.

New Zealand: Fletcher Building will begin using hard-to-recycle plastics and wood as alternative fuels in its cement production process during 2025, as part of its ‘front-end firing project’, according to The Post newspaper. The company aims to be 100% coal-free by 2030. It said wood pellets and shredded tyres currently substitute for 50% of coal. The new additions will raise this to 70–80%. Fletcher Building began burning wood pellets in 2003, construction waste in 2010 and tyres in 2023. Fletcher Building said it plays a “significant role in waste diversion for New Zealand."

Indonesia: Cement consumption fell by 5% year-on-year to 5.18Mt in May 2025, despite rising 32% month-on-month following Eid al-Fitr, according to Kontan.co.id news. The annual drop reflects ongoing purchasing power challenges, longer holidays and routine demand from the construction of the country’s new capital city at Nusantara.

Java remained the top sales region at 2.73Mt, down by 6% year-on-year. Sales outside Java also declined by 3% to 2.45Mt. Bagged cement consumption fell by 4% to 3.69Mt, while bulk cement demand dropped by 6% to 1.49Mt. Cumulative sales from January to May 2025 stood at 22.27Mt, down 2% year-on-year, compared to a 1% decline in the January–April period.

Equity research analyst Andreas Saragih at Mirae Aset Sekuritas said “Although there was a deeper contraction, we are of the view that the achievement is relatively in line with expectations, because it is equivalent to 35% of our 2025 cement sales estimate.”

India: Nuvoco Vistas has completed its acquisition of Vadraj Cement, upon the payment of US$20.9m to lenders led by Punjab National Bank and Union Bank of India. Gujarat-based Vadraj Cement operates a 6Mt/yr grinding unit in Surat. The acquisition increases Nuvoco Vistas' installed cement capacity by 24%, to 31Mt/yr.

Nuvoco Vistas undertook the acquisition through its wholly-owned subsidiary Vanya Corporation.

India: Adani Group subsidiary Ambuja Cements has commissioned a 2.4Mt/yr expansion to one of its West Bengal cement facilities. Reuters has reported that the move raises the producer's total installed capacity to 103Mt/yr.

Sri Lanka: Tokyo Cement Group has opened a new 1Mt/yr grinding plant in Trincomalee, Daily FT News has reported. The move raises the producer's capacity by 33%, to 4Mt/yr. Japan-based Mitsubishi Ube Cement Corporation was technical partner for the construction of the plant, which was executed entirely by Tokyo Cement Group’s in-house engineering teams.