Holcim Spin-Off Amrize Drops in Swiss and NYSE Debut

Holcim completed the separation of its North American business on 23 June, launching the unit as Amrize on both the SIX Swiss Exchange and the New York Stock Exchange. The newly listed shares fell in early Swiss trading, underscoring investor caution toward the stand-alone cement producer in its first session as an independent company. The Zurich-based parent said the spin-off is intended to surface value by giving the North American operation a dedicated capital structure and strategic focus. Amrize retains Holcim’s U.S. and Canadian cement, aggregates and ready-mix assets, while Holcim concentrates on its remaining global portfolio. Analysts offered a mixed initial verdict. Jefferies upgraded Holcim to “buy,” citing clearer capital allocation and potential rerating following the demerger, but began coverage of Amrize with a “hold” recommendation, saying investors should wait for greater visibility on earnings. Subsequent commentary in financial media has suggested the stock could prove a low-priced entry into the building-materials sector once trading stabilises.