Amrize Ltd (AMRZ)

Overview

Amrize Ltd is a building solutions company focused on the North American market. It operates as an independent public company after a spin-off from Holcim Ltd completed on June 23, 2025. Amrize is listed on the NYSE and the SIX Swiss Exchange. Principal offices are at Grafenauweg 8, 6300 Zug, Switzerland, with operational headquarters in Chicago.

What the company does

Amrize generates revenue from the sale of cement, aggregates, ready-mix concrete, asphalt, roofing systems, and other building solutions. The business reports through two segments:

• Building Materials: cement and aggregates, ready-mix concrete, asphalt, and other construction materials.
• Building Envelope: advanced roofing and wall systems, including membranes, insulation, shingles, sheathing, waterproofing, protective coatings, adhesives, tapes, and sealants.

Products and brands

Building Materials

• Cement: high-quality products customized to client requirements.
• Aggregates: natural aggregates (crushed stone, sand, gravel) and alternative aggregates (recycled concrete, slag).
• Ready-Mix Concrete: customized blends with additives for project-specific needs.

Building Envelope (major brands and capabilities)

• Duro-Last: full-system roofing with in-house fabrication of PVC membranes, accessories, edge metal, and fasteners.
• Elevate: energy-efficient insulation boards and roofing solutions.
• Malarkey: residential roofing, including premium shingles and ice/water barriers.
• OX Engineered Products: wall insulation and sheathing solutions (house wraps, structural sheathing, integrated wall systems).
• Enverge: spray foam insulation (open-cell and closed-cell).
• Gaco: liquid-applied coatings for roof restoration, decking, and waterproofing, plus adhesives, tapes, and sealants.

Scale and footprint

• Employees: more than 19,000 (as of December 31, 2025).
• Customers: more than 23,000 across North American infrastructure, commercial, and residential construction markets.
• Sites and facilities: more than 1,000 locations across the United States, Canada, Colombia, Switzerland, and Jamaica.

Key operational facilities (Building Materials and Building Envelope)

• 18 cement plants
• 143 terminals
• 56 cementitious product operations
• 273 ready-mix concrete plants
• 467 aggregates operations
• 37 concrete product sites
• 50 asphalt operations

Geographic reach is concentrated in North America with a network designed to minimize distribution costs and support both new construction and repair/refurbishment activities.

Reserves and resources (as of December 31, 2025)

• Total reserves: 8,220 million tons (proven: 3,952; probable: 4,268).
• Total resources: 6,412 million tons (measured: 1,072; indicated: 1,827; inferred: 3,513). Breakdowns by material group and country are recorded for aggregates and cement in the United States and Canada.

Business model and strategy

• Focus on attractive North American markets influenced by infrastructure and urbanization trends.
• Offer a comprehensive range of building solutions addressing the full building lifecycle.
• Pursue disciplined growth through organic initiatives and bolt-on acquisitions in a fragmented construction materials market.
• Maintain emphasis on safety, performance culture, and innovation.
• Allocate capital toward growth, shareholder returns, and debt management.
• Manage a large distribution network to address transportation, logistics, and seasonality effects on demand and costs.

Spin-off and corporate structure

• Spin-off completed June 23, 2025, with 100% of Amrize shares distributed to Holcim shareholders.
• Operates as a standalone public company with a leaner corporate cost structure and reduced external borrowings.
• New executive leadership was established at the time of the spin-off; transition services from Holcim are provided under defined agreements.
• Subject to Swiss and U.S. securities regulation (NYSE and SIX), including exclusive forum provisions and cross-border governance requirements.

Financial position

• Aggregate debt includes senior unsecured notes totaling $5.3 billion, revolving credit facility commitments of $2.0 billion, and a commercial paper program up to $2.0 billion.
• The company relies on operating cash flows to service debt.

Corporate governance and risk

• Two-segment structure with substantial capital expenditure requirements.
• Exposure to commodity prices, energy costs, transportation, and regulatory changes.
• Compliance obligations across global and local regulations, health and safety, environmental impact, and climate-related considerations.
• Governance reflects a Swiss-dominated corporate structure with U.S. reporting obligations, and includes exclusive forum and cross-border legal considerations for investors.

Summary

Amrize is a large North American building materials and building envelope company with a broad product portfolio and a substantial operational footprint in cement, aggregates, ready-mix concrete, roofing, and wall systems. The company serves tens of thousands of customers, employs over 19,000 people, and operates an extensive network of plants, terminals, and facilities. Since the mid-2025 spin-off, Amrize has operated as an independent public company pursuing growth through organic initiatives and acquisitions while managing debt and regulatory obligations.