Fundamental, Research

European Materials: Unlocking the Value in North America

Adrian Ng, Equity Analyst
12 March 2024


Holcim will separate its US business by H1 2025. The North American spin-off, called NewCo, will focus on cement, roofing, aggregates, and ready mix. It will have strong growth due to its lightside building products. Holcim will keep its businesses in Europe, Latin America, Asia, and the Middle East & Africa, focusing on making money and creating shareholder value through dividends and share buybacks. Heidelberg shares the view that there is no significant operational advantage in spinning off the North American business. However, the North American operations of NewCo are expected to increase in value more than RemainCo will decrease.

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