In a vote tally of 99.75%, Holcim shareholders approved a proposed spin-off of U.S. and Canadian cement, aggregate, concrete, asphalt and roofing product operations at its annual general meeting.
The outcome confirms investor support indicated since January 2024, when management outlined a separation plan for the Holcim US, Holcim Building Solutions and Lafarge Canada businesses, with 2024 sales of $11.7 billion. They will form a new entity, Amrize Ltd., based in Chicago near present Holcim US headquarters, and trade on the New York Stock Exchange under the AMRZ symbol.
For tax purposes suiting investors on both sides of the Atlantic, Holcim has structured the spin-off as a dividend-in-kind distribution, with one Amrize share granted for each Holcim share. Along with the spin-off, scheduled to be completed in June, shareholders elected a new chairman, Kim Fausing, president and CEO of Danfoss A/S, Danish hydraulic and electric power component giant. He succeeds Jan Jenisch, who took the helm in 2017 and is designated Amrize chairman and chief executive officer.
