Titan Cement International SA exceeded a $16 per share target for an initial public offering of its newly designated subsidiary Titan America SA, now listed on the New York Stock Exchange. Proceeds from a 24 million-share pool netted about $228 million for Brussels-based Titan Cement and $136 million for Titan America, where the capital can fund technology or growth investments and strategic acquisition pursuits. The IPO share pool represents a 13 percent stake in Titan America, Titan Cement holding the remainder.
As Titan America LLC successor, Titan America SA maintains Norfolk, Va. headquarters and encompasses Florida and Mid-Atlantic Reportable Segments respectively representing about 60 percent and 40 percent of 2024 revenues totaling $1.6 billion. The Florida Segment spans the flagship Pennsuco cement plant in Medley plus seven rail or import terminals, including a new Port of Tampa facility; three aggregate mines; 45 ready mixed batch plants on 40 sites; 13 concrete block production lines at eight sites; and, two fly ash facilities. The Mid-Atlantic Segment spans the Roanoke Cement plant in Troutville and seven integrated rail or import terminals, plus the Essex Cement import terminal at the Port of Newark, N.J.; four aggregate mines; 47 ready mixed batch plants at 42 sites; and, five fly ash facilities. A former Titan America LLC subsidiary specializing in fly ash processing and beneficiation, ST Equipment & Technology, has been transferred to a Titan Cement Netherlands subsidiary.
Titan America shares will trade alongside NYSE peer operators Arcosa Inc., CRH Plc, Eagle Materials Co., Knife River Corp., Martin Marietta Materials and Vulcan Materials Co.—all subject to Wall Street and U.S Securities and Exchange Commission reporting rules and regulations. The NYSE is set for a second 2025 listing by a European cement, aggregate and concrete operator as Holcim Ltd. prepares to spin off the Holcim North America business, its shares trading separately on Wall Street.
’AMBITION’ AND ‘RISING’ DEFINE HOLCIM NORTH AMERICA BUSINESS
Upon a spin-off scheduled to be consummated by mid-year, Holcim Ltd. plans to name its North American business Amrize, with shares trading on the New York Stock Exchange under the symbol AMRZ. As an independent public company, Amrize will be North America’s leading building solutions source from foundation to rooftop. Its portfolio will span Holcim US, Lafarge Canada and Holcim Building Envelope cementitious materials, aggregate, ready mixed and manufactured concrete, asphalt and roofing product operations. In the interim, they remain in the Holcim Ltd. reporting structure.
Amrize originates from two concepts: “ambition” and “rising”. “Am” represents the future company’s commitment to high-performance and innovation to meet its customers’ greatest ambitions. “Rize” symbolizes a drive to lead construction forward across North America to shape the essential buildings and infrastructure that advance how people live.
“Introducing the Amrize name marks an important step as we prepare Holcim’s North American business to become an independent public company,” says Holcim Chairman Jan Jenisch, who plans to transition from his post to Amrize chairman and chief executive officer. “This is an exciting time for construction in North America, with the ongoing modernization of infrastructure, the reshoring of manufacturing, and the opportunity to bridge the housing gap with the most advanced building solutions. We aim to be the partner of choice for our North American customers and unlock value for all our stakeholders.”
Along with his appointment, Holcim directors have named these Amrize board candidates:
- Cristina Wilbur, F. Hoffman-LaRoche chief people officer and head of group human resources.
- Theresa Drew, 40-year Deloitte & Touche LLP veteran; present Sonoco Products Co. and Cato Corp. director;
- Nicholas Gangestad, former CFO of Rockwell Automation and 3M Company; current Nucor Corp. and Genepact Ltd. director;
- Dwight Gibson, former CEO of building and industrial products wholesale distributor BlueLinx Holdings; current Pritzker Private Capital operating partner;
- Holli Ladhani, former CEO of Select Energy Services and Rockwater Energy Solutions; current Quanta Services director;
- Michael McKelvy, CEO of McDermott International, engineering and construction solutions provider to the energy industry; former Gilbane Building Co. CEO and (pre-Jacobs) CH2M Hill Cos. executive;
- Jürg Oleas, Holcim director; former GEA Group AG chief executive, with ABB and Alstom Group leadership tours;
- Robert Rivkin, United Airlines Holdings chief legal officer; former U.S. Department of Transportation general counsel and City of Chicago deputy mayor;
- Katja Roth Pellanda, Zurich Insurance Co. group general counsel and director for its privately-held subsidiaries, Farmers Group and Zurich Italy Bank; and,
- Cristina Wilbur, F. Hoffman-LaRoche chief people officer and head of group human resources.