HOLCIM’S NORTH AMERICAN VALUATION IS BASED ON A CRACKED FOUNDATION.

With its North American spinoff set for early 2025, Holcim is seeking one of the largest construction industry listings in recent history — but the cement company’s purported $30 billion price tag does not measure up against its track record, and could prove to be a risky investment.

Major pollution liabilities across Holcim’s U.S. and Canadian facilities hang over the company’s potential $30 billion spinoff with an IPO. Our new investor brief details a troubling track record of repeated air and water quality violations and active lawsuits and administrative penalties that raise concerns around whether Holcim’s North American facilities are poised to succeed in the growing market for clean cement — or face potentially massive costs to catch up.