Thursday, 15 May 2025 Reading time : 2 minutes

The initial public offering (IPO) of Holcim spin-off Amrize is taking shape. At Wednesday's general meeting, the shareholders of the Swiss cement manufacturer approved the spin-off of its North American business. As planned, Amrize is set to become an independent company in June, with its shares being listed under the ticker symbol "AMRZ" on the New York Stock Exchange and the Swiss Stock Exchange. According to Holcim, the spin-off will establish the largest provider of construction solutions with a focus exclusively on the United States and Canada. Furthermore, the two companies will be able to focus more effectively on their respective core businesses following the separation. "As independent, separately traded companies, Holcim and Amrize will both benefit from a sharper strategic and operational focus," writes chairman Jan Jenisch in his latest letter to shareholders. Jenisch is set to become CEO of Amrize, while Kim Fausing will succeed him at Holcim.

Industrial group ABB also intends to strengthen its focus and toexpand its market position in the areas of electrification and automation. To this end, ABB announced in April its intention to spin off its robotics division and list it on the stock exchange. The division is a leader in its market segment, said ABB CEO Morten Wierod. "There are limited business and technological synergies between the robotics business and the rest of the company's divisions. We are convinced that the separation will enhance the value creation of ABB and the separately listed robotics business," he added. The spin-off is scheduled for the second quarter of 2026. In addition to the IPO, ABB is considering selling its robotics division, as reported by Bloomberg this week.

The strategy to sell a division has been chosen by OC Oerlikon. The company intends to focus entirely on its surface technologies business in the future and is therefore selling its synthetic fibres business to textile machinery manufacturer Rieter. "Upon closing of this transaction, Oerlikon will become a distinct global pure-play surface technology company rooted in Switzerland with a clear brand and positioning towards customers," said CEO Michael Suess, commenting on the sale.

The barrier reverse convertible on the three stocks is equipped with a risk buffer of 68% and pays an annual coupon of 8.60%.

Barrier Reverse Convertible on Swiss Industrial Stocks
8.60% p.a. BRC on ABB, Holcim and OC Oerlikon
Barrier: 68%
Valor: 144 650 825

Indicative terms

 

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