In short: The North American cement/building-materials business Holcim spun out (~equal in size to the remaining group). He likes the spin structure — the US business freed to run with a US, not European, mindset; same compelling cement-transformation thesis.
Amrize is the North American cement and building-materials business that Holcim split off into its own listed company — roughly the same size as the rest of Holcim. Robotti likes the spin-off itself: a U.S. business freed to operate with a U.S. growth mindset instead of a European one.
The investment case is the same as Holcim's — a modestly valued, high-barrier materials business positioned for the building, refurbishing and infrastructure demand tied to industrial growth and the AI/data-center buildout (which needs enormous amounts of cement).
52:11doing things with cement today and materials and reconstruction, refurbishing and energy improvement in terms of old buildings and therefore refurbishing them. So there's a huge growth opportunity I do think and there's barriers to entry to the business and the valuation's modest.
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