As housing starts decline, Amrize is capitalizing on a booming business. Jan Jenisch, CEO, Amrize, joined TheStreet to explain.
Transcript:
CAROLINE WOODS: I’m curious how much of your business on the residential side will really be dependent on a turnaround in housing. Because we’ve seen housing starts are declining. We know builder sentiment has been pretty dour, not just because of interest rates, but also because of economic uncertainty. How are you seeing that play out?
JAN JENISCH: Now, we have worked very hard in recent years to complete our profile, to do more repair and refurbishment. And last year, we did 46% of our business was not new construction but repair and refurbishment. And this is very important because the residential market is actually very attractive at this point for repair and refurbishment. We do a lot of reroofing nationwide and we do the same for the commercial buildings. You saw the data, how much aging stock you have for commercial and for residential, and this is a fantastic business.
CAROLINE WOODS: The U.S. also faces a pretty severe housing shortage. So what role can Amrize play in closing that gap, if you will?
JAN JENISCH: Well, we are ready for the builder. I think we offer the best quality systems, which is very important because you want to build fast, but you want to build reliable with no claims. So I think in a situation where time is of essence, where also resources are labor is of essence, we are a preferred partner and this is how we position ourselves.
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