Holcim

Holcim (formerly LafargeHolcim) proves that in commodity businesses, consolidation creates value that innovation can't. The 2015 merger of Switzerland's Holcim (founded 1912) and France's Lafarge (founded 1833) created the world's largest cement producer - $30B+ annual revenue across 70 countries. Cement is the ultimate commodity: identical chemistry worldwide, impossible to differentiate on quality. Yet Holcim generates consistent returns through portfolio optimization - closing inefficient plants, optimizing logistics networks, reducing regional overcapacity. This is industrial metabolism: success comes from eliminating waste and balancing production across demand cycles. The company's 110+ year survival proves that in true commodities, operational excellence beats product innovation.