There was a time when globalization wasn’t just a quaint idea but something companies strived for. The American stocks attracting investor attention while this economic movement played out are companies like General Electric (NYSE:GE) and other industrial conglomerates.

Swiss-based construction material company Holcim (OTCMKTS:HCMLY) recently announced that it would spin off its U.S. business, suggesting it would be the “leading pure-play North American building solutions company,” Fortune reported.   

The headline for Fortune’s article: Holcim’s U.S. spinoff suggests the end of globalization is closer than we thought.

“The era of globalization was meant to erase arbitrage and other hocus pocus between financial markets, limiting the variability in company valuations depending on where they’re listed,” Fortune contributors Peter Vanham and Nicholas Gordon wrote on Jan. 30. 

“But this part of globalization seems to have come to an end. Thanks to American growth and protectionism, it once again pays to be made and listed in the United States.”

That last line says it all. Warren Buffett would surely agree.

With that in mind, here are three American stocks whose products are primarily American-made and listed. 

I’ll choose my selections from the Emles American Manufacturing Index. The ETF that tracked the index’s performance closed down in September 2022.  

Polaris (PII)

Polaris (NYSE:PII) is based in Medina, Minnesota, although it was founded in 1954 in Roseau, Minnesota, just a 15-minute drive from the Canadian border.

Its current product group differs slightly from what it produced a decade ago. You do have to change with the times. The first product created by Polaris was an off-roading vehicle, followed by a snowmobile, which founder Edgar Hetteen and three friends tested over 1,200 miles of Alaskan wilderness.  

In 1991, it created the Polaris SL650 personal watercraft (PWC). It exited the PWC market in late 2004. Management felt that reallocating resources used for the marine division elsewhere was a better use of shareholder funds. The PWC business never made money for the company over the 13 years of its involvement. 

In 1997, it got into the motorcycle business, launching Victory Motorcycles. In 2011, it acquired the Indian Motorcycle brand. Six years later, it shut the Victory business. Indian and its other on-road vehicles accounted for 14% of Polaris’ 2022 revenue. 

Today, its ATV (all-terrain vehicles) and SSV (side-by-side vehicles) account for 75% of its $8.6 billion in revenue. It returned to the marine business in 2018 by purchasing four boat brands. This segment accounts for the remaining 11%.

While it does have plants in Mexico (2 million square feet), Poland, France, and China, a significant percentage of its manufacturing and distribution capacity remains in America.

Down 23% over the past year—higher interest rates haven’t helped sales—its share price is lower than it’s been since 2020. 

Boston Beer (SAM)

Boston Beer (NYSE:SAM) was one of the biggest beneficiaries of the pandemic when everybody and their dog was drinking up a storm. As a result, its stock hit an all-time high of $1,349.98 in April 2021. It’s down 74% from its high.

If you want to understand founder Jim Koch’s (pronounced Cook) philosophy about the business, I highly recommend you listen to the Jan. 25 podcast of How I Built This with Guy Raz. It gives you an idea of the man’s passion for tasty beverages.

For example, he discussed on the podcast why Sam Adams got into non-alcoholic beer. He never considered it seriously until trying a Heineken 0.0, calling it a “really good non-alc beer.” I’ve been attempting to reduce my alcohol intake by substituting non-alcoholic beers on occasion. I went out and tried the non-alc version of Heiny. It was just as advertised. 

The alcoholic beverage industry remains very competitive. That’s made it challenging for Boston Beer, one of the largest craft brewers in America, to grow its beer market share. 

However, the hot product for the company right now is its Twisted Tea, a combination of malt liquor, real brewed tea, and natural lemon flavor. Its newest experiment is Twisted Tea Whiskey, which combines whiskey with tea and lemon flavor. I may have to try that. In Q3 2023, Twisted Tea generated a 34% increase in dollar growth.

At the end of September, Boston Beer had net cash on its balance sheet of $263 million. That’s based on no long-term debt, operating lease liabilities of $47.5 million, and $310.78 million in cash and cash equivalents. Its balance sheet hasn’t looked this good in several years.     

Mueller Industries (MLI)

Mueller Industries (NYSE:MLI) does not make 100% of its copper, brass, aluminum and plastic products in the U.S. However, of the 59 manufacturing and distribution plants worldwide, 44 are in the U.S., with Mexico (9), Canada (2) and the rest of the world (4). Would you settle for 75%?

Whatever the percentage, Mueller is one of my favorite businesses. I’ve recommended its stock on several occasions over the past few months. Most recently, on Jan. 24.   

“In 1992, it generated operating income of $29.3 million. In 2022, it was $877.1 million, with 62% of its operating income outside the U.S.,” I wrote in January. 

“No wonder its stock is up 276% over the past five years.”

The company has a pristine balance sheet net cash of $1.23 billion—$1.27 billion in cash, $34.6 million in operating lease liabilities, and debt of $981,000 as of Dec. 30, 2023—which works out to $10.83 a share. It currently trades at less than 5x cash. 

Despite a challenging year from a sales and earnings perspective—they were down 14.1% and 8.4%, respectively, to $3.4 billion and $602.9 million—its business outlook is positive, suggesting that building construction will accelerate once inflation falls further and interest rates come down.

If you back out the cash per share and Mueller earns about what it did in 2023, it’s currently trading at 7.2x its 2024 earnings per share [$49.08 less net cash of $10.83 divided by its 2023 EPS of $5.30].

It’s an American success story.  

On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.