Cementos Argos has entered into a definitive agreement with Summit Materials under which Argos North America will combine with Summit in a cash and stock transaction valued at $3.2 billion.
The merger will create the fourth-largest cement platform in the United States and accelerates Summit’s “Elevate Summit” strategy, enhancing the company’s materials-led approach and positioning it for even greater success with a national footprint and significantly improved scale.
“This agreement enables Cementos Argos to fulfill its strategic goal of generating greater economic value for shareholders,” said CEO Juan Esteban Calle. “It aligns with our objective of holding a substantial stake in a New York Stock Exchange-listed company and leverages a platform with a proven track record of growth, enabling substantial potential for future expansion and profitability. Argos will continue to contribute its business knowledge and leadership in sustainability initiatives as part of the combined organization’s board of directors.”
Both Summit and Argos North America will continue to operate independently until the necessary legal and regulatory approvals are met. Following the closing of the transaction, which is expected to be in the first half of 2024, the combined company will be led by Summit President and CEO Anne Noonan.
