Grupo Argos to cut costs by nearly US$245m in 2020

Colombia’s Grupo Argos, parent of Cementos Argos, is expected to defer investments and cut spending by nearly COP1trn (US$245m) this year, amid uncertainty about the economic impact of the coronavirus, according to Reuters. 

The group will postpone investments of COP700bn and cut costs by COP250bn. The measures will hit certain expansion projects, as the company looks to protect jobs and ensure its sustainability.

"Today we have taken measures to postpone investments ... they haven't been cancelled, we have just put them on 'stand by' until we have more visibility of the future," said Jorge Mario Velasquez, CEO.