Summit Materials has successfully completed its US$3.2bn combination with Argos North America Corp, the US operations of Cementos Argos SA. The combined company will be known as Summit Materials with Argos holding around a 31 per cent share.
“Today, we are excited to begin a new chapter at Summit Materials,” said Anne Noonan, Summit Materials' president and CEO. “As we transition into the integration phase, I want to start by welcoming our new Argos colleagues into the Summit family. Together we now have an unrivalled, materials dominant, platform featuring significant scale and an advantaged geographic footprint, and our talent-rich team is laser focused on delivering our synergy commitments and industry-leading returns for our shareholders.” Argos will hold three board seats out of a total of 11 seats.
Argos USA has four integrated cement plants, including Martinsburg (2.2Mta), Roberta (1.7Mta), Harleyville (2.2Mta) and Newberry (2.1Mta), around 140 ready-mixed concrete plants and eight ports. Its portfolio is well positioned to capitalise on positive demand drivers across public infrastructure, residential and commercial end-markets. The combination of Summit and Argos USA creates the fourth-largest cement platform in the USA.
