{"id":28460,"date":"2024-01-12T17:00:46","date_gmt":"2024-01-12T17:00:46","guid":{"rendered":"https:\/\/argos.co\/?p=28460"},"modified":"2024-04-09T00:23:08","modified_gmt":"2024-04-09T00:23:08","slug":"cementos-argos-successfully-combines-its-operations-in-the-united-states-with-summit-materials-to-create-a-leading-us-building-materials-platform-with-national-scale","status":"publish","type":"post","link":"https:\/\/argos.co\/en\/cementos-argos-successfully-combines-its-operations-in-the-united-states-with-summit-materials-to-create-a-leading-us-building-materials-platform-with-national-scale\/","title":{"rendered":"Cementos Argos successfully combines its operations in the United States with Summit Materials to create a leading US building materials platform with national scale"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"28460\" class=\"elementor elementor-28460\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-ee485d1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ee485d1\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-30ca1e2\" data-id=\"30ca1e2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b06836d elementor-widget elementor-widget-text-editor\" data-id=\"b06836d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Cementos Argos agreed on September 7th, 2023, to combine its operations in the US with Summit Materials.<\/li><li>Summit Materials shareholders approved the transaction on January 11th, with an endorsement of approximately 99% favorable votes.<\/li><li>On January 12th, following the completion of certain conditions, the transaction successfully closed, creating a leading building materials platform with national scale in the US and a total EV of approximately US$ 9* billion.<\/li><li>Upon completion of the transaction, Argos receives US$ 1.2 billion in cash subject to customary adjustments and approximately 54.7 million shares of Summit Materials equivalent to a 31% stake in the combined entity.<\/li><li>Cementos Argos will have three representatives on the Board of Directors of the combined company, which can have up to eleven members.<\/li><li>The valuation of Argos operations in the US was US$ 3.2 billion.<\/li><li>The transaction will generate a gain on sale of approximately US$ 1.2 billion to be recorded in the financial statements of Cementos Argos S.A. during the first quarter of 2024.<br \/><br \/><\/li><\/ul><p>Cementos Argos S.A. and Summit Materials successfully closed the transaction to combine its operations in the US, following the Special Shareholder Meeting carried out by Summit Materials on January 11th, 2024, where shareholders overwhelmingly supported the proposed transaction. <\/p><p>\u00a0<\/p><p>The resulting combined entity of Summit Materials will be a leading US construction materials company with enhanced scale and national reach. Summit Materials anticipates generating at least US$ 100 million of annual EBITDA synergies, arising from operational efficiencies and combined services, with significant realization within two years. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-68f4065 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"68f4065\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-aba2596\" data-id=\"aba2596\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-82e72fe elementor-widget elementor-widget-image\" data-id=\"82e72fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"646\" height=\"668\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/argos.co\/wp-content\/uploads\/2024\/01\/Juan-Esteban-Calle-Puerto-Cartagena.jpg\" class=\"attachment-large size-large wp-image-28439 lazyload\" alt=\"\" data-srcset=\"https:\/\/argos.co\/wp-content\/uploads\/2024\/01\/Juan-Esteban-Calle-Puerto-Cartagena.jpg 646w, https:\/\/argos.co\/wp-content\/uploads\/2024\/01\/Juan-Esteban-Calle-Puerto-Cartagena-290x300.jpg 290w\" sizes=\"(max-width: 646px) 100vw, 646px\" \/><noscript><img decoding=\"async\" width=\"646\" height=\"668\" src=\"https:\/\/argos.co\/wp-content\/uploads\/2024\/01\/Juan-Esteban-Calle-Puerto-Cartagena.jpg\" class=\"attachment-large size-large wp-image-28439 lazyload\" alt=\"\" srcset=\"https:\/\/argos.co\/wp-content\/uploads\/2024\/01\/Juan-Esteban-Calle-Puerto-Cartagena.jpg 646w, https:\/\/argos.co\/wp-content\/uploads\/2024\/01\/Juan-Esteban-Calle-Puerto-Cartagena-290x300.jpg 290w\" sizes=\"(max-width: 646px) 100vw, 646px\" \/><\/noscript>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-09a7cbf\" data-id=\"09a7cbf\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3bfcce0 elementor-widget elementor-widget-text-editor\" data-id=\"3bfcce0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Juan Esteban Calle, CEO of Cementos Argos, stated: <span style=\"color: #339966;\"><em>\u201cThe combination with Summit Materials with the resounding support of its shareholders allows us to start a new chapter in the successful history of our presence in the US, and is built on shared values, strategic vision, and complementary capabilities. This new milestone solidifies our goal of continuing the expansion in the most attractive building materials\u2019 industry of the world, for the benefit of our shareholders and all our groups of interest\u201d<\/em><\/span>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-9d85947 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9d85947\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f4346e4\" data-id=\"f4346e4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1200a04 elementor-widget elementor-widget-text-editor\" data-id=\"1200a04\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Upon completion of the transaction, Cementos Argos receives US$ 1.2 billion in cash subject to customary adjustment and approximately 54.7 million shares of Summit Materials equivalent to a 31% stake in the combined entity, that were valued at approximately US$ 2.0 billion, based on yesterday\u2019s closing price of the stock of US$ 36.66. Therefore, the total valuation of Argos USA stood at US$ 3.2 billion. <\/p><p>\u00a0<\/p><p>Considering the book value of these assets and the accounting principles, Cementos Argos will record in its financial statements a gain on sale of approximately US$ 1.2 billion during the first quarter of 2024, affecting the net profit of the company via discontinuing operations. <\/p><p>\u00a0<\/p><p>Through a series of ancillary agreements, Cementos Argos is strategically positioned to supply cement, share intellectual property, and optimize our robust logistics network, among other collaborations alongside the combined entity, coupled with a strong and robust capital structure with a total debt reduction of approximately 70%, favorably positioning Cementos Argos to deliver its value generation strategy across all operational geographies: Colombia, Central America, and the Caribbean.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-29da9e7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"29da9e7\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-b9f64e8\" data-id=\"b9f64e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2fbb03c elementor-widget elementor-widget-image\" data-id=\"2fbb03c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"203\" height=\"191\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/argos.co\/wp-content\/uploads\/2021\/08\/jorge-mario.png\" class=\"attachment-large size-large wp-image-14665 lazyload\" alt=\"\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"203\" height=\"191\" src=\"https:\/\/argos.co\/wp-content\/uploads\/2021\/08\/jorge-mario.png\" class=\"attachment-large size-large wp-image-14665 lazyload\" alt=\"\" \/><\/noscript>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4524dda\" data-id=\"4524dda\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1d4c554 elementor-widget elementor-widget-text-editor\" data-id=\"1d4c554\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Jorge Mario Velasquez, Chairman of the Argos Board of Directors, stated: <span style=\"color: #339966;\"><em>\u201cWe are pleased to announce this new partnership with Summit Materials and deliver value to all Cementos Argos\u2019 shareholders. With the closing of this transaction Cementos Argos gains a strategic ownership in a materials-led company with national footprint in the world\u2019s biggest market and enhances its capital structure for future growth on other geographies. Since the announcement of the transaction, we have seen an appraisal of more than double on Cementos Argos\u2019 price per share, reflecting the strategic importance of this transaction.\u201d<\/em><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-7c34653 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c34653\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2b7b65a\" data-id=\"2b7b65a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5abeebf elementor-widget elementor-widget-text-editor\" data-id=\"5abeebf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #999999;\">*Source: BBG for Summit Material\u2019s EV previous to the asset combination with Argos USA. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-57f8232 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"57f8232\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-88edca9\" data-id=\"88edca9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a63ea5c elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"a63ea5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-bell\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M439.39 362.29c-19.32-20.76-55.47-51.99-55.47-154.29 0-77.7-54.48-139.9-127.94-155.16V32c0-17.67-14.32-32-31.98-32s-31.98 14.33-31.98 32v20.84C118.56 68.1 64.08 130.3 64.08 208c0 102.3-36.15 133.53-55.47 154.29-6 6.45-8.66 14.16-8.61 21.71.11 16.4 12.98 32 32.1 32h383.8c19.12 0 32-15.6 32.1-32 .05-7.55-2.61-15.27-8.61-21.71zM67.53 368c21.22-27.97 44.42-74.33 44.53-159.42 0-.2-.06-.38-.06-.58 0-61.86 50.14-112 112-112s112 50.14 112 112c0 .2-.06.38-.06.58.11 85.1 23.31 131.46 44.53 159.42H67.53zM224 512c35.32 0 63.97-28.65 63.97-64H160.03c0 35.35 28.65 64 63.97 64z\"><\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-d38742a\" data-id=\"d38742a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b0b248d elementor-widget elementor-widget-text-editor\" data-id=\"b0b248d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>A conference call for investors will be held on January 16th at 3:00 pm ET \/ Bogot\u00e1. Please <strong><span style=\"color: #339966;\"><a style=\"color: #339966;\" href=\"https:\/\/summa-sci.zoom.us\/webinar\/register\/WN_zjlb6LndR3mi0cd-8kM3Gw\">click here<\/a><\/span><\/strong> to attend the meeting.<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-f993f2f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f993f2f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5fd2591\" data-id=\"5fd2591\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3823622 elementor-widget elementor-widget-text-editor\" data-id=\"3823622\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #333399;\"><strong>For more information please contact:<\/strong> <\/span><br \/><span style=\"color: #333399;\">Piedad Monsalve Garc\u00e9s, Comms Director, pmonsalve@argos.com.co <\/span><br \/><span style=\"color: #333399;\">Indira D\u00edaz, Investor Relations Officer, Indira.diaz@argos.com.co <\/span><\/p><p>\u00a0<\/p><p><span style=\"color: #333399;\"><strong>Advisors:<\/strong> <\/span><br \/><span style=\"color: #333399;\">J.P. Morgan Securities LLC is acting as exclusive financial advisor and Sullivan &amp; Cromwell LLP is acting as legal counsel to Cementos Argos.<\/span> <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Cementos Argos agreed on September 7th, 2023, to combine its operations in the US with Summit Materials. Summit Materials shareholders approved the transaction on January 11th, with an endorsement of approximately 99% favorable votes. On January 12th, following the completion of certain conditions, the transaction successfully closed, creating a leading building materials platform with national [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":19489,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[442],"tags":[478,477,479,476],"class_list":["post-28460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-noticias-y-buenas-practicas-en","tag-argos-usa-en","tag-combination-en","tag-north-america-en","tag-summit-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cementos Argos successfully combines its operations in the United States with Summit Materials to create a leading US building materials platform with national scale - Cementos Argos: Empresa multinacional l\u00edder y sostenible<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/argos.co\/en\/cementos-argos-successfully-combines-its-operations-in-the-united-states-with-summit-materials-to-create-a-leading-us-building-materials-platform-with-national-scale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cementos Argos successfully combines its operations in the United States with Summit Materials to create a leading US building materials platform with national scale - Cementos Argos: Empresa multinacional l\u00edder y sostenible\" \/>\n<meta property=\"og:description\" content=\"Cementos Argos agreed on September 7th, 2023, to combine its operations in the US with Summit Materials. Summit Materials shareholders approved the transaction on January 11th, with an endorsement of approximately 99% favorable votes. 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