Argos USA merger moves Summit Materials into U.S. cement elite ranks

Sources: Summit Materials Inc., Denver; CP staff

Argos USA’s 2 million ton per year capacity Martinsburg, W.V. cement plant is one of the top assets joining the Summit Materials portfolio.

At levels just under 100 percent, Summit Materials shareholders approved proposals at the heart a September 2023 agreement with Colombia-based Cementos Argos S.A., paving the path for a January 12 merger of Summit Materials and Argos North America Corp. Valued at $3.2 billion, the merger creates the fourth-largest U.S. cement producer—behind Holcim US, Heidelberg Materials and Ash Grove—and significantly extends Summit Materials’ footprint in ready mixed concrete. Along with a cash payment, Summit Materials issued shares to Cementos Argos in exchange for Argos USA cement, ready mixed concrete and aggregate production assets, which are concentrated in the Mid-Atlantic, Southeast and Texas. 

“We are excited to begin a new chapter at Summit Materials,” says CEO Anne Noonan. “As we transition into the integration phase, I want to start by welcoming our new Argos colleagues. Together, we now have an unrivaled, materials dominant, platform featuring significant scale and an advantaged geographic footprint. Our talent-rich team is laser focused on delivering our synergy commitments and industry-leading returns for our shareholders.”

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