Sources: Summit Materials Inc., Denver; CP staff
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.”