At levels just under 100 percent, Summit Materials Inc. shareholders approved proposals at the heart of a September 2023 agreement with Colombia-based Cementos Argos S.A., paving the path for a mid-January 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. With a 31 percent stake, Cementos Argos becomes the largest shareholder in Denver-based Summit Materials.
“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 shareholders.”
Concurrent with the merger, Summit Materials appointed three new directors: Cementos Argos S.A. CEO Juan Esteban Calle, who has led the Colombia business for eight years and will serve on the Human Capital and Compensation Committee. Irene Moshouris, who recently capped a 17-year tenure with United Rentals Inc. as senior vice president and treasurer, will serve on the Audit Committee. Jorge Mario Velasquez, president of Grupo Argos, Cementos Argos parent, will serve on the Governance and Sustainability committees.