Atlanta-based Quikrete Holdings Inc. closed its acquisition of key cement, aggregate and concrete operator Summit Materials. The deal was consummated early last month per terms of Quikrete Holdings’ November 2024 offer of $52.50/share, representing an enterprise value of $11.5 billion, about $2 billion of which is assumed debt. Cementos Argos (31 percent stake, acquired February 2024) of Colombia led shareholders…
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Summit Materials deal perpetuates Quikrete and CRH/Oldcastle rivalry
This year began with a shareholder vote realigning the portfolio and ownership of Denver-based Summit Materials Inc. around Argos North America Corp. cement and ready mixed production assets and top shareholder Cementos Argos S.A. It closes with prospects for a similar action transforming New York Stock Exchange-traded Summit Materials to a subsidiary of privately held Quikrete Holdings Inc., Atlanta. The…
Read MorePCA fills low-carbon cement and concrete guidance void
Sources: Portland Cement Association, Washington, D.C. Portland Cement Association’s newest reference, “Lower Carbon Concrete: Voluntary Guidelines for Developing a Protocol,” provides design professionals, contractors, code officials, elected representatives, non-governmental organizations, and the public with a balanced view of greenhouse gas emission, life cycle assessment and engineering factors central to construction project planning and specifications. The document frames a protocol in…
Read MoreSummit founder, Oldcastle Materials architect Hill joins Knife River board
Sources: Knife River Corp., Bismarck, N.D.; CP staff Knife River shareholders have elected Thomas W. Hill, retired Summit Materials Inc. chief executive officer and longtime head of (pre-CRH Americas) Oldcastle Materials, as director for a three-year term. He serves on the Compensation plus Nominating and Governance committees, and fills the seat of Tom Everist, who was director since Knife River’s…
Read MoreAgency flags $1.6B in Cement and Concrete carbon project opportunities
Sources: U.S. Department of Energy; CP staff The U.S. Department of Energy Office of Clean Energy Demonstrations (OCED) has named four portland cement producers and two alternative binder start-ups as candidates for $1.6 billion in funds steered to projects lowering the carbon footprint of finished concrete. Heidelberg Materials and National Cement Company of California lead the way with their respective…
Read MoreArgos USA merger positions Summit Materials as top five U.S. cement player
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…
Read MoreHolcim gauges cement, aggregate asset traction on Wall Street
Sources: CP staff; Holcim Ltd., Zug, Switzerland The Holcim Ltd. announcement of a plan to spin off its U.S. and Canadian operations into a separate, publicly traded entity coincides with investor interest in construction materials production assets at its highest level in generations. A business encompassing Holcim North America holdings is poised to emerge on the heels of record or near-record valuations…
Read MoreArgos USA merger moves Summit Materials into U.S. cement elite ranks
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,…
Read MoreArgos NA brings Summit Materials cement, ready mixed production scale
Cementos Argos of Colombia has entered a definitive agreement with Denver-based Summit Materials Inc. under which Argos North America Corp., Alpharetta, Ga. will combine with Summit in a cash and stock transaction. It calls for Cementos Argos to receive approximately $1.2 billion in cash and 54.7 million shares—or 31 percent—of Summit stock, valuing Argos North America at approximately $3.2 billion.…
Read MoreArgos North America, Summit Materials map $3.2 billion merger
Sources: Argos North America, Alpharetta, Ga.; Summit Materials Inc., Denver; CP staff Colombia-based Cementos Argos has entered a definitive agreement with Summit Materials Inc. under which Argos North America Corp. will combine with Summit in a cash and stock transaction. It calls for Cementos Argos to receive approximately $1.2 billion in cash and 54.7 million shares—or 31 percent—of Summit stock,…
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