Summit Materials Inc. announced the appointment of Jorge Mario Velasquez, Irene Moshouris, and Juan Esteban Calle to the Summit Materials board of directors, effective Jan. 12. Following these appointments, and together with the retirement of John Murphy, the board consists of 11 directors, 10 of whom are independent. “We are delighted to welcome an experienced and accomplished set of new board…
Read MoreTag: Cementos Argos
Summit Materials, Argos USA Merger Moves Forward
Summit Materials shareholders approved proposals at the heart of a September 2023 agreement with Colombia-based Cementos Argos S.A., paving the path for a prompt Summit Materials and Argos North America Corp. merger. The proposals are tied to issuance of shares in exchange for Argos USA cement, ready mixed concrete and aggregate production assets. The shares position Cementos Argos as Summit…
Read MoreSummit Materials Mystery Bidder Revealed
Oct. 25, 2023 – According to Bloomberg, Heidelberg Materials is the mystery bidder that Summit Materials referenced in a recent proxy filing. The company said it had rejected two takeover proposals from an unnamed suitor with the latest made on Oct. 18 for $38 per share. Bloomberg’s sources said Heidelberg has been working with advisers on its pursuit of Summit and made approaches…
Read MoreSummit Materials, Argos North America to Merge
Summit Materials Inc. has entered into a definitive agreement with Cementos Argos S.A. under which Summit will combine with Argos North America Corp., the U.S. operations of Cementos Argos, in a cash and stock transaction valued at $3.2 billion . Argos USA is among the largest cement producers by total installed capacity in its areas of operations, which include the…
Read MoreVulcan Concludes Deal
Vulcan Materials Co. announced that it has completed the previously announced sale of the company’s cement and concrete businesses in the Florida area to Cementos Argos for gross cash proceeds of $720 million. Under a separate supply agreement, Vulcan will continue to provide aggregates to the divested concrete facilities, at market prices, for a period of 20 years.
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