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 Materials’ largest investor, with a 31% stake.
The transaction 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.
“Today’s vote was a clear endorsement by shareholders that they see the strong strategic and financial rationale behind this transformative transaction,” said Summit Materials CEO Anne Noonan, reflecting on January 11 shareholder voting results. “We are pleased to achieve this important milestone and as we move towards a seamless closing and integration of Argos USA, we look forward to delivering on the strategic and financial benefits we see for all of our stakeholders.”