Summit Materials Inc. announced results for the third quarter ended Sept. 28, reporting that net revenue increased $369.9 million, or 49.9%, in the third quarter to $1,111.8 million. In the quarter, $403.4 million of net revenue was due to acquisitions, primarily the Argos USA transaction. Divestitures decreased net revenue by $43.6 million in the period. All lines of business experienced organic…
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Summit’s Argos Acquisition Powers Strong First Quarter
Summit Materials, Inc. announced results for the first quarter ended March 30. Net revenue increased $366.0 million, or 89.9% in the first quarter to $773.2 million, including the partial quarter impact of the Argos USA assets. In the quarter, $378.5 million of revenue was recognized from recent acquisitions which more than offset a decrease of $21.7 million in net revenue…
Read MoreSummit Establishes Annual Records for Revenue, Profitability
Summit Materials Inc. announced results for the fourth quarter and full year ended Dec. 30, 2023. Net revenue increased $220.7 million, or 9.9%, in 2023 to $2.4 billion, as strong pricing across all lines of business and contributions from acquisitions more than offset lower volumes and the impact of divestitures. Operating income increased $41.6 million, or 15.5% in 2023 to…
Read MoreSummit Materials Names Moore COO
Summit Materials appointed Marshall Moore as executive vice president, chief operations officer, effective Jan. 4. In the newly created role, Moore will enhance Summit’s operational excellence capabilities with responsibility for manufacturing and supply chain excellence, information technology and lean processes. Moore will also be responsible for the team integrating Summit’s acquisition of Argos USA, where he will provide battle-tested expertise…
Read MoreSummit 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 MoreFireside Chat With Summit
Oct. 11, 2023 – Summit Materials Inc. announced that Anne Noonan, Summit’s president and CEO, and Scott Anderson, Summit’s executive vice president and CFO, will discuss its merger with Argos USA with covering analyst Trey Grooms, from Stephens. The discussion will take place during a fireside chat at 8:00 a.m. Eastern time (6:00 a.m. Mountain time) on Thursday, Oct. 19. The conversation will highlight the strategic…
Read MoreU.S. Silica Expands Board of Directors, Appoints Simon Bates
U.S. Silica Holdings Inc. has appointed Simon Bates to its board of directors effective July 3. The election of Bates increases the size of the company’s board to seven members. Bates will also serve as an independent member of the Compensation and Nominating & Governance committees of the board.
Read MoreMSHA Impact Inspections Include Aggregates, Cement Plants
The U.S. Department of Labor announced that monthly impact inspections by its Mine Safety and Health Administration (MSHA) at 16 mines in 12 states in March 2023 have identified 205 violations, including 52 significant and substantial findings. Impact inspections are done at mines that merit increased agency attention and enforcement related to poor compliance history; previous accidents, injuries, and illnesses;…
Read MoreMaking a Fleet Change
Find Out How The Quarry At Argos USA’s Martinsburg Cement Plant Optimized Its Loading And Hauling Operations. By Mark S. Kuhar Argos USA’s Martinsburg cement plant, acquired in 2016, operates a limestone quarry in the West Virginia panhandle. Quarry operations there began around 1900 underground for lime-grade high-calcium limestone; and on the surface for cement grade limestone. After purchasing the…
Read MoreArgos USA, Liability Heir, Cooperates in Feds’ Concrete Price-Fixing Investigation
Argos USA, Alpharetta, Ga., has entered a deferred prosecution agreement (DPA) resolving a DOJ Antitrust Division charge of conspiring to fix prices, rig bids and allocate sales for ready mixed concrete in Savannah, Ga., and neighboring markets under U.S. District Court for the Southern District of Georgia jurisdiction, according to the U.S. Department of Justice Antitrust Division.
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