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…
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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 MoreWatch Video of the MLPA Panel Discussion
The Missouri Limestone Producers Association held an industry panel discussion at its 78th Convention in Lake of the Ozarks, Osage Beach, Mo., and I was honored to serve as moderator. Participants included Chris Schlict, Epiroc; Anne Noonan, CEO of Summit Materials; John Griesemer; Erlen Group and George Reddin, FMI Capital. Topics covered included the state of the industry; inflation; production…
Read MoreFirst Look – December 2023
TOP NEWS Martin Marietta Materials Inc. announced that it has entered into a definitive agreement to sell its South Texas cement business and certain related concrete operations to CRH Americas Materials Inc., a subsidiary of CRH plc, for $2.1 billion in cash. This on the heels of third quarter Building Materials business revenues of a record $1.9 billion, a 10.5%…
Read MoreMLPA Panel Discussion a Success
Nov. 30, 2023 – The Missouri Limestone Producers Association held an industry panel discussion at its 78th Convention in Lake of the Ozarks, Osage Beach, Mo., and I was honored to serve as moderator. Participants included Chris Schlict, Epiroc; Anne Noonan, CEO of Summit Materials; John Griesemer; Erlen Group and George Reddin, FMI Capital. Topics covered included the state of…
Read MoreMLPA Roundtable on Tap
Nov. 10, 2023 – I am pleased to announce that I will be moderating an executive roundtable discussion at the Missouri Limestone Producers Association’s (MLPA) 78th annual convention on Nov. 30th in Lake of the Ozarks, Mo. Featured participants include Anne Noonan, CEO, Summit Materials; John Griesemer, Erlen Group; Chris Schlicht, N.A. supply chain manager, Epiroc; and George Reddin, managing director, FMI…
Read MoreSummit’s Strong Quarter Highlighted by Revenue Growth
Summit Materials Inc. announced results for the third quarter ended Sept. 30, reporting that net revenue increased $56.0 million, or 8.2%, to $742.0 million, as increases in average sales prices across all lines of business more than offset lower volumes.
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 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 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…
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