Cementos Argos has officially received the Martinsburg cement plant and 8 terminals plant from HeidelbergCement, consolidating its position as the second largest concrete producers and fourth largest cement producer in the US. The acquisition was for US$660 million.
The transaction has already been approved by the Federal Trade Commission and will push forward the proposed long-term geographic diversification strategy. The assets will also open the door to new markets in Pennsylvania, Maryland, District of Columbia, New York, New Jersey and Ohio.
"Today we are pleased to announce the official completion of this transaction as well as the start of operations for the new cement plant and its terminals under our business model and culture; we welcome our new 200 collaborators into Argos. This acquisition not only strengthens our internationalisation strategy, but also enables us to incorporate knowledge as well as generate greater synergies and efficiencies, contributing this way to the consolidation of our BEST program," said Juan Esteban Calle, Cementos Argos CEO.
Read the article online at: https://www.worldcement.com/the-americas/05122016/cementos-argos-consolidates-position/