US-based Vulcan Materials Company has announced that the sale of its cement and concrete operations in Florida to Cementos Argos is now complete.
Colombia’s Argos purchased the businesses for gross cash proceeds of US$720 million. The sale comprises a 1.6 million tpa integrated cement plant in Newberry, cement grinding facilities in Tampa and Port Manatee, 69 ready-mix concrete plants, 13 concrete block production plants and two port facilities. The new capacities will enable Argos to increase its presence in the south-east US, and make it the second biggest cement producer in Florida.
Under a separate agreement, Vulcan will supply aggregates at market prices to the concrete facilities acquired by Argos for the next 20 years.
“We are pleased to have successfully completed the transaction with Argos and to be working with Argos to supply aggregates to the facilities going forward,” said Don James, Vulcan Materials Handling Chairman and Chief Executive Officer. “This transaction further enhances our strategic focus as the leading aggregates producer in the fastest-growing regions and urban markets of the United States. Over the past two years we have successfully executed upon our core aggregates strategy, and we look forward to continuing to create value for shareholders in the future.”
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/the-americas/10032014/vulcan_completes_sale_of_cement_conscrete_assets_to_argos_872/