Putney Capital Management, LLC has announced that it has made a strategic investment in a cement terminal in Puerto Rico together with Cementos Argos. As previously reported, the terminal will provide an annual capacity of 250 000 t and represents a substantial market share in Puerto Rico.
“We are thrilled to partner with Cementos Argos,” said Rafael Velez, Managing Partner of Putney. “Argos is an exceptional company, with a demonstrated track record of sustained operational excellence, financial strength and strong corporate governance. Putney looks forward to a long and successful partnership with Argos and will continue to explore joint opportunities in the future.”
Jorge Mario Velasquez, CEO of Argos, added: “We are delighted to be partnering with Putney on this investment. With this transaction, we are entering a new market that is closely tied to the US economy, that currently consumes close to 650 000 tons of cement per year and whose growth prospects are being driven by the latent recovery and the new programs aimed at stimulating investment in Puerto Rico. The acquisition strengthens our position as leader in the region.”
Adapted from press release by Louise Fordham