Summit Materials completed its $3.2 billion combination with Argos North America Corp.
Summit shareholders voted to approve certain proposals related to the transaction agreement during a special meeting Jan. 11.
“Today, we are excited to begin a new chapter at Summit Materials,” says Anne Noonan, president and CEO of Summit. “As we transition into the integration phase, I want to start by welcoming our new Argos colleagues into the Summit family. Together, we now have an unrivaled, materials-dominant platform featuring significant scale and an advantaged geographic footprint, and our talent-rich team is laser focused on delivering our synergy commitments and industry-leading returns for our shareholders.”
Argos USA had cement operations in the Southeast, Mid-Atlantic and Texas, with a footprint comprising four integrated cement plants, about 140 ready-mixed concrete plants and eight ports. Additionally, Argos USA had a total installed cement grinding capacity of 9.6 million tons per year, Summit says, with additional import capacity providing incremental scale and operational flexibility.
About 85 percent of Argos USA’s EBITDA was generated from its cement platform.
