Colombia´ Cementos Argos will be acquiring cement, concrete, blocks and port assets of US-based Vulcan Materials. The assets worth is estimated to a total of US$720m. With the acquisition, Cementos Argos´ installed cement capacity will increase by 3.5Mt/yr, due to the integrated cement plant Newberry, Florida (1.6Mt/yr) and grinding mills in Tampa and Port Manatee (1.9Mt/yr combined). The deal also features 69 ready mix concrete plants with 372 mixers with an annual production capacity of 3.3 million m3 and 13 concrete block production plants. With this, the company will achieve a total installed capacity, in all of the locations in which it has a presence, of 20Mt/yr. Cementos Argos will become the second-biggest producer of cement in Florida and in the southeast of the US.
´This new transaction fits perfectly with the company´ growth strategy, not only for the size and quality of the assets but also because of its privileged location, the growth potential and its complementary operation with our current assets,´said Jorge Mario Velasquez, Chief Executive Officer, Cementos Argos.´We are doubling our cement production capacity in the United States, in a market like Florida, where the growth forecast for the coming years is expected to double the already encouraging growth estimates. Florida is one of the fourth largest state economies, with the highest cement consumption and population of the US,´he said.