Cementos Argos - September 2016
Cementos Argos has agreed to purchase the Essroc cement plant in Martinsburg, West Virginia, USA, from HeidelbergCement. The deal, which is reputedly worth around US$650m, forms part of HeldelbergCement’s divestment plans resulting from its ongoing acquisition of Essroc’s parent company, Italcementi. To help fund the purchase, Cementos Argos has sold a 20 per cent stake in its Panamanian subsidiary to Panama-based real estate investment firm Grupo Provivienda for US$126m. This leaves Cementos Argos with a 78.57 per cent share, with the remainder being held by minority shareholders.