Cementos Argos has revamp

Cementos Argos has revamp
Published: 20 January 2005

Cementos Argos has become the holding company in cement, concrete, and mining business which represent 18 per cent of the overall investments portfolio of Grupo Empresarial Antioqueno  (GEA). Cement companies controlled by Argos namely Cementos El Cairo, Cementos del Valle, Cementos Nare, Caribe, Cementos Paz del Rio, Tolcemento, Colclinker, Cementos Rio Claro, Carbones del Caribe, Cemento Andino (Venezuela), Corporacion Incem (Panama), Cementos Colon (Dominican Republic), Cimenterie Nationale Sem (Haiti), sell 5.2Mtand have a 50 per cent share in the Colombian market. The reorganizing of the cement business would imply winning a global strategic partner to Cementos Argos. Argos already pulled out from the coal mine Jagua Coal, selling its stake of Glencore for US$110m, pulled out from Coltabaco, and would pursue divestments raising resources to concentrate in core business. Eventually Argos would gain firm control in Cemento Andino (Venezuela) and Incem (Panama). 

Argos’ international cement business in Panama, Venezuela, Haiti, and the Dominican Republic generated an income of US$140m and is managed by the corporate vice presidency. To back up its international operations Argos has associated with an international shipping company acquiring two ships and considers buying a third vessel. By end 2004 Argos has acquired the control of 63,75 per cent of Cementera Paz del Rio.