Cement News tagged under: Grupo Argos

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Argos USA ready-mix to settle alleged price-fixing case

06 January 2021, Published under Cement News

Argos group's ready-mix concrete subsidiary, Argos USA, is to settle a US$20m payment over an alleged price-fixing cartel involving several members of staff in the state of Georgia, USA. According to the US Department of Justice, Argos USA "admitted to participating in the charged conspiracy, and agreed to cooperate fully with the Antitrust Division's ongoing criminal investigation and prosecution of others involved in this conspiracy." Argos USA's management stated that the alleged pric...

Grupo Argos to cut costs by nearly US$245m in 2020

30 March 2020, Published under Cement News

Colombia’s Grupo Argos, parent of Cementos Argos, is expected to defer investments and cut spending by nearly COP1trn (US$245m) this year, amid uncertainty about the economic impact of the coronavirus, according to Reuters.  The group will postpone investments of COP700bn and cut costs by COP250bn. The measures will hit certain expansion projects, as the company looks to protect jobs and ensure its sustainability. "Today we have taken measures to postpone investments ... they haven't b...

Cementos Argos installs solar power unit in Honduras

12 March 2020, Published under Cement News

Colombia’s Celsia CV (Grupo Argos) has installed a 10.6MW solar plant at Cementos Argos’ facility in Comayagua, Honduras. The unit consists of 32,160 solar panels and will be able to meet 20 per cent of the cement plant's electrical demand. As a result, Cementos Argos should be able to avoid some 10,000tpa of CO 2 emissions. The project is Celsia’s first photovoltaic plant in Honduras.

US cement market boosted FY19 financial results

28 February 2020, Published under Cement News

This week, several leading cement producers reported on their FY19 business results. ICR has taken a look at the results of HeidelbergCement, LafargeHolcim, Dangote Cement, Vicat and Argos to see what regional patterns can be discerned from the recent results of these industry players. In terms of cement sales volumes (see Table 1), growth was limited to less than one per cent in 2019. Argos saw the largest advance at 0.7 per cent, but LafargeHolcim was well behind the other producers with...

Argos named as second most-sustainable cement company in the world

16 September 2019, Published under Cement News

Argos, part of Grupo Argos, was included for the seventh-consecutive year in the Dow Jones Global Index (DJSI) and was highlighted as the second most-sustainable cement company in the world. Companies were rated on their sustainable construction, materiality, risk and crisis management, tax strategy, environmental reporting, biodiversity, climate strategy, water related risk, social reporting, citizenship and philanthropy. Around 3500 companies of the largest in the world were studied acc...

Grupo Argos interested in Summit Materials merger

14 June 2019, Published under Cement News

Grupo Argos has approached US aggregates and cement producer Summit Materials Inc about a merger, according to people familiar with the matter. The deal would expand Grupo Argos’ footprint, but it remains uncertain whether Summit Materials would be prepared to negotiate a deal with Argos, said Reuters. The news saw shares of Summit increase by 14 per cent to US$15.51, resulting in a US$1.8bn market capitalisation for the US company. However, as at the end of March, it had accumulated US$...

Grupo Argos to invest COP2.6trn in subsidiaries in 2019

29 March 2019, Published under Cement News

Colombia’s Grupo Argos, parent company of Cementos Argos, has stated that it plans to invest around COP2.6trn (US$816m) in its cement, energy and construction subsidiaries this year. Cementos Argos, Celsia and Odinsa will be the focus of the spending, made possible by the increase in net profits for the group in 2018. "In the coming years we'll continue to be a relevant player in the infrastructure of the country and the continent," said Grupo Argos CEO, Jorge Mario Velasquez.

Argos sells stake in port company

16 August 2017, Published under Cement News

Grupo Argos has sold its 50 per cent stake in a port operator to an investment fund managed by Goldman Sachs for about US$136m, Grupo Argos said in a statement on Monday. Compania de Puertos Asociados SA, called Compas, moves principally coal and cement through its ports in the Andean country. Argos' stake was sold to West Street Infrastructure Partners III, which is run by Goldman Sachs, for COP407bn. The sale price is two and a half times what Grupo Argos invested in the business in...

Jorge Mario Velásquez appointed new Grupo Argos CEO

11 November 2015, Published under Cement News

Grupo Argos’ Board of Directors unanimously appointed Jorge Mario Velásquez as its new CEO, effective March 2016 following the retirement of incumbent chief, José Alberto Vélez.   The selection process was headed by the Committee of Appointments and Retributions of the Board of Directors, mainly formed by independent members, and was supported by a firm specialised in selection of directive staff.   Mr Velásquez (pictured right) has a BSc in Civil Engineering from Escuela de Ingenierías de...

Grupo Argos to issue preferential shares in 1Q15

12 November 2014, Published under Cement News

Colombian holding Grupo Argos is planning to issue a base amount of 50m preferential shares in the first quarter of 2015 on the local and international markets, subject to the approval from Colombia's financial watchdog. Argos, parent company of Colombia’s leading cement producer Cementos Argos, seeks to strengthen its equity and bolster growth. Details of the issuance could be given in mid-January 2015. Banca de Inversion Bancolombia, HSBC Securities and Bank of America Merrill Lyn...