Cementos Argos and Putney Capital acquire cement terminal in Puerto Rico

Putney Capital Management has partnered with Cementos Argos to acquire of one of the main terminals for the reception, storage and distribution of cement in Puerto Rico. 

Colombia’s Cementos Argos is the fifth largest producer of cement in Latin America, and the second largest in the southeast of the United States with operations in Colombia, Central America, the US and the Caribbean.

The terminal, acquired for $34.0 million, has a 250,000 metric ton/year capacity and approximately 20% market share in Puerto Rico.

“We are thrilled to partner with Cementos Argos,” said Rafael Velez, managing partner, Putney. “Argos is an exceptional company, with a demonstrated track record of sustained operational excellence, financial strength and strong corporate governance.  Putney looks forward to a long and successful partnership with Argos and will continue to explore joint opportunities in the future.”

Jorge Mario Velasquez, chief executive, Argos, added, “We are delighted to be partnering with Putney on this investment. With this transaction, we are entering a new market that is closely tied to the US economy, that currently consumes close to 650,000 tons of cement per year and whose growth prospects are being driven by the latent recovery and the new programs aimed at stimulating investment in Puerto Rico. The acquisition strengthens our position as leader in the region.”

Source

(Visited 148 times, 1 visits today)

Get involved

Register

As a member of this site you will be able to receive aggregates news relating only to those categories that are most relevant to you, submit job listings for FREE, post questions in the Q&A, and more.

Register Now

Feature your company

The Feature Your Company listing is your custom-made (by us) profile page that allows you to add any of the following content: text, videos, links, images. The page will also be listed on the Featured Company landing page. Over 560 unique aggregates users visit the site per day! Complete the enquiry form now to contact us.

Contact us

Jobs

Are you looking for an aggregate related job? Click here to see our jobs listing supplied by industry experts United Employment.

See Jobs

Advertise

Reach thousands of budget holders and decision makers by promoting your company on the longest established aggregate website in the US & Canada. Or advertise in our emails which are sent to opted-in subscribers according to their chosen categories. All advertising will display correctly on tablets and mobiles as this site is responsive.