Displaying items by tag: Puerto Rico

Puerto Rico: Colombia's Cementos Argos has launched its brand in Puerto Rica following the purchase of a cement terminal in May 2015.

"Through this new receipt, storage and distribution terminal, we are making all of our experience, knowledge and innovation available to the local market. All of these elements together, in combination with our personalised technical advice and industrial professionalisation programmes, make up Argos' value promise: Support and accompaniment," says Mauricio Ossa, the vice president for Cementos Argos' Caribbean and Central American regional division.

On 1 May 2015 Argos took over the management of the terminal and began an integration to efficiently align the new operation with its existing structure and thus ensure unification processes and services. The terminal boosts the creation of synergies with the company's existing operations, further driving trading activities that were already on the rise.

"Puerto Rico complements our existing logistics platform, allowing us to efficiently interconnect strategic production assets with our main markets, providing us with an enhanced level of operational flexibility that fits in perfectly with our strategy," said Ossa.

Argentina: Loma Negra, the cement assets purchased in 2005 by Brazil's Camargo Corrêa Cimentos from the Fortabat family in a US$1bn deal and later incorporated into Intercement is likely to be sold, according to El Cronista. Loma Negra began 2011 with a US$400m four-year investment that includes US$250m to set up a plant at San Juan, Puerto Rico. It would be Loma Negra's 10th cement plant.

Puerto Rico: Cementos Argos has purchased a 60% stake for US$18m in Wetvan Overseas, a company that controls a cement terminal in Puerto Rico. The remaining 40% belongs to Grupo Vicini, a Dominican business group holding investments in the Caribbean and Central America. The acquisition will give Argos a 15% market share in Puerto Rica.

"With this transaction, we are entering a new market that is closely tied to the US economy, that currently consumes close to 650,000t/yr and whose growth perspectives 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," said Jorge Mario Velásquez, CEO of Argos.

With the new purchase Argos increases its presence in the Americas with operations in Antigua, Colombia, Curacao, Dominica, the US, Haiti, Honduras, French Guiana, Panama, Puerto Rico, the Dominican Republic, Saint Martin, Saint Thomas and Suriname.