Colombia’s largest cement company Argos has bought several cement plants in Alabama, Georgia and South Carolina for $760 million, reported local media Thursday.
Argos Cements bought the plants from the French company Lafarge. Argos entered the US market in 2005 and says it plans to become the fourth largest ready mix producer in the U.S.
Chief Executive Jose Velez said in an interview as reported by Dow Jones “We are conservative in our outlook but we do expect more activity in 2010.” Velez also said that he is not worried by the weak dollar or the strong peso.
“Because of the weakness of the dollar most of our inputs are cheaper now … The net impact of the appreciation [of the peso] is zero at this time.”
The purchase, which is still subject to approval from U.S. regulators, is part of an long term expansion strategy aimed at consolidating Argos’ presence in the U.S. market.