Colombian cement company, Cementos Argos, is acquiring some of Lafarge’s U.S. assets, The Wall Street Journal reports. Argos will pay around $760 million to the French company for the facilities. The facilities being sold include cement plants in South Carolina, Alabama and Georgia.
Medellín-based Argos is seeking to fund the purchase through a bank loan and cash that it received by selling its stake last year in a holding company. The acquisition will bring Argos’s U.S. investments to nearly $1.5 billion over the last five years. After the sale, which is awaiting regulatory approval, Lafarge will retain 21 cement and grinding plants and stakes in other product lines in the U.S., adds Bloomberg.
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