Cementos Argos has announced its intention to complete a spin-off that will separate its US and Latin America businesses into two independent organisations.
The spin-off of its US business, Argos USA, comes in preparation for its listing on the New York Stock Exchange. The process is set to take 24 months, following the board of directors of Cementos Argos’s decision to move forward with the company’s 2030 strategic vision.
“This decision entails a natural evolution of the organisational structure to accelerate the execution of this strategic ambition, through the separation of operations into two independent companies: Argos Materials in the United States and Argos Latam,” the company wrote in its release.
“Both companies are leaders in their respective regions and will operate with the autonomy needed to pursue growth opportunities and maximise value creation in their markets.”
The move comes after Jason Teter was appointed as the chief executive officer of Argos Materials in January. The experienced industry executive, who has previously worked for Vulcan Materials and Lafarge USA, will continue in his role at Argos Materials.
Carlos Horacio Yusty has been appointed as the chief executive officer of Argos Latam which includes leading operations across Colombia, Central America, the Caribbean, and the 15 geographies outside the US.
“[Carlos’] appointment reflects his outstanding leadership of the Colombia Region, which has become one of the most efficient and profitable operations in the regional industry under the successful From mine to market management model,” the company wrote in its release.
Tomás Restrepo has been elevated as the executive vice president of Cementos Argos where he will oversee the transition and separation of Argos Latam and Argos Materials. As part of this, Restrepo will work with Teter and Yusty on the “strategic roadmaps” for their respective companies.
Natalia Ochoa has assumed the role of chief financial officer of Cementos Argos.
“She has led corporate finance at Cementos Argos, playing a key role in the combination of Argos USA with Summit Materials, the subsequent sale to Quikrete, and the financial structuring of the US aggregates business (Argos Materials),” the company wrote in its release.
