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Friday, May 24 2019 @ 01:33 PM UTC

Colombia Cementos Argos Gets $65M Panama-Canal Cement Contract

Canal ExpansionBy Inti Landauro - BOGOTA (Dow Jones)--Cementos Argos SA (CEMARGOS.BO), Colombia's largest cement maker, signed a contract to sell $65 million worth of cement and other supplies to the group expanding the Panama Canal. The company will start to supply the group building a new set of locks on the Panama Canal in December and will keep on supplying until the first quarter of 2014, Cementos Argos said Tuesday in a statement. The company's Panamanian unit will manufacture the cement for the canal, though Argos's plant located in the Caribbean port of Cartagena will back up the Panama operations if needed. Over the past five years, Cementos Argos has invested $100 million in Panama to upgrade its operations there. A consortium made up of Sacyr Vallehermoso SA (SYV.MC), Italy's Impregilo SpA (IPG.MI) and other partners last year won the contract to build a new set of locks in the canal for $3.12 billion. The expansion is due to be ready in 2014 and will double the capacity of the Panama Canal. Shares of Cementos Argos were up 1.4% to 11,480 Colombian pesos ($6.11) in recent trading.
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