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News Grupo Argos cuts 2020 expenses by US$245m

Grupo Argos cuts 2020 expenses by US$245m

Written by Global Cement staff 27 March 2020
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Colombia: Cementos Argos owner Grupo Argos has announced a raft of cuts to investments and expenses worth a total of US$245m in response to the impacts of Covid-19. Noticias Financieras News has reported that US$61.2m of the cuts will be to planned investments in expansion projects and raw materials inventory restocking, including to some in the cement business. Group Argos President Jorge Mario Velasquez said that the measures would, “give additional currency for the different sources, cash and funding that the organization has access to and give us relative peace of mind in our cash structure.”

Grupo Argos said it would stick to its US$3.67bn five-year investment plan.

Last modified on 01 April 2020
Published in Global Cement News
Tagged under
  • Colombia
  • Grupo Argos
  • Cementos Argos
  • costs
  • Investment
  • reduction
  • Expansion
  • Raw Materials
  • stockpiles
  • Supply
  • currency
  • reorganisation
  • planning
  • coronavirus
  • GCW449
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