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Summit Materials, Inc. (SUM) is a vertically integrated construction materials company that focuses on the production and distribution of cement, ready-mix concrete, and aggregates. The company operates across multiple states in the United States, providing essential materials for construction projects. Summit Materials is known for its commitment to sustainability and innovation in the heavy construction materials industry.
- Cement - Operates four integrated cement plants and two cement grinding facilities, producing cement for both internal and external customers. The company also has significant import capacity supported by ports and inland terminals.
- Ready-Mix Concrete - Operates 140 ready-mix concrete plants, offering a variety of mixes tailored for commercial, residential, highway/civil, and homeowner/DIY uses.
- Aggregates - Supplies aggregates across the United States and British Columbia, Canada, with a portion used internally for ready-mix concrete and asphalt paving mix production.
- Supplementary Cementitious Materials (SCMs) - Expanding into SCMs and other complementary business lines as part of its long-term growth strategy.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anne P. Noonan Executive | President and Chief Executive Officer | Board Member at CF Industries Holdings, Inc. | CEO of SUM since 2020; previously CEO of OMNOVA Solutions; extensive experience in corporate strategy, M&A, and operational leadership. | View Report → |
Brian D. Frantz Executive | Senior Vice President, Chief Accounting Officer, and Treasurer | None | Joined SUM in 2017; previously held senior roles at Intrepid Potash, including Chief Accounting Officer and interim CFO. | |
C. Scott Anderson Executive | Executive Vice President and Chief Financial Officer | None | CFO of SUM; previously Central Region President and Kansas Region President; long tenure at SUM with financial and operational expertise. | |
Charles DePriest Executive | Executive Vice President, East Segment Construction Materials | None | Joined SUM in 2017 via acquisition of Georgia Stone Products; led Central Region to a 30% EBITDA margin and oversees greenfielding projects in the Southeast. | |
Chris B. Gaskill Executive | Executive Vice President, Chief Legal Officer, and Secretary | Chair of the Board of Governors of Colorado Goodwill | Joined SUM in 2015; previously held senior legal roles at Western Union and Cardinal Health; began legal career at Simpson Thacher & Bartlett. | |
David Loomes Executive | Executive Vice President, Cement | None | Joined SUM in 2020; oversees a 9-million-ton cement business; previously held roles at Suffolk Construction and Holcim/LafargeHolcim. | |
Jason Kilgore Executive | Executive Vice President, West Segment Construction Materials | None | Joined SUM in 2010 after founding Kilgore Paving; focuses on vertical integration and operational efficiency in high-growth markets. | |
Marshall D. Moore Executive | Executive Vice President and Chief Operations Officer | None | Joined SUM in 2024; previously CTO at OMNOVA Solutions; focuses on operational excellence and IT integration. | |
Anne K. Wade Board | Director | Senior Advisor at Leaders\u2019 Quest; Board Member at Man Group plc; Trustee at Bates College | Director since 2016; extensive experience in governance and financial services; Senior Advisor at Leaders\u2019 Quest. | |
Anne M. Cooney Board | Director | Board Member at The Manitowoc Company, Inc. and WESCO International, Inc. | Director since 2018; Chair of the Governance and Sustainability Committee; former President at Siemens Industry, Inc.. | |
Howard L. Lance Board | Chairman of the Board | Board Member at Mercury Systems and New Vista Acquisition Corp. | Chairman of SUM since 2013; former CEO of Maxar Technologies and Harris Corporation; extensive leadership experience in industrial and technology sectors. | |
Irene Moshouris Board | Director | Board Member at XPO, Inc. | Appointed in 2024; former SVP and Treasurer at United Rentals; extensive financial and operational expertise. | |
Jorge Mario Vel\u00e1squez Board | Director | CEO of Grupo Argos S.A.; Board Member at Cementos Argos, Celsia, Odinsa, and Grupo de Inversiones Suramericana | Appointed in 2024; extensive expertise in construction materials, risk management, and corporate strategy; CEO of Grupo Argos since 2016. | |
Joseph S. Cantie Board | Director | Board Member at TopBuild Corp. and Howmet Aerospace Inc. | Director since 2016; Chair of the Audit Committee; former CFO of ZF TRW and TRW Automotive Holdings. | |
Steven H. Wunning Board | Director | Board Member at Kennametal Inc.; Trustee at Missouri University of Science and Technology | Director since 2016; former Group President at Caterpillar Inc.; extensive industrial and operational expertise. | |
Susan A. Ellerbusch Board | Director | Board Member at CF Industries Holdings, Inc. | Director since 2018; former CEO of Air Liquide North America; extensive experience in chemicals and energy industries. | |
Tamla D. Oates-Forney Board | Director | CEO of Linkage, a SHRM Company; Board Advisor at UNC Kenan-Flagler Business School | Director since 2021; former CHRO at USAA and Waste Management; extensive human capital expertise. |
- Considering the significant $20 million impact from severe weather on your cement margins, can you elaborate on specific strategies you're implementing to mitigate such impacts in the future and how we should adjust our margin expectations for next year?
- Your sequential aggregates cash gross profit growth in Q3 was similar to last year's despite more challenging operational conditions and less uplift in pricing; can you explain the factors contributing to this performance, particularly any shifts in business mix or market dynamics, and how you plan to address these challenges moving forward?
- You've expressed confidence in achieving $80 million in cement synergies over 2024 and 2025, with a long-term goal of $130 million; can you provide detailed insights into the operational and commercial initiatives driving these synergies and what risks might hinder you from reaching these targets?
- With the trimming of discretionary spending and a reduction in your CapEx guidance, which specific projects or investments are being deferred, how might this impact your operational capabilities or growth prospects, and how are you balancing cost control with strategic priorities?
- As you anticipate aggregates pricing to increase above historical growth rates in 2025 amidst volatile cost inflation, how are you ensuring that your pricing strategy sufficiently covers potential cost increases, and do you have measures in place to manage inflationary risks beyond your targeted price-cost gap?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Argos USA acquisition | 2024 | Summit Inc. completed the acquisition of Argos USA on January 12, 2024 for a total consideration of approximately $3.1 billion (with $1.2 billion in cash and equity components), acquiring integrated cement and concrete assets that expand its footprint in the U.S. East and Gulf Coast regions. |
West segment acquisitions (three deals) | 2023 | Three acquisitions in the West segment were completed during the first nine months of 2023 with a total purchase price of $241.1 million (predominantly paid in cash), adding significant property, plant and equipment and $108.8 million in goodwill, including a key deal in the Phoenix, Arizona market. |
West segment acquisition (Q1, Phoenix) | 2023 | A Phoenix, Arizona acquisition in Q1 2023 was executed with a purchase price of $55.9 million (net cash paid $55.5 million and net assets of $29.0 million including $26.9 million in goodwill), aligning with Summit Materials’ strategy to expand its West segment footprint, though final purchase price allocations remain pending. |
East segment acquisition | 2023 | Completed in the first quarter of 2023 (three months ended April 1, 2023), this acquisition was executed for $55.9 million (including $26.9 million in goodwill) and involved the purchase of property, plant, equipment, and other assets, with net assets valued at $29.0 million. |
SCI Materials acquisition | 2022 | On October 14, 2022, Summit Materials completed the acquisition of SCI Materials, an aggregates-based business that marks its entry into the high-growth Florida market and supports its Elevate Summit Strategy, serving as a platform for further M&A in strategic markets. |
East region acquisitions acquisition | 2022 | During the nine months ended October 1, 2022, Summit completed an acquisition in the East region for $1.933 million (with detailed allocations in property, plant, equipment and inventories and no goodwill recognized), further complemented by an additional aggregates-based business acquisition in Florida in October 2022 to bolster its materials-led strategy. |
Recent developments and announcements about SUM.
Press Releases
Press Release
·Feb 12, 2025, 1:49 AMView full press release →Summit Materials is now a private subsidiary following its acquisition by Quikrete Holdings. The merger was executed at $52.50 per share in cash, with an enterprise value of approximately $11.5B; Summit stock has now ceased trading.