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This is the first of a two-case series (IMD-3-1484 and IMD-3-1485). In December 1998, the Swiss cement giant, Holcim (then known as Holderbank) acquired Corcemar SA, an Argentine company in which it held a minority stake and with which it had a technical assistance agreement. Holcim then merged Corcemar with another Argentine rival, Minetti SA, thus creating the second largest cement company in Argentina. The company faced a significant challenge to merge two complex and over-staffed rival family businesses, and transform them into a lean, efficient organisation able to realise the potential synergies driving its acquisition of the companies. Between 1999-2002, the CEO (Chief Executive Officer), Carlos Buhler, and his top management team, carried out a remarkable turnaround that took place in three phases. In the first phase, Buhler and his team carried out a strategic plan to realise the immediate merger goals of realising synergies and maximising cash flow. Minetti then embarked on a second phase to further optimise the company in order to exploit emerging opportunities for synergies. The company then went on to an unexpected third phase of restructuring, forced on it by the Argentine crisis of 2002. The case follows the actions taken by Buhler, his Technical Director Jurg Brem, and their team, to integrate the two companies, turnaround their operations and build an effective, and high-performing, organisation.