To prepare and apply two-component cement, the components are vacuum-packaged in elongated flexible fluid-tight compartments and those compartments are confined in abutting relation with a seal existing around the abutting portions of the compartments. One of the compartments is gradually collapsed to force its contents to break through the abutting wall portions into the other compartment while the extension of the other compartment is controlled as it receives the one compartment contents so as to enhance the intimacy of contact between the cement components. Then the other compartment is gradually collapsed to force its contents into the one compartment while controlling the extension of the one compartment as it receives the other compartment contents so as to further mix the components. The two compartments are alternately collapsed and controlledly extended until the components therein form a homogeneous cementitious mixture. Then a nozzle is attached to one of the compartments in lieu of the other compartment and the one compartment is collapsed to expel the mixture through the nozzle to the deposition site. Specific apparatus for preparing and applying the cement is also disclosed.