BOUCHERVILLE, QC, March 23 /CNW Telbec/ - Canam Group Inc. (TSX - CAM),
specialized in the design and fabrication of construction products and
solutions, will acquire a 39.2% interest in United Steel Structures Limited
(USSL), a Chinese company which operates a bridge and structural steel
fabrication plant in Guangzhou in southeastern China. This represents an
investment of US$7.7 million by Canam Group. The transaction is subject to the
approval of Chinese regulatory authorities.
Canam Group chairman of the board and CEO Marcel Dutil stated that the
geographic expansion of the company's area of operation in emerging countries
is part of its long-term development strategy. This venue for additional
production capacity in China will allow Canam Group to take greater advantage
of economic activity in North America and could eventually give Canam Group's
value-added products access to the Chinese market.
USSL operates a bridge and structural steel plant with an annual
production capacity of 40,000 tons and relies primarily on export markets.
Guangzhou Shipyard International Co. Ltd. is the majority shareholder in USSL.
In addition to its stake in USSL, the Canam International business unit
of Canam Group has a minority interest in Canam Asia Limited, which operates a
plant in Dammam, Saudi Arabia, and another in Ra's Al-Khaymah in the
United Arab Emirates, and which is currently setting up a plant in Ho Chi Minh
in Vietnam. Canam International also has minority interests in
Canam Russia Limited, Canam Romsa de Mexico S.A. de C.V. and Canam. S.A. which
operate their respective plants in Stary Oskol, located 500 kilometers south
of Moscow, in Monterrey, Mexico, and in Niort, France.
Canam Group Inc. is an industrial company operating 11 plants specialized
in the design and fabrication of construction products and solutions. The
company employs close to 3,000 people in Canada, the United States, Romania
For further information:
For further information: François Bégin, Communications Manager, (418)
228-8031, email@example.com, www.canamgroup.ws