MONTREAL, Feb. 12 /CNW Telbec/ - Pétromont and Company, Limited
Partnership announced today the interruption of its operations for an
undetermined period. Pétromont shall proceed to suspend its operations on
April 30, 2008.
This difficult context is the result of several factors, including the
strong Canadian dollar and persistent difficulty in obtaining petroleum-based
feedstock at competitive prices. These factors have had a major impact on the
Company's profitability, and in light of the equally unfavourable conditions
affecting the petrochemical sector across North America, Pétromont has no
choice but to suspend its operations.
The petrochemical facilities will be kept intact in the event that the
market conditions change or an expression of outside interest is received.
The Company's senior management is sensitive to, and will assist in
dealing with the adverse impacts of this decision as well as the uncertainty
and anxiety for employees and their families.
Pétromont is a major Québec petrochemical company with average annual
sales of $750 million. It operates two plants in the Montréal region. The
first, in Varennes, manufactures basic petrochemicals, while the plant in
Montréal East produces polyethylene resins sold mainly on the North American
Pétromont is a limited partnership owned equally by Dow Chemical Canada
Inc. and the Société générale de financement du Québec.
For further information:
For further information: Louis A. Rail, Pétromont Inc., (514) 650-8506