MONTREAL, Sept. 18 /CNW Telbec/ - Société générale de financement du Québec (SGF) announces today the acquisition from Domtar of a 4,069-hectare forest area, located near Grande Vallée, in the Gaspé Peninsula, for $8.5 million.
Through this acquisition, SGF helps preserve Quebec's forest heritage and intends to maximize its value, while following appropriate silvicultural procedures. On the longer term, SGF hopes to implement a management model that would contribute to the development of one of the Gaspé Peninsula's most beautiful salmon rivers in accordance with sustainable development principles. "SGF will work toward preserving and developing the river's cultural character, while managing the forest area's potential and thereby maintain jobs within the region and even create new ones," says Pierre Shedleur, President and General Manager of SGF.
This investment will enable SGF to increase the total size of the forest areas it controls within Quebec, thereby becoming a key player as a private wood owner and producer, especially within the Gaspé Peninsula. Territorial operations management will be assigned to Gestion forestière Lacroix, an SGF subsidiary, which owns La Dunière, purchased from Bowater in 2006.
Société générale de financement du Québec (www.sgfqc.com), an industrial and financial holding company, has a mission to carry out economic development projects, particularly in the industrial sector, in cooperation with partners and in compliance with accepted profitability requirements and with the economic development policy of the Québec government. As part of its new mandate, SGF is authorized by the Québec government to go beyond its traditional role as an equity investor by offering complementary solutions, such as loans, debentures or preferred capital-share investments.
SOURCE SOCIETE GENERALE DE FINANCEMENT DU QUEBEC
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