- Corporation concludes year marked by sustained growth in both marine and environmental services
- Board of Directors appoints George R. Jones as Chairman
- Former Chairman David M. Mann to continue to serve as a director
MONTRÉAL, May 6, 2016 /CNW Telbec/ - Logistec Corporation, a leading provider of marine and environmental services, today held its 2016 annual shareholders meeting.
At the meeting, Madeleine Paquin, President and Chief Executive Officer, discussed Logistec's successes in 2015, priorities for 2016 and growth vision for the future. The event was held just weeks after the Company announced a transaction to acquire the remaining equity interest of Sanexen – a leading provider of environmental services and owner of Aqua-Pipe technology.
"I am pleased with our performance in 2015. We were able to further strengthen our leadership position in both our markets and deliver an 11.1% revenue growth, fuelled by a combination of our solutions-oriented approach, sustained investments, and geographic and industrial service diversification," said Madeleine Paquin. "We will continue to apply the same strategy in 2016. Our objective is to continue to position ourselves favourably to further develop our marine activities across eastern North America, while pursuing growth in our environmental services, including the expansion of Aqua-Pipe rehabilitation in the United States."
Board of Directors appoints new Chairman
Subsequent to the meeting, the Board of Directors appointed George R. Jones to succeed David M. Mann as Chairman. Mr. Jones has been an independent director with Logistec since 2004. Having been involved with the Noranda companies for most of his career, he is currently a corporate director and trustee, as well as a performance consultant to senior executives. His solid multisectorial management experience was a key asset in his role as Chair of Logistec's Governance and Human Resources Committee these past years. He has also been a member of the Audit Committee.
"I wish to sincerely congratulate George on his appointment as Chairman of the Board and I am confident that he will be an engaging leader that will bring Logistec's growth ambitions to new heights. I very much look forward to working closely with him and all other Board members", said Madeleine Paquin.
Shareholders were advised at the annual meeting early today that David M. Mann was retiring from his role as Chairman. He was first elected to Logistec's Board of Directors in 2001 and also served as a member of the Governance and Human Resources Committee, as well as of the Audit Committee. An experienced and accomplished executive, he currently serves on the boards of Brookfield Renewable Energy Partners L.P., New Growth Corp., Allbanc Split Corp. II. and Acadian Timber Corp.
"On behalf of all shareholders and his colleagues, I wish to express my most sincere gratitude to David for his invaluable guidance and wisdom, which we had the privilege of benefitting from over his ten years as Chairman of the Board. David has the ability to leverage each and every one of the members' strengths and areas of expertise in working towards the accomplishment of our most ambitious goals while upholding the highest governance standards. I am pleased to see him remain as director to continue developing Logistec's vision for the future," concluded Madeleine Paquin.
Logistec Corporation is based in Montréal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in some 30 ports and 40 terminals in eastern North America. Logistec also offers marine transportation services geared primarily to the Arctic coastal trade, short-line rail transportation services, and marine agency services to foreign shipowners and operators serving the Canadian market. Furthermore, the Company operates in the environmental sector where it provides services to industrial, municipal and other governmental customers for the trenchless structural rehabilitation of underground water mains, regulated materials management, site remediation, risk assessment, and woven-hose manufacturing.
The Company has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years. A public company since 1969, Logistec's shares are listed on the Toronto Stock Exchange under the ticker symbols LGT.A and LGT.B. More information can be obtained on the Company's website at www.logistec.com.
SOURCE Logistec Corporation
For further information: Jean-Claude Dugas, CPA, CA, Vice-President, Finance, Logistec Corporation, [email protected], (514) 985-2345