Project close to $1 billion in value will create thousands of jobs in Gaspésie and Quebec
PORT-DANIEL-GASCONS, QC, Jan. 31, 2014 /CNW Telbec/ - McInnis Cement, a company owned principally by Québec interests, is pleased to announce the go ahead for its Port-Daniel-Gascons cement plant project. Construction will commence this Spring.
This announcement, long awaited by the community of Gaspésie, was made in the presence of Quebec Premier, Pauline Marois, Laurent Beaudoin, Chairman of Beaudier Inc., Michael Sabia, President and CEO of La Caisse de dépôt et placement du Québec and Christian Gagnon, President and CEO of McInnis Cement.
"We have been working hard since December 2011 to complete all the steps required to ensure that this project goes ahead. The building of the Port-Daniel-Gascons cement plant represents one of the largest industrial projects in Quebec," said Christian Gagnon, President and CEO of McInnis Cement.
"In addition to the completion of comprehensive updates to environmental studies, the financial structuring of this $1 billion project proved crucial to its realization."
"For more than two years, Beaudier has invested its time, energy and resources to ensure that the McInnis Cement plant project goes ahead. A partnership with experienced private investors, la Caisse de dépôt et placement du Québec and the Quebec government, will allow this long-awaited project to go forward," declared Laurent Beaudoin, Chairman of Beaudier Inc..
The Quebec government today confirmed that it would provide McInnis Cement a secured interest-bearing loan of $250 million. In addition, the government of Quebec, through Investissement Québec, holds a $100 million stake in the firm.
La Caisse de dépôt et placement du Québec will also make a $100 million equity investment alongside Beaudier, with which it has had a successful track record.
"The international export activity remains the driving force of Quebec economic growth. With its production targeting the U.S. market, the McInnis Cement project is fully aligned with this vision. I am convinced that with the excellent management team recruited by Beaudier and the proximity of the U.S. market, this project is a sound investment for La Caisse," said Mr. Michael Sabia, President and Chief Executive Officer of La Caisse de dépôt et placement du Québec.
The remaining funding for the project comes from a group of banks led by National Bank.
McInnis Cement foresees the construction of this new plant will begin in Spring, and proceed the next two years. During this period, no less than 2,300 jobs will be created.
"The Port-Daniel-Gascons cement plant will be a model of environmental performance. Thanks to technology, we will be able to meet the most stringent standards. In addition, the location of the plant and access to a marine terminal will make us highly competitive in the U.S. East Coast and Canadian markets," said Christian Gagnon.
Over time, cement Port-Daniel-Gascons will produce 2.2 million tons of cement, with a potential growth to 2.5 million tons. The majority of the cement produced will be exported out of Quebec.
For more information, please visit: www.cimentmcinnis.com
SOURCE: McInnis Cement
For further information:
For Cement and McInnis Beaudier:
NATIONAL Public Relations
Email: [email protected]
For the Caisse de dépôt et placement du Québec:
Email: [email protected]