MONTREAL, Nov. 4 /CNW Telbec/ - Société générale de financement du Québec (SGF) is proud to announce the conclusion for the acquisition of forest land owned by Smurfit-Stone Container Canada Inc. (Smurfit-Stone), a subsidiary of Smurfit-Stone Container Corporation for $60.4 million. The land acquired consists mainly of two territories located north of the city of La Tuque, specifically the north and south blocks of upper St. Maurice as well as the lower St. Maurice lot. Covering over 389,000 ha, or 3,890 km2, these lands are known locally as the "Francs-Alleux territory".
By acquiring these assets, SGF participates in the maintenance of the Québec's forest heritage. "As an experienced forest land manager, SGF is confident it can increase the potential of this territory and contribute to the consolidation the region's forest sector", says Pierre Shedleur, SGF President and General Manager.
In addition, SGF wants the territory to be put to contribution for procurement purposes for the La Tuque containerboard mill or as part of transformation projects. The daily management of operations will be ensured by a subsidiary of SGF, Gestion forestière du Saint-Maurice inc., whose head office is located in La Tuque. Over the next few months, Gestion forestière Saint-Maurice intends to implement an integrated valorization plan for the territory to maximize medium- and long-term.
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
For further information: For further information: Sophie Alarie, Senior Advisor, Communications and media relations, Société générale de financement du Québec, (514) 876-9368