The investment is part of GLV's takeover of Austrian-based Christ Water
MONTREAL, Nov. 23 /CNW Telbec/ - The Solidarity Fund QFL is proud to announce a $38.5 million investment in GLV Inc., a leading global provider of technological solutions used in water treatment, recycling and purification, as well as in pulp and paper production. The company's main Québec plant is located in Trois-Rivières.
The Fund's investment and that of other investors, as well as Caisse de dépôt et placement du Québec, will allow GLV to acquire Austrian-based Christ Water Technology AG ("CWT"), renowned for its expertise in designing and fabricating systems based on advanced technologies for industrial and municipal wastewater treatment.
"Already a partner of GLV, the Fund is furthering its business relationship because it believes in the company's management team, which has been successfully implementing a strategic business plan and positioning GLV as a global leader in its field. By acquiring CWT, GLV is enhancing its visibility on the international scene, consolidating its Québec operations and reinforcing its competitive position in a promising market. Consistent with our mission, this investment will generate positive spinoffs for Québec," stated the Gaétan Morin, the Fund's Executive Vice-President, Investments.
"We're thrilled that we were able to complete the CWT takeover and that we could rely on the expertise and financial support of the Solidarity Fund QFL, which continues to move in lock step with us. This acquisition is a strategic opportunity for GLV to grow in a booming sector. The spinoffs of this transaction will benefit Québec because CWT's decision-making centre will be transferred in the medium term to our Montréal head office," commented GLV Executive Vice-President and CFO Marc Barbeau.
With net assets of $6.4 billion and record investments of $848 million in the past fiscal year, the Solidarity Fund QFL, backed by its network of regional and local funds has the wherewithal to support its 2,000 partners so they can implement their growth plans, modernize their equipment, boost their productivity and become more efficient and competitive.
About the Solidarity Fund QFL
The Solidarity Fund QFL helps drive our economy. With net assets of $6.4 billion as at May 31, 2009, the Fund is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 2,000 companies. It currently has nearly 571,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect nearly 143,000 jobs. For more information, visit www.fondsftq.com.
SOURCE Fonds de solidarité FTQ
For further information: For further information: The telephone number provided below is for the exclusive use of journalists and other media representatives: Josée Lagacé, Senior Advisor, Press Relations and Communications, Fonds de solidarité FTQ, (514) 850-4835