Votorantim Cimentos, through its Canadian subsidiary St. Marys Cement, will combine its assets with those of Ciment Mcinnis to create a joint entity for the purpose of manufacturing, distributing and selling cement in Canada and the United States
, we learn by press release.
However, this joint venture will be 83% owned by the Brazilian conglomerate Votorantim Cimentos International.
According to the press release, the Caisse de depot et placement du Québec (CDPQ) retains a 17% stake in the McInnis cement plant.
Quebec jobs maintained, for now
The Brazilian company is committed to maintaining facilities and jobs at the Port-Daniel – Gascons plant until 2029, and to reducing the carbon footprint of its activities.
This partnership will allow the Port-Daniel – Gascons plant to benefit from the expertise in production, distribution and operation of Votorantim
, underlines the first vice-president and head of investments in Quebec and sustainable investment of the CDPQ, Kim Thomassin, in the statement released Thursday.
She adds that this union will serve market development in eastern Canada, the Great Lakes region and along the northeast coast of the United States.
Ciment McInnis has an annual capacity of 2.2 million tonnes of cement at its Gaspé plant, and a network of 10 marine, rail and road terminals in Canada and the United States.
Votorantim Cimentos has cement plants in Canada and the United States, as well as a distribution network in the Great Lakes region.
Over the years, the CDPQ and Investissement Québec have disbursed more than $ 750 million for the McInnis cement plant in the form, among other things, of share capital and guaranteed loans.
Last September, François Legault and his Minister of the Economy, Pierre Fitzgibbon, both said that Quebec would not invest more in Ciment McInnis, even if it means letting the company pass into foreign hands.
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