CDPQ to invest additional CAD150m in Ciment McInnis
Caisse de dépôt et placement du Québec (CDPQ) will invest a further CAD150m (US$115m) to Ciment McInnis, despite evaluating a possible divestment in the cement maker over the past year. A consortium of 11 Canadian and international banks has also extended a CAD300m loan to the company and Beaudier Inc has invested a further CAD50m.
“The context has changed because the cement plant has a very good performance,” said CDPQ spokesperson Yann Langlais-Plante. "The overall demand for the cement plant's product has grown particularly in Canada, so much so that the entire production of its plant is sold for the year 2019.”
The CDPQ remains the main shareholder with a 57.3 per cent stake in Ciment McInnis. However it “does not have the objective of being a long-term cement plant operator,” said the former VP of CDPQ and current National Assembly of Quebec member Christian Dubé.
