SNC: Fonds de Solidarit‚ FTQ, Clermont Levasseur and
SNC-Lavalin Intend to Acquire Assets of Gasp‚sia Mill in
Chandler From Abitibi-Consolidated
MONTREAL, QUEBEC--JUNE 23, 2000--The consortium comprising Fonds de Solidarite
FTQ, Clermont Levasseur and SNC-Lavalin has submitted an offer to
Abitibi-Consolidated for the acquisition of the Gaspesia paper
mill in Chandler, Quebec.
Investment costs for the project would total approximately $400
million. Once the acquisition is accepted, plans for the paper
mill include reconstructing the plant to produce value-added high
quality coated free sheets, the kind of paper used in high-gloss
magazine production. The Chandler plant used to produce
newsprint, but was shut down one year ago.
"The demand for coated free sheets is increasing," said Clermont
Levasseur, a leading entrepreneur and promoter in the forest
products industry. "And by recycling fibre supply, we are
encouraging the regrowth and redistribution of the Gaspe region's
forests for other users. However, there are still several steps
before the transaction is concluded."
The Fonds de Solidarite FTQ, with net assets of more than $3.3
billion, is an investment fund which uses Quebecers' savings,
through RRSPs in particular, to contribute to the creation and
maintenance of private-sector jobs and to play a role in the
economic development of Quebec. The Fund now has more than
420,000 shareholders and has participated, alone or with other
financial partners, in the creation, maintenance and protection of
more than 80,000 jobs.
SNC-Lavalin Group is one of the leading engineering and
construction firms in the world, and a key player in the ownership
and management of infrastructure. The group and its companies
have offices across Canada and in 30 other countries, and are
currently working in some 100 countries. The company is listed on
the Toronto Stock Exchange (symbol: SNC). |
