Caisse de dépot, Bombardier family pouring money into McInnis Cement after failed sale efforts [Toronto Globe and Mail (Ontario, Canada)]
HEIDELBERG MTRLS UNSP/ADR (HDELY)
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Source: Toronto Globe and Mail
Caisse de dépot, Bombardier family pouring money into McInnis Cement after failed sale efforts Canadian pension fund giant Caisse de dépôt et placement du Québec is pouring more money into McInnis Cement after efforts to sell the controversial Gaspé Peninsula project last year failed to result in a deal. Montreal-based Caisse confirmed Wednesday it will lend $15-million to the venture, located on the eastern flank of Gaspé’s picturesque coast near the town of Port-Daniel-Gascons. It is Canada’s first new cement plant in half a century. The funds are part of a broader $5-million private capital refinancing that will also see the Bombardier family provide a $5-million loan and a group of 11 banks based in Canada and abroad commit another $3-million to fund the growth of the cement operations, McInnis said in a news release. The Quebec government is not investing any additional sums. Story continues below advertisement “The Caisse is making a longer-term bet here,” even if things haven’t
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