The McInnis Cement plan project, a collaboration between Caisse de dépôt et placement du Québec and other shareholders, is close to 75 per cent completed and will be finalized in time for the first cement deliveries in the spring.
“With the significant turnaround of operations and approximately $280 million in new financing, everything is in place to complete the project on schedule,” said Christian Dubé, executive vice-president, Québec at Caisse.
Read: Caisse to invest additional $125 million in McInnis Cement project
In August, Caisse invested an additional $125 million in the project and funds managed by BlackRock Alternative Investors were also added through a $125 million debenture. Also, in order to address execution issues, Caisse agreed to pass control of the project to Beaudier Ciment, the controlling shareholder of McInnis, which will consequently change control at McInnis’ board of directors.
The new leadership in the company’s management has strengthened expertise, increased productivity through better work organization and stepped up the daytime, nighttime and weekend pace of construction, according to a press release from Caisse.
“This turnaround, achieved in collaboration with the entire staff of McInnis Cement, will allow the cement plant to enter the market at the best possible time,” said Dubé.
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