Construction product manufacturer Canam receives $50M loan
Fonds de solidarité FTQ to support the St-Georges-based company's growth
Construction materials manufacturer Canam has received a $50 million unsecured loan from Fonds de solidarité FTQ to support the growth of St-Georges-based Canam Group.
“Today, Canam is a world leader in construction materials and services thanks to its teams’ expertise, the quality of their work and a diverse line of products,” says Janie Béïque, Senior Vice-President, Industries, Entertainment and Consumer Goods, at the Fonds de solidarité FTQ.
“The growth of this Québec flagship company will continue to be fuelled by both the domestic and foreign markets and will benefit the entire Québec industry,” he adds in a prepared statement released today.
“We are happy to be associated with the Fonds de solidarité FTQ, an institution that is well aware of the needs of the manufacturing sector,” says Marc Dutil, President and Chief Executive Officer of Canam Group. “This new partnership shows the strength of our business record and the expertise of our team.”
Canam is currently involved in major projects including the approaches to the new Champlain Bridge in Montréal, the Atlanta Falcons’ new stadium, and the retractable roof for New York’s Arthur Ashe Stadium.
This is the Fonds’ third investment in the construction materials sector in a short period of time. In February 2015, the Fonds de solidarité FTQ led a group that brought ownership of door and window manufacturer ATIS Group back to Québec. In September, the Fonds also announced a reinvestment to support the growth of AGF Group, a company specializing in reinforcing steel, post-tensioning and scaffolding & access.
As of November 30, 2015, the Fonds de solidarité FTQ, with the Fonds régionaux de solidarité FTQ, had 72 construction and construction materials companies in its portfolio totalling $186 million in investments and supporting some 4,416 jobs.
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.2 billion as of November 30, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds is a partner, either directly or through its network members, in more than 2,550 companies. With more than 600,000 shareholder-savers, the Fonds helps create, maintain and protect more than 176,000 jobs. For more information, visit www.fondsftq.com.
Canam Group specializes in designing integrated solutions and fabricating customized products for the North American construction industry. Each year, Canam Group takes part in an average of 10,000 building, structural steel and bridge projects, which can also include the supply of preconstruction and project management services. The Corporation operates 22 plants across North America and employs close to 4,300 people in Canada, the United States, Romania, India and Hong Kong. www.groupecanam.com