As of Dec. 31, the estimate is between $ 50 million and $ 100 million, according to documents released with its annual report released Thursday, which revealed Quebecs’ socks. This is a significant variation from the $ 300 million invested in Magnus Cement a year ago from $ 300 million.
“Dec. Today, we are in a joint venture with a strategic player who contributes to profitable assets that bring the ability to create value for our investment.”
As long as the pension plan manager retains his contribution, “we can not conclude that there is any income or material loss,” he said.
Opened in 2017, the Caspe campus, with about 200 employees, is set to become part of a joint venture to officially merge the North American assets of the Brazilian joint venture Vodorandim Cementos. It will be 83% controlled by a subsidiary of the world’s sixth largest cement manufacturer and 17% by CDPQ – which previously held 27.5% of cement magnesia.
450 million for a head office in Toronto
Since 2014, the pension plan manager has paid more than $ 450 million into the program, with the bill estimated at at least $ 1.6 billion.
It was announced last December that the transaction with Vodorantim Cementos would result in a total loss of 472 million for the Quebec government, which was a partner in the project apart from the lender.
When questioned, Michael Magnon, an executive professor and professor at Concordia University, was not surprised to find that CDPQ conducted a downward reassessment of its investment in Cement Magnes.
“We know that Guys is a salesman and that things are not going right for the company,” he explained in a phone interview. I think it would be nice to have a 17% joint venture with them today (than stocks before this), but the future will tell. ”
The joint venture will be headquartered in Toronto.
Currently in 11 countries, VoDorantime Cementos has 12,000 employees and a net income of $ 4.4 billion. The North American company will operate five cement plants, 22 distribution terminals and two cement plants.
Family of Futo
The Cement Works site was announced with great fanfare in 2014 by Paulin Morois’ PQ government and was managed by one of the shareholders, Pyotr, the investment firm of the Pyotr family. The project cost several hundred million dollars when the Liberal Party of Quebec, which gave the green light, was in power.
CDPQ has spent nearly half a billion dollars on the project since 2014. It was in control in 2016 and its stake in Cement Magnes was 27.5% as on 31st December 2019. The company, however, controlled the company’s board of directors.