Montréal, May 4, 2011 - The Fonds de solidarité FTQ (“Fonds”) has invested $2 million in Groupe Crête division Saint-Faustin inc., a family-owned business in Saint-Séverin, in Mauricie. The investment will be used to reopen Scierie Forget, a softwood sawmill that closed its doors in November 2009 and that was acquired by Groupe Crête earlier this year. Operations are set resume in the weeks ahead.
Located in Saint-Faustin–Lac-Carré, Scierie Forget was one of Québec’s largest independent sawmill operators for many years. The reopening should have a positive impact on some 250 direct and indirect jobs.
“We are proud to play a role in the reopening of the sawmill in the Laurentides. This is great news for this forestry region, which has been hard hit by the slowdown in the industry,” said Gaétan Morin, Executive Vice-President, Investments, at the Fonds de solidarité FTQ. “The sawmill will support the development of Groupe Crête’s other businesses, Maxi-Forêt and Scierie Jean Riopel, by supplying them with raw materials, and in so doing strengthen its foundation in order to build a profitable, sustainable industry in the Laurentides and Lanaudière,” added Mr. Morin.
Groupe Crête division Saint-Faustin has a number of advantages, including low production costs and state-of-the-art equipment. Its business strategy will focus on obtaining certification from the Forest Stewardship Council (FSC). The sawmill will focus on developing jack pine for patio wood, softwood for exterior siding and tamarack for the flooring and patio wood markets.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $7.7 billion as at November 30, 2010, the Fund is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 2,052 companies. With its 577,511 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect 150,133 jobs. For more information, visit www.fondsftq.com.
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For further information: Josée Lagacé
Senior Advisor, Press Relations and Communications
Fonds de solidarité FTQ
Telephone: 514 850-4835
E-mail: jlagace@fondsftq.com