Montréal, May 11, 2010 – Glendyne Inc., a company located in Saint-Marc-du-Lac-Long (Témiscouata), today announced that it will resume roof slate mining and manufacturing operations.
The 250-employee firm had temporarily shut its doors in 2009 after filing for protection under the Companies Creditors’ Arrangement Act (C-36). Activities will resume this week as employees are gradually called back to work.
As part of the recovery plan, FIER Témiscouatain and the Fonds de solidarité FTQ put together a group of Québec and European investors to back the quarry. In all $9.5 million will be invested in Glendyne’s recovery.
To implement the recovery plan, Irénée Bouchard was appointed CEO. An actuary by profession, Mr. Bouchard spent 20 years at the helm of Polycor, a North American leader in quarry mining and the manufacture and distribution of granite, marble and other stone.
“Glendyne is the largest slate quarry in North America. The quality of its deposit is recognized around the world. I’m pleased to join the management team and to have the support of such an eminently qualified board. I’m also proud to be able to rely on the expertise of Dany Dumont, who will assume an advisory role in the company’s development. I encourage Glendyne’s employees to be optimistic about the future. We have some big challenges ahead of us, and I hope that we can all work together to quickly resume operations. With the economic recovery that began early this year, our order book is big enough to allow us to call back most of our employees within the next few weeks,” stated Glendyne CEO Irénée Bouchard.
About FIER Témiscouatain
FIER Témiscouatain is a venture capital fund that serves the Bas-St-Laurent region. It receives two thirds of its funding from the government and one third from local investors. Aimed at helping companies obtain seed and development capital, the fund also backs transformative regional projects.
About Glendyne
Glendyne extracts and processes natural slate for high-end markets. Known worldwide for its top quality products, the company relies on the traditions of master slate quarry workers and new technology to better serve its clients while maximizing the deposit’s potential. Glendyne slate is offered in various points of sale in Europe, North America and Australia.
- 30 -
Source: Pierre Bégin
Glendyne Inc.
Tel.: (418) 893-1585