Canam Manac Group sells Manac division

The Canam Manac Group Inc announced that the Solidarity Fund QFL, the Bourgie family, and the investment group Partenaires de Montreal managed by Pierre Bourgie and Charles Dutil will purchase Manacat a fairness transaction of $70 million. This transaction excludes the equipment, land, and building of the Orangeville plant closed in summer 2003.

Marcel Dutil, president and chief executive officer of The Canam Manac Group, made the announcement during the general annual meeting of shareholders in Saint-Georges de Beauce recently.

Manac's new shareholders will be Le Fonds de Solidarité FTQ, who will hold 40%; the Bourgie family and Les Partenaires de Montreal, who will jointly hold 40%; and Charles Dutil, who will hold 20%.

An independent committee of The Canam Manac Group's board of directors — consisting of Élaine Beaudoin, Paul Gobeil, and Bruno Riverin — ruled that the transaction was financially fair for the group. The transaction is subject to final approval of the board of directors.

The Canam Manac Group Inc operates 17 plants that fabricate steel components, semitrailers, and forestry equipment. In 2003, sales reached $825,732,000 (Canadian). The company employs about 4,000 people in Canada, the United States, Mexico, Romania, and India.

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