Quebec teams up with private industry to develop $1B cement plant
Expected to support about 2,300 jobs during construction phase, hundreds more during operation
MONTREAL—Bombardier’s founding family is partnering with Quebec’s government and two provincial agencies to invest $1-billion in a new cement plant in the Gaspe region.
The project is expected to support about 2,300 jobs during the construction phase and hundreds of jobs during operation.
The project is being led by McInnis Cement, a company formed by members of the family that founded Bombardier Inc. and its spinoff, BRP Inc.
The Quebec government will provide a guaranteed loan worth about $250-million.
The province’s investment arm will invest $100-million and the Caisse de depot pension management system will invest an additional $100-million.
The location in the community of Port-Daniel-Gascons was selected because of its rich limestone formations and proximity to maritime shipping that will carry 95 per cent of annual production.
The plant is welcome news for an area of Quebec that suffers from high unemployment.
But rivals in the cement industry say government funding will threaten other jobs in the province.