Canadian pension fund Caisse de Depot et Placement du Quebec and its partners have hired advisers to explore options for McInnis Cement, reported Bloomberg. The investors are considering options for the producer that could include bringing in new partners or an outright sale of the company.
In 2014, Montreal-based Caisse partnered with the Beaudier Group to develop the McInnis Cement’s facilities in Port-Daniels-Gascons, Quebec. The project was originally expected to cost about C$1.1 billion ($880 million) to develop but final costs were rumored to be closer to C$1.5 billion.
Two years later, Caisse took control of the McInnis project and invested an additional C$125 million alongside the same amount from funds managed by BlackRock Alternative Investors.
The McInnis Cement project was the first new cement plant to serve eastern Canada and New England in more than 50 years when it opened last year. It has a deep-water marine terminal next to the plant, which produces 2.2 million tpy, and operates its own distribution network of terminals in the U.S. and Canada.
