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Canam sale includes Claremont facility

  • Structal-Bridges in Claremont, on June 8, 2012. (Valley News - Sarah Priestap) Copyright Valley News. May not be reprinted or used online without permission. Send requests to permission@vnews.com.

Valley News Correspondent
Published: 1/20/2020 10:10:24 PM
Modified: 1/21/2020 6:13:41 PM

CLAREMONT —  The Marcel Dutil family, CDPQ and the Fonds have signed a definitive agreement with the American Industrial Partners (AIP) equity firm to acquire all of Canam Group’s Canadian operations, as well as certain assets in the United States, including Canam Bridges in Claremont, and overseas, the Canam Group said in a news release on Monday.

The transaction is expected to close in the coming weeks and will total more than $644 million. 

Under the terms of the agreement, the new company will now be owned equally by this group of Québec investors.

“With the support of CDPQ and the Fonds, Canam will continue to grow with the same standards of quality and reliability that have made its reputation,” said Marcel Dutil, Chairman of the Board of Canam Group. “We would like to thank AIP for its support and look forward to continuing our partnership in the United States.”

Charles Emond, Executive Vice President of CDPQ, said in the release the sale will repatriate control of the company to Québec.”

“With this transaction, Canam Group becomes a wholly Quebec-owned company once again,” said Janie Béïque, executive vice-president, Investment, Fonds de solidarité FTQ. 

The sale also includes a plant in South Plainfield, N.J., and Canam plants in Quebec, Ontario and Calgary.

Pooya Roohi, vice president of the Claremont facility, told the Valley News that the sale returns the company to its original owners.

Roohi said in 2017, AIP bought a 60% stake in the company and now the Dutil family, which retained 40%, is buying that 60% back with other investors

Marcel Dutil was a partner with AIP the last few years, Roohi said.

 Roohi said they don’t anticipate any changes at the River Road plant and in fact continue looking to hire more workers.

“We are very excited,” Roohi said about the sale. “We don’t expect any changes here. We are continuing to grow and focus on the quality of the products we provide to our customers.”

He said the company has 130 employees in Claremont.  Currently Canam is doing a lot of work at LaGuardia Airport and on the Pulaksi Skyway in New Jersey, Roohi said.

Canam Steel bought the Claremont plant, originally built in the 1970s by Joy Manufacturing, in 2009 and invested several million dollars into the production facility. Canam is a fabricator of large steel girders for bridges.

Among the more recent contracts include the bridge that replaced the Tappan Zee Bridge over the Hudson River in New York; the Whittier Bridge over the Merrimack River north of Boston; and the Champlain Bridge over the St. Lawrence River in Quebec.

In 2016, Canam purchased the 70,000 square-foot building owned by Jewell Transport when the trucking company opened a new facility just south at the corner of River Road and Grissom Lane.

Roohi said the company has not had a need to occupy the building, which is next door to the manufacturing plant.

Patrick O’Grady can be reached at pogclmt@gmail.com.




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