2000’s annual report : SGF scores very positive results in Québec regional development
Québec City, June 12, 2001 — Minister of State for the Regions and Minister of Industry and Commerce, Mr. Gilles Baril, accompanied by Chairman of the Board, President and Chief Executive Officer of the Société générale de financement du Québec, Mr. Claude Blanchet, painted a vivid picture of the dynamic role played by SGF in developing Québec’s regions during 2000. The announcement followed the tabling of SGF’s 2000 Annual Report 2000 in the National Assembly.
"In 2000, SGF took part in no fewer than 27 new structuring projects in the regions, in sectors that generate investment. Overall, the institution’s $169 million in investments have acted as a catalyzer for total investments of $758 million in Québec, outside the Montreal area". Minister Baril expressed his satisfaction with SGF’s performance and its determination to play a dynamic role in regional development and consolidation of the knowledge‑based economy.
Mr. Blanchet emphasized the diversification of SGF assets: "Mines and metals account for nearly 30% of our assets, forest products for 29%, chemicals, petrochemicals and plastics for nearly 20%, agri-food for 9% and high-technology sectors and health for 12%. Moreover, the relative size of our projects is increasing, in Montreal and the regions alike. In 1998, we averaged $11 million per project, in 1999 the figure was $29 million, and in 2000, it jumped to $50 million.
Mr. Blanchet cited the example of an investment with a partner from Luxembourg, in Circuit Foil America’s $130‑million project in Granby. This company manufactures thin copper foil, a component in today’s ubiquitous printed circuits. "Like many projects in all parts of Québec, of which Métallurgie Magnola, Interquisa Canada, Pétrochimie Coastal and la Société de cogénération de Saint‑Félicien are just a few, the Circuit Foil America project is helping to boost and diversify industrial activity in our regions," said Mr. Blanchet. He added that SGF would continue to do everything to help industry flourish in the various regions of Québec by investing in innovative projects and pioneering companies.
The mission of the Société générale de financement du Québec is to carry out economic development projects meeting normal profitability requirements, in collaboration with business partners. As of December 31, 2000, SGF’s consolidated assets totalled $2.3 billion. SGF has 53 international partners in 17 countries, on four continents.
Press Secretary to the Minister
Ministère de l’industrie et du Commerce