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Press Room
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SGF’s reaction to Noranda’s decision to temporarily close the Magnola plant
Montréal, January 28, 2003 - Yesterday, Société générale de financement du Québec learned of Noranda’s decision to temporarily close the Magnola plant in Danville. SGF owns 20% of Magnola and its shareholders’ agreement with Noranda gives it certain rights and options which it is currently examining. SGF is also studying Noranda’s proposal regarding the temporary closure of the plant and the possibility of operating the plant’s casting house using the metal already bought and increasing Magnola’s presence on the magnesium alloys market with the launching of specialized new alloys.
The mission of the Société générale de financement du Québec (SGF) is to carry out economic development projects in cooperation with partners and in accordance with accepted requirements for profitability. Since it was restructured in 1998, SGF has generated investments of over $10.6 billion and created more than 56,000 direct and indirect jobs. As of December 31, 2001, SGF’s consolidated assets totaled over $3 billion. SGF has 65 international partners operating in Québec. (sgfqc.com)
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Information:
Sylvie Brousseau
Director - Communications
SGF
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