A firm on which the Caisse de depot et placement du Québec (CDPQ) bet $50 million in 2020 has just been sold to American interests after protecting itself from its creditors.
• Also read: Xebec protects himself from his creditors
Kate Monfette, CDPQ spokesperson
“Their business plan was solid and we would have liked a different outcome, but unfortunately the market growth was lower than expected and the results weren’t there,” said Kate Monfette, spokeswoman for the Caisse, who lost her bet.
Last week, Xebec Adsorption announced the sale of nearly all of its assets, including its Blainville facility, to Prabhu Rao-led Massachusetts company Ivys. The purchase price was not published.
This comes six months after Basses-Laurentides entered the Companies’ Creditors Arrangement Act (LAAC).
Xebec Adsorption was founded in Quebec in 1967 and initially focused on natural gas dewatering technology. In particular, it has developed natural gas cleaning systems and works in the field of hydrogen.
As of last summer, Xebec had already cut 13% of its North American workforce.
The Blainville plant is retained
When asked by Le Journal, Xebec Adsorption’s Vice President of Corporate Development, Michaël Nadeau, assured that the Blainville plant would remain open.
“There are positions within the company that were not created as a result of the transaction, but the majority of Blainville’s employees will be retained. We’re talking about 75,” he said.
“The intellectual property is associated with the Blainville site, so there is no intention of offshoring production,” he concluded.
– With the collaboration of Sylvain Larocque
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