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Votorantim Cimentos and CDPQ Close Transaction to Combine Cement Operations in North America


St. Marys Cement Inc. and McInnis Cement to begin jointly manufacturing, distributing and selling cement in Canada and the United States

TORONTO and MONTREAL and SÃO PAULO, Brazil, April 30, 2021 /PRNewswire/ – Votorantim Cimentos, the seventh largest cement producer in the world, and Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, announced today that they have completed the transaction to combine cement operations in North America. After having obtained regulatory approval from authorities in Brazil, Canada and the United States, St. Marys Cement Inc. (Canada), a wholly owned subsidiary of Votorantim Cimentos can now commence with the integration process with McInnis Cement Inc.

As part of the transaction, the parties will combine their North American assets in a jointly-held entity. Votorantim Cimentos International, the international investments platform and wholly owned subsidiary of Votorantim Cimentos, will hold 83% and CDPQ will indirectly hold 17% of the shares. The business combination is expected to significantly strengthen the strategic positioning of the combined operations through increased cement production capacity, operational efficiencies and an enhanced distribution network.

The combined entity will comprise operations in Bowmanville and St. Marys, in Ontario, Canada; and in Detroit and Charlevoix, Michigan; Dixon, Illinois; and Badger, Wisconsin in the United States, along with an extensive distribution network concentrated in the Great Lakes region — plus the Port-Daniel–Gascons plant and its distribution operations, including terminals located in Quebec, Ontario, New Brunswick, Nova Scotia and the Northeastern region of the United States. 

Moelis & Company LLC acted as exclusive financial advisor for Votorantim Cimentos. HSBC served as lead financial advisor to CDPQ on the transaction, in collaboration with National Bank Financial and BMO Capital Markets.

About Votorantim Cimentos
Founded in 1933, Votorantim Cimentos is a global company operating in building materials, mining, agricultural lime, co-processing and waste management. In addition to Brazil, Votorantim Cimentos' administrative and operations locations are strategically located in proximity to the most important growing consumer markets in ten countries including, Argentina, Bolivia, Canada, Luxembourg, Morocco, Tunisia, Turkey, Spain, the United States, and Uruguay. Votorantim Cimentos' presence in North America began in 2001 with the acquisition of St. Marys Cement, a Canadian company founded in 1912 in the Town of St. Marys, Ontario. More information at

About Caisse de dépôt et placement du Québec (CDPQ)
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2020, CDPQ's net assets total CAD 365.5 billion. For more information, visit, follow us on Twitter or consult our Facebook or LinkedIn pages.

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SOURCE Votorantim Cimentos

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