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American Industrial to sell Canam Canadian ops, other assets for over C$840M

American Industrial Partners, or AIP, agreed to sell the entire Canadian operations of Canam Group Inc., as well as the company's certain assets in the U.S. and other countries, for more than C$840 million.

Canam designs integrated solutions and fabricates customized products for the construction industry in North America.

A consortium comprising Quebec-based investors Placements CMI Inc., Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ will buy the operations and assets.

The new company, which will be equally owned by the Canadian investors, will consists of the Canam buildings plants in St. Gédéon-de-Beauce and Boucherville, Quebec; Mississauga, Ontario; and Calgary, Alberta. The Canam bridges plants in Quebec City; and Laval and Shawinigan, Quebec, will also be part of the new entity.

It will also include the engineering and drafting offices in Brasov, Romania; and Kolkata, India; the erection operations of Stonebridge in South Plainfield, N.J.; and the U.S. assets of Canam bridges in Claremont, N.H.

The operations of U.S. subsidiaries, Canam Steel Corp. and FabSouth LLC, are not included in the transaction and will still be jointly owned by AIP and the Quebec consortium.

The deal is set to be completed in the coming weeks, subject to customary regulatory approvals.