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Contracts (July 01, 2004)

GL&V AWARDED THREE NEW CONTRACTS

MONTREAL, QC — Three new contracts have secured GL&V Process Group more than $20 million. Two of the three contracts are in the ore processing sector and the other is in the water treatment market. Deliveries in Australia, Singapore and Brazil are scheduled for June 2005. The new equipment is a component of a capital-spending program of nearly $200 million intended to increase the production capacity of the installations.

Executive vice-president and chief operating officer Richard Verreault feels the contracts will give the pulp and paper industry a much needed boost. “For its part, our pulp and paper group faced harsher than expected market conditions this year. In this context, the restructuring program we implemented to reduce its operating costs is all the more timely.”