Laurent Verreault and GLV - Let's Dance!

Laurent Verreault
and GLV
Lets Dance!

Editors note:
Tere are as many stories in this book as people who tell them! And memories
have a way of rearranging details. Not to mention the style of the writers, whose
responsibility is to create a narrative, in short, to romanticize the facts. In doing
so, some gaps and embellishments of our own are inevitable. We ask the reader to
forgive any omissions and alterations and enjoy the adventure as presented.
Legal deposit
Bibliothque nationale du Qubec
National Library of Canada
Except for quotes, no part of this publication may be reproduced in any form or
by any means without the written permission of GLV Inc.
We acknowledge the fnancial support of the Government of Canada through
the Canada Book Fund for our publishing activities.
Production: IQ Press
Writer: Alain Boucher
Interview transcription: Claire Demers
Feature writer: Elaine Gusella
Translation and revision: Keren Penney and Anna Maria Martinez for Soludoc
Photographs: GLV fonds
Graphic design and page layout: velyne Deshaies and Manon Lveill
Proofreading: Keren Penney
Printed and bound by: Friesens, Altona, Canada
ISBN: 978-2-924200-03-2
IQ Press
iqe.qc.ca
iqcorporate.com
1 2 3 14 13 12
Laurent Verreault
and GLV
Lets Dance!

Prologue 6
Introduction 8
Golf November Alpha Sierra, were lined up,
zero ve 12
The Quebecers in Ontario 1 8
Bui ldi ng a Man 26
Gods gift to . . . 28
Flying solo . . . in the RCAF 34
Did you say entrepreneur? 38
Together, well go farther 42
Learning to learn, to work, to grow 48
Seizing the moment 56
Me? . . . Im a consultant for Cascades 58
Itll be called Laperrire & Verreault,
and are we going to work hard! 66
Watch out Qubec Inc.,
because here come the three musketeers! 76
Welcome to the big league I:
Groupe Laperrire & Verreault Inc. 88
Welcome to the big league II:
Hydro-Mcanique Inc. 96
First, we take North America 104
Groups within the Groupe 106
The backache years 11 4
The Canadians in France 120
North America, here we come! 128
Mixing growth with pleasure 1 40
Vlkomnen till Sverige! 1 42
The chess game 152
Restructuring for a successful relaunch 164
A vision as clear as . . . water! 172
Then we take the world 178
Selling it all to keep it all 1 88
Putting on our dancing shoes 190
Selling everything, keeping everything . . .
rebuilding it all 196
Pieces for the reconstruction 204
Ovivo: everyone will like that 21 4
Epilogue 222
Mr. Verreault? Certainly. Which one? 224
Going with the ow 230
FEATURES 238
The Acquisitions 240
GLV and its People 252
The Boards of Directors 262
GLV: The New Face 272
Index 280
5 4 Laurent Verreault and GLV Table of content s
Table of contents

0
Prologue
I
celebrated my seventieth birthday in September 2011. Like
so many events in my lifeboard of directors meetings,
shareholder meetings, rounds of golf, conferences, trips, men-
toring sessions, interviewsthis was just one more that raced
right by. My schedule has always been fairly hectic.
Still, seventy years! To mark this happy occasion, my family and
collaborators decided they wanted to put the story of my life
down in a book. A charming idea, but would it not be a bit of
a challenge and perhaps even a little monotonous? For the last
thirty-fve years, my life has been almost exclusively dedicated
to building a company.
We all concluded that my story and that of the company were
inextricably linked, so it would have to include the stories of all
those who helped build it with me.
You will discover a core of people whom I call the Dependables,
who are part of each adventure. Over the course of the story, many
names will change; some come, some go, while others end up
joining the ranks of those men and women who have dedicated
themselves heart and soul to the company. Tere are also the
Blues, people who are always hard at work, builders in their
own way, deeply committed at every level of the company. We
call them Blues in reference to the color of the company logo, and
because you wont fnd people who are more true blue than they.
Many other key characters or situations have also played pivotal
roles at diferent times and in various situations throughout the
story, but they have often been hard to pin down. It was often
impossible to determine who or what was the determining
factor in a successful outcome: a good idea from a spouse, an
inspired employee, the musing of a friend, a personal insight, or
a fash moment that provided the solution to a problem.
9 Prologue
introduction
every country, throughout the course of this story. Some of you
will recognize yourselves between the lines; some people are
named, others share the identity of Lucky Star at various times,
but all make up the essential fabric of this adventure.
Te book is for me, certainly, but the story was written for you.
In these pages, I hope to be able to share with you how much
pleasure my work has brought me over the years. Te goal was
never to be the biggest, just to be among the best.
I dedicate this book to the best among usmusketeers, friends
and partners of the frst order Louis Laperrire, Bill Saulnier,
Yvon LHeureux, and Bernard Lemaire. And also most certainly
to Jean Desbiens, one of the only ones who is no longer among
us to celebrate our achievements.
Tese characters or moments of illumination often go by any
number of namesinspiration, mentor, protector, chance,
destiny, guardian angelbut for the purposes of this story,
we have called them Lucky Star. Every fortuitous encounter
in this story, every success had a Lucky Star to thank for its
favorable outcome.
As you read, you might recognize yourself in the role of
Lucky Star.
Te book, then, tells the story of a little guy from Haute-Mauricie
along with that of a company that grew into a multinational
Quebec-based corporation. It is divided into fve parts, fve key
periods, from his frst years as founder right up to the recent and
profound transformation of his presence within the company.
Hang on to your hats, because it is quite an adventure! Together,
in this book, we will travel to Ontario to buy a large Canadian
company, and we will take part in the expansion of Papier
Cascades for Bernard Lemaire. To do that, we will frst create
a company that will grow by leaps and bounds and, with it, set
out to conquer North America, Europe, and, fnally, the world.
Ten we will sell of nearly everything to rebuild on a diferent,
more promising footing, to position ourselves in a new century.
Finally, we will catch our breath after this whirlwind tour and sit
down for a few pages to look ahead to the future, to a new dawn.
But not for too long; there is still so much to do!
Tis book was written for me, so I must express my sincerest
thanks to the people who had this wonderful idea, took the
initiative, and guided its production.
In return for this precious gift, I would like to ofer this story to
everyone who ever collaborated with me in any company that
ever had ties with Groupe Laperrire & Verreault and GLV, in
11 10 Laurent Verreault and GLV Prologue

T
hat morning, I was completely absorbed, making sure I
was not forgetting anything for this critically important
trip, going over the details of my acquisition strategy. But that
did not prevent me from being aware of the pilots maneuvers.
Te captain of the Nadeau Air Service plane was muttering
gibberish into his microphone as he slowly guided the plane
towards the runway. My technical training in the Royal
Canadian Air Force and my brief experience as a tourist airline
pilot came back to me clearly:
Trafc information for Trois-Rivires region. Cessna Golf
November Alpha Sierra, back-taxiing on runway zero fve, fying
to Orillia, Ontario, at an altitude of 4,500 feet.
What time do you think well get there? I asked him once he
had communicated our identity and fight plan to the tower.
Lets see, its fve oclock . . . its four hundred miles to Orillia,
at about two hundred miles an hour . . . Around seven, seven
ffteen. Te winds coming in from the northeast, so that will
help. Ten, to his invisible interlocutor on the other end of the
microphone: Golf November Alpha Sierra, were lined up for
departure on runway zero fve.
With the engines at full throttle, the pilot hurtled the aircraft
down the grey runway tarmac of the little airport in Trois-
Rivires, into the light, northeasterly wind. I settled down to iron
out the last details of our frst major acquisition of a company
outside Quebec with those loyal Dependables, my colleagues
Bill Saulnier and Ren LHeureux.
Te sun was just rising, an explosion of light above the narrow
band of dark clouds on the horizon: a new day, a new beginning,
a new start.
13 Prologue
Golf November
Alpha Sierra
were lined up,
zero five

Ren! Quick, quick! Come and take a photo! Look how
beautiful it is... Take a photo! I was yelling to make myself
heard above the noise of takeof.
Laurent, calm down. Im coming... What time did you get up
at to be so full of beans at, what is it, fve in the morning? Bill,
do you have the camera? Bill... are you sleeping?
Hurry up! Its not going to wait for us!
I displayed that photo, which I called New Beginning, for the
longest time on my desk as a reminder of that important moment
that I felt so intensely was a pivotal step in the development of
our business.
Since the founding of the frst company ffteen years earlier,
we had created a few subsidiaries and bought several small and
some larger Quebec-based companies. In 1986, we merged
them together as Groupe Laperrire & Verreault, or GL&V,
a company now listed on the stock exchange, which ran
smoothly, despite the inevitable highs and lows of the world
of business. Between 1986 and that morning in 1990, we had
grown from around seventy-fve employees to close to fve
hundred. Business was pretty good.
My professional career up to that point had followed a fairly
straight path, rising up the ladder at each step. In the years
from 1958 to 1963, I trained and then was ofered a contract
in aeronautical instrumentation and controls with the Royal
Canadian Air Force. For the next ten years, I worked as an
instrumentation technician in the pulp and paper industry
in Quebec and New Brunswick. In 1975, on the advice of
Bernard Lemaire, my friend Louis Laperrire and I founded
Laperrire & Verreault. We were quite proud of our small
electrical instrumentation controls and mechanical engineering
company that served paper manufacturers. We negotiated our
early contracts shrewdly; Bernard hammered out the frst deal
with Papier Cascades, many more followed, and here we are
today, still doing good business.
I believe that in order for a company to survive, it has to keep
growing; I have worked tirelessly towards this goal. On that
Monday in August, 1990, we were about to take one more step
up the podium: I was on my way to Ontario to conclude the
purchase of the Canadian subsidiary of Dorr-Oliver, a company
I had been eyeing for a long time.
Te year before Laperrire & Verreault was founded, while I
was the maintenance manager at Irving Pulp & Paper in Saint
John, New Brunswick, I had received a call about a broken
clarifer axle. Tis mammoth steel shaft had fractured from
the exertion of the force generated by a tiny, approximately
Louis Laperrire was one
of GL&Vs founders and one
of its three main shareholders.
He was Vice President and
Head of the GL&V
Construction division until
he founded a distinct
company out of GL&Vs
subsidiary corporation
Hydro-Mcanique in April
1999.
New Beginning
15 14 Prologue Laurent Verreault and GLV

Tis is how, before the structure was formally constituted,
GL&V was divided into three, soon to be four, groups, each
of which would play a key role in the companys history.
To the Pulp and Paper division of the early days, which gave rise
to Manufacturing and Construction, which had become indis-
pensable, the purchase of Dorr-Oliver Canadacompleted
in September 1990added another group called Process.
We were now entering the world of intellectual property,
of technologies and the marketing thereof. Moreover, this
company, whose activity was of considerable value in the min-
ing industry, also opened up the pioneering and burgeoning
sectors of water management and wastewater treatment for us.
Te opportunities our services opened for us would lead us on
an as yet unimaginable series of assorted, and always surpris-
ing, adventures. But isnt that just like life? Isnt every path
whether of a person or a companyforged through chance
and opportunity?
Laurent Verreault always forged his own path, from a young
aeronautical controls technician to the head of a national com-
pany. But, for now, lets leave aside the remarkable future that lay
ahead... For the moment, lets concentrate on the next few days,
when, with his instinct for business and his dauntless personality,
he was preparing what could be called both a masterstroke and a
stroke of genius.
Te expression it all just came together, should in many cases be
followed by with a little help from... , because everyone knows
that when good things happen, some Lucky Star in one form or
another is usually shining down, from near or far, holding the
beacon and lighting the path.
fve-horsepower motor, a masterpiece of power-transmission
workmanship, on which a plaque was inscribed with the name
Dorr-Oliver. I was extremely impressed with both the inven-
tion and the quality of the product; seventeen years later, I
would buy the company that made it!
Following a series of acquisitions and sales in the 1950s, this
Canadian-American company had operated a factory and
foundry in Ontario under a Canadian license. A number of
badly handled transactions in 1987 and 1988 had weakened
Dorr-Oliver Canada to the point where they had been forced
towards bankruptcy. Yet, they had been a world leader in liquid/
solid separation technologies for the pulp and paper, mining,
and municipal water treatment industries.
During the process of acquisition, the Dependableseach
an expert in his respective feld, as would be all the men and
women who would follow themhad properly identifed not
only the shortcomings of their administration but also the
strength of its expertise. Buying this company, which was as big
as GL&V in terms of human resources and, more importantly,
connected to a North American and international network,
would open up huge industrial markets to us which had, until
then, been out of our reach..
Since 1975, our three founding partnersJean Desbiens, Louis
Laperrire, and Ihad sold various equipment and installation
services, particularly to paper manufacturers. To this end, we
had set up three large machine shops where we could produce
the components needed for the services we ofered: machines,
controls, instruments, parts, and so on. At the same time,
Louis was managing a subsidiary, an industrial construction
company, which would eventually incorporate the new services
our clients were buying from us.
Jean Desbiens was one
of GL&Vs three main
shareholders. He was the
company Vice President
from the outset in 1976
until he left in 2003.
17 16 Laurent Verreault and GLV Prologue

T
o properly appreciate the nuances of this acquisition,
and in particular the scope of the challenge we faced
in integrating Dorr-Oliver Canada into Groupe Laperrire &
Verreault, one must be aware of the fact that, in Canada, there
is generally a lack of knowledge and, consequently, a deep
misunderstanding between the two main cultural groups.
First, concentrated in the province of Quebec, there are the
francophones: descended from the French, Catholic, of Latin
origins, they are fun-loving, if somewhat exuberant at times.
Ten, in Ontario mostly, there are the anglophones: descended
from the old English royalists, Protestant and Saxon, they have
a strong attachment to their customs and traditions, and their
education is both strict and conservative.
To begin with, the timing of Quebec-based GL&Vs takeover
of one of this Ontario citys biggest employers was less than
perfect: its municipal council was under strong political and
ideological pressure from the Alliance for the Preservation of
English in Canada to have Orillia declared unilingual English.
GL&V had always considered itself as a big family group; this
latest member could prove challenging to bring into the fold.
For a week, Bill, Ren, and I shuttled between Orillia, where the
Dorr-Oliver foundry was located, and Toronto, 135 kilometers
to the south, to deal with lawyers, accountants, and brokers.
With the help of countless professional frms, we thrashed out
the fnal purchase details. It was turning out to be a formidable
undertaking.
During recent purchase-resale transactions in previous years,
Dorr-Oliver Canada had been sucked dry by its venture cap-
ital investors. Te company owed $28 million to its creditors
and was technically bankrupt. Te owners and directors were
19 Prologue
The Quebecers
in Ontario

You know very well that this company is bankrupt. Te owner
tried to rope us into buying the whole company: were not sure,
but we have a good idea of how much its value would be after
the bankruptcy. We dont know what ghosts and skeletons are
lurking in the companys closets. Buying shares is too risky.
I prefer to buy assets: I can see what Im buying. Te biggest
shareholder, the Joy family, and the other partners know this;
they will have no choice but to sit down with us again if they
wish to pull out honorably from this afair. Weve been nego-
tiating with lawyers, tax experts, accountants, and bankers
for close to a week. Te only thing missing is your approval.
Enough is enough, now. Its obvious youre not the one whos
been paying the lawyers and other professionals fees.
Tese are not good enough reasons to sell you the company at
a discount, argued the banker, faltering slightly.
Dorr-Oliver, with its 425 employees, is technically bankrupt,
and your bank owns the principal debt. You are soon going
to have to announce the bankruptcy and close the company.
Tat wont be good for your image. Ten, youll have to sell its
assets at fre sale prices. Youll be grateful to recover six million.
Minus costs. And in how many months? I am ready to sign a
check, right now, for six million dollars to take Dorr-Oliver
Canadas debt of your hands. GL&V will become the new
owner of the debt, and therefore the principal creditor, I will
declare the bankruptcy, and you wont need to have anything
more to do with it.
A type of reverse butterfy spread, in fact, observed the banker.
Precisely. Its uncommon and daring, but, in this case, it will
work!
helpless to act, and its management personnel were in disarray.
In anticipation of imminent bankruptcy, the banks fnancial
analysis pegged the companys assets that could be converted
into cash at $11 million.
In spite of everything, the fnal details of the acquisition were
ironed out fairly quickly because we had prepared our strategy
well. At the end of the day on Friday, we were in the banks ofces.
Mr. Verreault, Dorr-Oliver owes its creditors close to thirty
million dollars, almost half of which belongs to us. Youll never
be able to turn this into a proftable venture.
I looked directly into the bankers eyes. Was he trying to give
me, entrepreneur Verreault, a lesson in management?
When I am the owner of this company, I shall do what I want,
how I want. To begin with, its management and administra-
tion will need a complete overhaul, but that isnt your concern.
You say your analysis shows a cash value of eleven million dol-
lars in assets?
As regards the buildings, furniture, tools and equipment, the
inventory of materials and parts, as well as the orders, signed
contracts, etc. You know that Dorr-Oliver has annual sales of
only twenty-seven million dollars?
Yes I do. I also know that, over and above this fgure, each
year it produces an annual defcit of one and a half million.
Heres the deal: Im ready to sign over a check for six million
dollars for Dorr-Olivers assets on the spot.
Mr. Verreault, we just established that they are worth eleven
million.

difcult integration, and to earn peoples confdence and foster
personal commitment, we had to explain how things stood.
We wanted everyone to understand that, in one way or another,
they all stood to gain from our masterstroke, which had saved
their company from going under forever.
First, as part of the bankruptcy, we abandoned everything
that was not related to the companys core activities, such as
its skyscraper cleaning equipmenta passing fad of a former
manager. At GL&V, we were fanatical about concentrating on
our fundamental activity. Tat stance protected us from a great
many mistakes.
Next, nearly all the members of senior managementall those
who had allowed so much money to be lost over the years
were relieved of their duties. Teir negligence, along with the
disarray and lack of rigor that had permeated the organization
under their watch, now threatened the companys future. Ren
LHeureux handled the early retirements, voluntary severance
packages, and other termination issues.
After we had refocused production around our core activities,
it was a similar story in the ofces. I had the walls of the factory
and the foundry repainted white to cover up a centurys worth
of grime and to spur the employees.
In the following weeks, Bill and Ren would return to their
hotel rooms at the end of each day, loaded up with grocery bags
full of supporting documents relating to supplier accounts:
purchase orders, invoices, checks, notes. Te papers were all
returned to the controller the next morning, sorted and cov-
ered with hundreds of sticky notes on which were scribbled
requests for additional details.
Te banker left the ofce for fve minutes to consider the deal.
If he could have, he would have been gone for only thirty
seconds. For forms sake, though, he had to make it look as
though he needed the time. He couldnt reveal himself too
eager for me to relieve him of this enormous burden, even if
it meant selling the company for just over half the value of the
debt. He returned with the approval of his bosses.
From then, events unfolded quickly. Unable to repurchase
the debt, the Joy family accepted our ofer, and the fnancial
authorities in Ontario approved the transaction. Te trustee
fled the bankcruptcy petition and we took over the company.
Following the twenty-one days prescribed by law, with no bet-
ter ofer than ours having been made, GL&V became the
owner of Dorr-Oliver Canada. Tis reverse butterfy spread, a
somewhat risky trading strategy, was the only, though incred-
ibly bold, way to salvage the extraordinary know-how and
unique technologies of this dying company.
In September 1990, the Quebecers had fnally arrived in Ontario.
Tat would turn out better for some than for others.
With the help of the Dependables, I wasted no time getting
down to the business of cleaning house, in every sense of
the expression. As usual following an acquisition, to smooth the
difcult passages, I wanted the changes in ownership and
orientation to be felt immediately. I convened a general meeting
with the employees and the unions to announce our strategy,
lay out the changes, encourage those who were willing to get on
board, and discourage those who were not.
We already had extensive knowledge of Dorr-Oliver before the
takeover, and we had a pretty good idea as to what it was going
to be after, and how it would ft into GL&V. As part of this

Te accounts payable and receivable were in good hands: in a
single year of operation, we erased the annual defcit; starting
the following year, we were already able to announce a proft.
Te Ontarians still remember the Quebecers. We distinguished
ourselves, in typical GL&V fashion, and not only because we
spoke French during management meetings. GL&V made its
mark because it derived enormous pleasure from its work, and
because it placed its confdence in the people it employed. It
developed innovative practices and changed old systems and
structures under which people could no longer work, and it
was attentive to the daily details of each person.
Our sense of fun at Halloween also probably contributed to
our reputation! Ren once showed up at the infrmary dressed
as a victim of Te Texas Chainsaw Massacre, saying, Im not
feeling very well...
Laurent Verreault in front
of Dorr-Oliver Canada
in Orillia, Ontario.

1
Building
a Man

I
have to start somewhere, I suppose. When it comes to talking
about myself and exposing my life, Im a bit self-conscious.
Id really rather leave that job to someone else, but since the
story depends on it, here goes...
I was born in La Tuque on September 14, 1941. At that time, the
city was only about thirty years old, even though the location itself
had been charted three hundred years prior. La Tuque is located in
Haute-Mauricie, a vast land of forests, mountains, and water, and,
consequently, of strong men and voyageurs. It has not changed in
that sense since the days of the frst missionaries, the coureurs de
boisthe woodsmenand the fur traders. Since then, a number
of companies had established themselves there. Te fow and the
power of the Saint-Mauricie River frst attracted loggerswho
foated the wood down the river to Trois-Riviresthen gener-
ating stations, and, especially, paper mills, which harnessed the
power of the current to operate their machines.
La Tuque was a prosperous company town, brimming with
money, entrepreneurs, and small businesses that owed their
livelihoods to the larger industries. It is a truism to say that
money attracts money. Ten, as today, the natural environ-
ment drew hoards of afuent hunters and fshermen. La Tuque
was a town of men, workers, pioneers, factories, machines,
and trucks. Its magnifcent natural surroundings also made
it a town full of adventurers, canoes, cars with moose antlers
strapped to their hoods in the fall, hotels, bars, and fshing
guides. Te train did not pass through La Tuque; it stopped
there, at the huge marshalling yard in Fitzpatrick, to have
more wagons added to it before continuing on its way north, to
Abitibi and Lac-Saint-Jean.
For us, La Tuque was the only place on earth, the centre of the
universe! In 1941, the people of La Tuque led a charmed
29 building a man
Gods
Gift to . . .

with other youngsters, getting bored and wishing the holidays
would arrive.
My failing grades made my father understand that he would
not be able to make an intellectual of me, that I was more
visually inclined, a physical, hands-on type of person. I had
disappointed my parents, but freed myself from morning mass,
Latin, and dictation. Te school in La Tuque would have to
do for me to complete my education and learn how to read,
count, write, reason, and use my head. With the smattering of
English I had learned from the daughters of the bosses at the
CIP factory, my prospects were reasonable.
I worked at a few low-paying odd jobs during the summers. At
ffteen, I worked at the local co-op grocery store, earning sixty
cents an hour, and, during the summer, I was a lifeguard at
local swimming pools and beaches. At sixteen and seventeen,
existence, and fortune smiled down on them. I grew up in that
milieu. It is hardly surprising that some of the charm rubbed of
on the rest of my life. In both life and business, unfortunately,
hard work is not the only ingredient to success. Opportunity,
good fortune, and a lucky charm over your head can change the
course of events. Some people are blessed with what you could
call a Lucky Star, which intervenes in the right place, at just the
right time.
I am the frst born in a family of fve children. Being the
eldest in a Quebec family is a privileged position. My father,
who worked at the Canadian International Paper factory,
hoped I would become a doctor, and he took the steps to make
it happen as soon as I had fnished my rather uneventful pri-
mary schooling in La Tuque. Or at least it was a valiant attempt
to make it happen, at any rate.
Laurent, I have good news for you, my father announced in
the middle of that summer. Your grades are just about good
enough. Youre about to head in an important new direction.
Ive made the arrangements, and your mother agrees. Were
going to make the necessary sacrifces to send you to school
in Montreal. We just received your admission to the classical
studies program at Collge Jean-de-Brbeuf.
At my age, you did not answer your father back. I was four-
teen, I did not know what sacrifce meant, I did not know
where Montreal was... this was not good news. Where was
the wisdom in sending a fourteen-year-old boy from the for-
ests of Haute-Mauricie to the confnement of a Jesuit boarding
school in Montreal, where he would study as little as he could
get away with, become a billiards ace, practice every sport
imaginable, especially hockey, to burn of his excess energy,
and discover the ancient and virile game of lacrosse that
the Jesuits were so keen on? Tere, I would only loaf about
Laurent Verreault and his
childhood friends in La Tuque.
Richard Scarpineau, Laurent
Verreault, Claude Scarpineau,
and Andr Fortier.
30 31 building a man Laurent Verreault and GLV

I had plenty of time to chase girls, drink 7UP, hang out, waste
my time, and squander my youth. Tat was going to have to
come to an end soon.
He wasnt a bad kid; he was just a frst-born whose parents, despite
their best intentions, didnt know what to do with him. He was
well-liked by his friends, a team player, and he certainly knew
how to charm the girls. Imagine a sixteen-year-old athletically
built, tanned lifeguard, nicknamed Laurent Secordafter the
courageous Canadian heroine Laura Secord, whose name had
been adopted by a popular chocolate companybecause of the
bravery he exhibited in protecting the young lady swimmers! He
was enthusiastic, hard-working, and sociable, but on the cusp of
adulthood and full of questions.
Lucky Star wasnt going to let Laurent Verreault fritter away his
time like that for much longer. One morning, an idea came: Do
you think you might like to learn to fy?
Laurent Secord Verreault
with his father, Georges, and
his sisters Claire, Josette,
and dith during a swimming
competition in La Tuque circa
1955.

I
t was just before my seventeenth birthday, and I was still
marking time in La Tuque, bouncing from one menial job
to another, without any real career goal. I had considered
becoming a jeweler, but never pursued it further.
One morning, I woke up with the idea of enrolling in the Air
Force. Te idea came to me just like that, out of nowhere.
Tere was no tradition of military service in our family and it
was defnitely not a common career choice in La Tuque. Tere
were no military bases in the region and no war was raging
anywhere. Tere was just this idea of fying machines, of want-
ing someday to fy, of being part of a squadron, and, certainly,
of leaving Mauricie to see the world and discover what was
going on elsewhere. I presented solid arguments and my father
fnally accepted: this was an honorable venture for his grown
boynot a doctor, but not a factory worker either. And besides,
Royal Canadian Air Force had a nice ring to it.
Together, we concentrated our eforts to plan my next move. I
would only be old enough to apply in September, so I waited
until then. I travelled to the Armory in Quebec City, which,
in 1958, was a long way from La Tuque, to take the entrance
exams, and I passed. In due course, as events moved forward,
my father wholeheartedly shared my conviction in this latest
adventure. To help me start my new life, he ofered me a very
generous gift: a twenty-dollar billclose to a third of his
weekly salary at the time. I took the train from Quebec City
to Montreal, then the bus to Saint-Jean-sur-Richelieu for fve
weeks of training. I was pleased with myself: I was going back
to school.
Teaching methods at a military school are considerably dif-
ferent from those in a civil school. Te army tends to attract
young people who grasp things better by seeing and doing, who
35 building a man
Flying solo . . .
in the RCAF

but I was housed, clothed, and fed. It was more than I had ever
had, I was earning it through the sweat of my own brow, and I
had to manage everything by myself. My family, my parents, the
safety of my childhood... all that was behind me now; this was
real life.
Te base at Chatham was mostly specialized in training
personnel to operate a variety of diferent aircraft. Te Golden
Hawks, the elite aerobatic team that was the forerunner to the
Snowbirds, was founded there during my service. Tey few
F-86 Sabre fghter jets, which were my specialty. I felt like I was
one of the elite technicians because I took care of the elite
pilots; I felt charmed once again! Tere, under the best condi-
tions possible, was where I truly began my professional career.
crave a diferent learning environment, and it helps them real-
ize their aspirations and develop structure in their lives. Because
I am more visually inclined, the armys practical methods of
teaching, of encouraging experimentation, of providing hands-
on instrument training to complement the diagrams and
explanations in a book were, for me, a perfect ft.
I did not need it more than any other young man of my age,
but in this Air Force brotherhood, I came into contact and
learned to live with discipline, respect for authority, rules, and
order in every aspect of my life, from my underwear to my fles.
I learned to get up in the morning, make my bed, wash, iron
and fold my shirts, work hard, and be organized. I learned to
fy solo.
And what was more, the Air Force decided that I had a bright
future in electronic fight instrument systems. Tey sent me
to Clinton and Trenton in Ontario, where, within six months,
I had become a certifed instrumentation technician, special-
ized in aircraft fight electronics. I was now responsible for
the maintenance of the fight and navigation instruments:
autopilot systems, altimeter, airspeed indicator, compass, and
radios, among other things. I was also learning English, and it
was better than what I had picked up from the CIPs bosses
daughters! I had no inkling at the time as to how well this
would serve me later.
In early 1959, at seventeen years old, I had a technicians dip-
loma in my pocket along with a fve-year contract with the Air
Force. I had been transferred to RCAF Station Chatham in
New Brunswick, Acadia. Located a few kilometers from the
Miramichi River, close to the bay, the city of Chatham was
a great place to live for anyone who enjoyed water. Youd be
hard pressed to fnd a more pleasant spot. I was not paid a lot,
The young Laurent Verreault
playing darts on the military
base in the late 1950s.

I
n addition to my work as a technician, I took on more than
I could really handle and I was swamped.
Verreault, did you do my boots?
Over there, under the bed on the left. Take the right ones,
your name is written inside. You owe me ffty cents, plus a buck
from last week.
Next Tuesday okay?
No. Tout de suite.
Verreault, my shirts?
But I enjoyed it. Te guys would go out on the town, spend
money like drunken sailors, bet on card games, smoke, and
drink. Not me. I also worked a few shifts at the mess hall on
the base. Te fellows would give me money to buy myself a
beer, and I would pocket the ten cents!
Money is like a mighty beast, which, if you dont treat it with
respect and caution, can quickly turn on you. Untamed or
improperly trained, it will kill and devour its master or, worse,
it will be sent by its master to pursue the imprudent or ignor-
ant. Once tamed, the creature must be kept on a short leash
and made to heel, because it is so powerful, it makes those who
hold it feel invincible, and those who dont, helpless.
Taming this beast begins when it is young. Eight hours of bag-
ging groceries or lifeguarding at a beach for sixty cents an hour
comes out to four dollars and eighty centsyours to do with
what you will, but your beast to manage. A gift of twenty dol-
lars from someone who has a weekly salary of sixty dollars, is a
huge beast. When a man is housed and fed for free and given
sixty dollars a month for his personal expenses, that, too, is a
great beast.
39 building a man
did you say
entrepreneur?

Youll owe me seven bucks on Tuesday, dont forget.
In minuscule increments of thirty cents here and there, my
beast was growing fatter, but I was also learning to tame the
urge in me to spend thirty cents here and there.
Properly managed, the beast will grow bigger. A wise master
will even know how to fatten it to one and a half times its size
while rationing what it is fed. So it grows and pulls at its leash
in every direction, getting stronger and stronger. Te master
must keep a frm hold on it and must have an increasingly clear
strategy on how he will manage it. To succeed, he must gauge
at what point the beast and the man will be in balance, evenly
matched. Ideally, it will be when the man succeeds in raising a
creature bigger than him, but that he is always able to control
as he wants, to do with what he wants, how he wantsand
that is a learned art.
Verreault, what about my pants?
Wow! Nice underwear!
Many of the guys at the base did not know or did not want
to learn how to iron their clothes or polish their boots. So I
started a small press and polish business on the side! A prob-
lem, a solution! My iron was already hot from doing my own
shirts, why not take advantage of the situation? Ten cents for a
shirt, ffteen for a pair of pants, and ffty cents to polish a pair
of boots.
Verreault, can you loan me fve bucks?
Let us just say this was one of the more discreet services I
ofered. Tese guys did not keep their beast on a short leash;
they let it run wild among card games, beer in the mess hall,
cigarettes, and candy bars. On Friday, eleven days after one
payday and three before the next, they were facing the weekend
with their pockets empty. But I had kept a good hold on my
beast: I did not drink or smoke, and I controlled my spending
to make sure that my thirty dollars every two weeks lasted me.
I was happy to loan them the profts of my little business.
Below, right, Laurent
Verreault, instrumentation
technician for the Royal
Canadian Air Force, and
his colleagues in front
of a T-33 jet.

I
would never have admitted to anyone there that I missed
my mother. But I had been a boy of seventeen when I left
home, after all. When I fnally got around to noticing the
pretty waitress standing by the counter, it was love at frst sight!
Oh, it wasnt that he was really better looking than any of the
other 650 men on the basehe was just diferent. He was one
of the youngest, but the same age as me, and, from what I
could gather, he had learned a good trade with a promising
future. He worked hard, that was sure, and he was kind. Many
of the other restaurant customers were pleasant and polite, but
he was just that much friendlier. He was attentive, Id even say
charming, though a little shy. He was pretty easy on the eyes
too! But he had his faults. He was perhaps a bit too impulsive.
Ten I found out about that unusual little loan business he
ran, for colleagues who gambled away their paychecks on card
games. Hey, nobodys perfect. Besides, he wasnt really getting
rich from that.
Not the most handsome or the most gallant, not high-ranking or
rich, just . . . the one, my pick, my man! We had found each
other...
Maria Robichaud has been by my side for ffty years. Work,
distance, time, and projects have often kept us apart, but she
is always with me wherever I go. In business, I have had two
associates and too many partners to count; in life, I have had
Maria. We met in New Brunswick. She was a local girl, who
worked at the restaurant on the Chatham base. We were mar-
ried in October 1962. Since then, Maria has always found a
way to be with me, in spirit, at least, if not in body.
People always ask me what is the hardest part about being an
entrepreneur. For a man of my generation, it has been to strike
43 building a man
Together, well
go farther

enormous risk presented by Laperrire & Verreault without
hesitation and with great courage. She had only two questions
for me: Why? and Will it make you happier? On her own
initiative, she lent me her car and the money from her minus-
cule salary to help set me up. She put her trust in me, put her
energy to work for me, and quit her job to follow me in what
I was building.
I would call her the ideal partner, wouldnt you?
One plus one meant that each of us took care of our own
afairs. In the same way we men played little or no roles in the
running of the household, our spouses did not come to work
for the company. Tey received a salary to manage and take
care of their dominion, the home. Tis was the way we safe-
guarded our masculine territory from womens opinions and
questions, and avoided having to provide answers... especially
a balance between work and family, because I come from a
period when a mans role in a family was to be the breadwinner.
Maria is used to hearing: Laurent is always gone! To which
she replies: Hes doing what he has to do and what he loves.
I am proud of his success. And now that her son is following
her husbands footsteps, she adds, I am proud of them both.
Because her men know they have her unequivocal support,
when they return from their trips, they are always happy to be
home, positive, smiling; there is no bickering or complaining.
Maria knows how to support her man and his troubles, how to
both soothe and spur him at the same time. She has, until today,
always managed her afairs and kept things shipshape: budget,
family, children, grandchildren, house, and everything and every-
one connected to our domestic life. I have never poked my nose
into what she does, and she has never interfered in my afairs.
Together, we have always enjoyed the pleasures life has to
ofer. Today, we are comfortable, but in the beginning, like
many other people we know, she was very frugal and squirreled
away small amounts in envelopes whenever she could. With
that money, twice a year, we would go out on the town to the
Pignon Rouge, to enjoy a meal of fried rice for two and a Coke
with two straws, while my mother baby-sat the kids.
We were never alone. It was always the two of us: one plus
one. Maria, pregnant with our frst child, a stranger with an
Acadian accent, decided to leave home at a young age to make
the journey to La Tuque and stay with my parents, whom she
did not know. She gave birth by herself before I was able to
get there, while I was taking care of the move. After that, she
followed me everywhereMatane, Saint John, Cap-de-la-
Madeleinewith boxes in tow and babies in arms, each time
to set up a new home all by herself. In 1975, Maria faced the
Laurent Verreault and
Maria Robichaud, October 27,
1962.

in the bedroom. We protected the often difcult choices and
decisions we were called upon to make, notably concerning the
division of labor and responsibilities, travel, schedules, strat-
egies, and the movement of troops.
Two is truly the sum of one plus one!
Tese men... they were a merry boys club! It was impossible to
count the times Lucky Star made an appearance in the form of
a strength, an ability, an infuence, or a quality that came from
the three mens spouses and hundreds of collaborators. Laurent,
Louis, and Jean, certainly had been the prime movers, but Maria,
Danielle, Micheline, and then Nicole played huge roles. What a
band of musketeers! And the others, too!
If all these men had not had partners to help propel the adventure
from the beginning, they would never have made it, or, at any
rate, they wouldnt have come as far as they have today.
Laurent Verreault and
Maria Robichaud at
the Gala des Mercuriades
in the early 1990s.

I
n the Air Force, Laurent passed the second major challenge in
his life with fying colors. Te frst, with the Jesuits in Montreal,
had been a little tougher, a bad ft.
After fve years as a young adult in a well-structured environment,
and, more importantly, with a well-adapted education under his
belt, he could now pursue a better path on his own rather than stay
in the Army, where his security was assured until he retired at the
age of forty-fve. Lucky Star felt that this would have been a waste
for the country, so it made its presence felt in the form of a phone call
from papa Verreault, who had a little project up his sleeve for his son.
Try it! Youll probably never get a chance like this again.
Civilian work in exactly your feld, and it pays eighty dollars
a week, nearly six times your monthly salary in the Air Force!
Plus, its in your hometown. Youd be crazy to pass it up, or at
least not to give it a try. Besides, its your Dad whos ofering
you this chance!
Its not a done deal, Maria. Just because he called me doesnt
guarantee Ill get the job. Were happy here, no? Your family is
close by, youre pregnant; this isnt the time to move to La Tuque.
You dont know anyone there, not even my parents.
Go for it, Laurent.
Headed for La Tuque in Mauricie
Well, I did get the job. I would start in the summer of 1963, in
the instrumentation department at the Canadian International
Paper company in La Tuque. In preparation, I sent my darling
pregnant wife, Maria, to stay with my parents and bought out
the remaining six months left on my contract with the Air Force.
I packed up our things, sent everything of to La Tuque, and
said goodbye to the people I knew in New Brunswick. Tat
49 building a man
learning
to learn,
to work,
to grow

boiler temperature, the fow rate in the tanks, everywhere, all
the time. Hard, hot, dirty, dangerous, cold, wet, noisy, dusty
work. For hours and hours; catching a nap when I could on a
bale of pulp to restore my energy so that I could continue: the
machine had to restart Monday morning without fail.
I had already learned the value of work, I understood the value
of money, and now I was discovering the true value of learning.
Over the course of the four and a half years I was employed at
the CIP in La Tuque, I never refused a single hour of work,
whether at night or during the day, and I was eager to learn by
every means possible: on the job, with a mentor, by reading the
manuals, through trial and error, working with an expert, and
any other way I could.
Te learning environment was so successful here that this factory
served as test lab for the company, which was about to establish
another brand new facility in Matane, to manufacture corru-
gated cardboard. In 1967, twenty young technicians from a var-
iety of sectorselectrical, mechanics, instrumentation, etc.all
newly minted graduates from technical schools in Quebec, came
to apprentice in La Tuque in preparation for the future operation
in Matane. Under the direction of engineers Gilles Roberge and
Guy Tremblay, they spent two weeks in the instrumentation
and controls department, and I had to work with each one.
Because most of the interns spent less time working than they
did taking advantage of the good life in La Tuque, something
I no longer had the leisure to do with a wife, children, and
work, only two stood out for me. Tey were two fellows from
Charlevoix: Jean Desbiens, in mechanics, and Louis Laperrire,
in instrumentation, who I believe were distant cousins.
At the end of their internship, they both headed of for Matane,
a vibrant town at the gateway to Gaspsie, to help operate this
brand new plant, the lucky dogs! But I had nothing to complain
frst move was hard, especially as we only had a few weeks to
organize everything.
Even at twenty-one years old, it is difcult to experience a total
transformation in your work environment. Tere are, of course,
obvious diferences between an air force base and a paper fac-
tory. But the real challenge was discovering what did not jump
out at you, the completely divergent philosophy of the Army,
in the public domain, compared to that of the company, a pri-
vate enterprise. Tis was a whole new ball game. An entirely
diferent corporate culture was at play. Tere were diferent
work schedules, unions, and senior personnel who mentored
apprentices. Decisions had to be made quickly, and the work
was carried out in a competitive, but also innovative, environ-
ment... nothing was even remotely the same. An equipment
breakdown in the Air Force? It would have to be validated
and confrmed by a superior; the repair order would be sent
through the hierarchy; the quartermaster would provide the
replacement partif one was available; a Service Corps ofcer
would give you the tools; the supply ofcer would inform you
of the timetable... An equipment breakdown in the factory? It
would be fxed immediately by a technician, who would come
up with a solution, in collaboration with an experienced col-
league if necessary, to get the machine up and running as soon
as humanly possible, because the company could not aford to
have it out of commission for one more hour.
Against this backdrop, I learned and learned and learned about
all the controls and instrumentation of the hundreds of pieces of
equipment housed in that paper-making plant, all the time, on-
site, in the fve departments along the chain, under the wings of
dozens of more experienced technicians than myself who ofered
me their expert guidance. Day and night, Sundays included,
constantly checking and adjusting reservoir levels, pipe pressure,

more old methods and old procedures for old machines, no
more manager to whom I could turn for those more perplexing
problems. Now I was the one in charge.
Te problems and solutions in a new facility are completely dif-
ferent from those in an older one. Like the machines, they are
brand new. To keep up, I had to hit the books once more and
take a few classes in electronics and electricity to earn the dip-
lomas I needed, of course, but mostly to obtain my technicians
licenses. I worked shoulder to shoulder, in the department as
well as elsewhere in the factory, with these young technicians
who had been interns in La Tuque. My assistant was the fellow
from Charlevoix, Louis Laperrire, who became a close friend
and valued colleague at work. Jean Desbiens was a mechanical
technician. Unfortunately, I soon lost Laperrire, as he left for
another job in Quebec City after being let go following the
1969 strike. We remained good friends: Louis discovered other
lines of work in a cigarette factory and in medical instrumen-
tation, and we kept in touch, sharing information about new
discoveries and developments.
Saint John, New Brunswick
It was not that I was restless, but I had tasted what it was like
to be mobile. In 1971, after four years in Matane, I accepted
an invitation from Irving Pulp & Paper to take the helm of the
instrumentation and control department at the plant in Saint
John, New Brunswick. At thirty years old, I had to manage
ffteen people, schedules, problems, unions, the give-and-take
involved, and everybodys little gripes. I was on call day and
night, as was expected, now that I was the boss.
Ten one day in 1973, my own boss, Hector Lebreton, the
maintenance manager, called me into his ofce.
about. I was enjoying working here, my colleagues were great to
work with, and I was earning a decent wage. Life was good.
Matane, Gaspsie
Tat was the problem: things were becoming too easy. Lifes good-
ness results in a little thickening both around the belly and the
head. Burning new challenges were slowly cooling to become mere
workaday tasks. Lucky Star was about to rattle his cage a bit.
Mr. Verreault, the company accepts your salary counterpro-
posal, so we would like to ofer you the position of head of
instrumentation and controls at the Matane plant.
Very good, sir. When do I start?
Next January. Good luck, Mr. Verreault.
I talked my way into that one. First, the company had never
ofered me the position; I had myself suggested I take on the
job because they couldnt fnd anyone willing to leave La Tuque
to be the instrumentation and controls technician and to super-
vise the newly arrived young workers. Second, because I would
be going there without seniority, my salary would take a dive.
I mean, I do enjoy working, but theres a limit, so I drove a
hard bargain! Te boss wished me good luck. Yes, there was
probably some good luck involved, but you know what they say
about luck: you make your own.
I had worked for almost fve years in Chatham and close to
another fve in La Tuque. It was time to take on new chal-
lenges. Maria and I wanted to make sure we were not putting
down too many roots and getting too settled, and we wanted
to move closer to her family. Mobility was essential. In early
1968, I became a technician in Matane. It was like falling out
of the nest! No more old hands to fall back on for answers, no

also aforded me the opportunity to complete my team of spe-
cialists. For the maintenance of the paper machines, I grabbed
the chance to recruit the best mechanical technician there was,
a man I had known seven years before and had worked with in
Matane from 1968 to 1971. I knew exactly who I would be hir-
ing when I invited Jean Desbiens to join us. Without realizing it
at the time, I was laying the groundwork for the creation of the
formidable trio of Laperrire, Desbiens, and Verreault.
And the wheels continued to turn. After just a few weeks,
Mr. Lebreton summoned me to his ofce one more time.
Have you had a vacation, Laurent? Surely he had not asked
me to meet him to chat about our vacations; we could do that
over cofee.
No, not yet. Actually, Ive been trying to, but I dont see how
I can manage...
Dont worry about the details. Youre going on vacation
immediately, starting from the moment you leave work tonight.
And youre going to take an extra week to make sure youre well
rested when you return. Te company is ofering this to you.
I dont understand.
Ive made my decision and the company has accepted. Ive
accomplished everything I wanted to since I began working
here. When you return from vacation, Ill be gone and youll
be replacing me as maintenance manager.
I now had one more thing to learn: how to be the big boss. I
felt thirty-two was young to be in this position, but I was eager
to attack this latest challenge, and I knew that my life and work
experiences had prepared me well.
Laurent, we think you have too much work.
So do I, Mr. Lebreton, but Ive never complained about the
amount of work I have.
We really like your dynamic and enthusiastic way of manag-
ing the department. Wed like to hire someone to be your right
arm. Do you have any names youd like to propose?
Ill make a few calls.
His name came to mind immediately. He had moved around
a bit over the last few years, but I knew he was back in Matane
and that wed make a crackerjack team: Louis Laperrire
accepted to come and work with me in instrumentation. Te
wheels were set in motion, but they would soon spin faster than
I could have foreseen at that moment. A few months later, I was
once again called into my bosss ofce:
Laurent, are you satisfed with your assistant?
He has quickly learned how things work in the plant. Louis
has a great deal of experience and we get along very well. I have
only good things to say about him.
Good. Were going to promote him. Hell take over from you
as the manager of the instrumentation department...
Mr. Lebreton!
... and youll become the assistant maintenance manager, and
therefore my right arm. What do you think of that?
Well, what are you supposed to think when the boss ofers you a
promotion? I would be wearing some pretty big shoes, but I knew
I could handle it. Te number of people I had to manage jumped
from 15 to 250! Te rules of the game were diferent now; I
learned to be the boss, to sit on the other side of the negotiating
table, to see things from an employers point of view. My position

2
Seizing the
moment

I
t was thanks to a bit of good luck and a few recent events in
the countrys history that Lucky Star was able to fnd Laurent
this time.
In the province of Quebec, the region of Tmiscouata in the
Appalachian Regions Notre-Dame Mountains was an import-
ant source of very high quality wood. In the town of Cabano,
the huge Fraser sawmill had been taking advantage of this valu-
able resource since 1898. In 1966, the sawmill was destroyed in a
fre; its owner decided not to rebuild, but nonetheless continued to
exploit the forestry concession and export the lumber, which would
be converted elsewhere, to the general displeasure of the regional
population.
Following years of inaction by the authorities and, in particular,
of broken promises to rebuild the mill, exasperated citizens took to
the streets to express their outrage. During fve days in early August
1970, the population of Cabano held loud demonstrations in the
streets and at public meetings. Tey burned buildings and culverts;
they were prepared to shut down the town and hold out against a
siege by the government should it resort to arresting the demonstra-
tors. Te population was fnally heard.
Following research and negotiations, the best reconstruction
project was chosen: Papier Cascades, a young, Quebec-based
company located in Kingsey Falls in the Eastern Townships, would
build a containerboard mill in the town. Tere had never been
any paper-making activities in the region, so they were starting
from scratch in Cabano, but Cascades Lemaire brothers had more
than enough expertise, energy, and resources. After a few months
of preparations, Bernard Lemaire moved to Cabano. Construction
was slated to begin in the fall of 1974, and the facility would start
up in the summer of 1976, Lucky Star willing...
59
Me? . . . Im a
consultant for
Cascades
Seizing the moment

Tis corrugating medium, its the same product that they
made at the CIP in Matane, where you worked from 1968
to 1971. Te plans and the building are coming along nicely,
and were now in the process of designing the paper-making
production line, machines for cooking the chips, clarifers,
pulp processing . . . all of which you have experience in. My
client needs people to devise and install the electrical system,
instrumentation, automation, controls. He doesnt know how
to develop that part of the process.
Well, I dont see what this has to do with me. Ive got a job in
New Brunswick that already makes more demands on me than
I can keep up with...
Hold on, let me fnish. I just told my client that you might be
able to meet him to discuss his project and perhaps ofer him a
few ideas on how to go about things, some avenues to explore,
just to put him on the right track. Youre an expert in this feld,
Laurent.
When, where?
Whenever its convenient for you. Tis week, if you can, see-
ing as youre here. Te company is in Kingsey Falls.
Wheres that?
Close to where youre headed this morning.
Okay, fx up a meeting with him. Ill go and give him a hand.
I had been waiting a few minutes at Papier Cascades, when a
sturdy, bearded fellow wearing boots, jeans, and a plaid shirt
walked into the small ofce. Great. Didnt they have a recep-
tionist? Tey sent a worker to come and get me to meet...
Monday
Early one Monday morning in March 1974, I arrived at Dorval
airport from New Brunswick and immediately called my
friend Gilles Roberge, an engineer I had known in La Tuque,
who had also supervised the interns in Matane.
Salut Gilles! Its Laurent Verreault. Hows it going?
Laurent! Are you in town? I just fnished talking to Maria.
She told me you were coming to Quebec this week. We have to
talk, I have something that might interest you.
Yes, Im here to recruit specialized workers. I dont have
enough, because all our guys prefer deep-sea fshing to work-
ing. Im on a tour of Sherbrooke, Quebec City, and Montreal
this week.
Listen, weve got a contract with Rexfor, the provincial Crown
corporation that develops forests, for a paper factory in Cabano.
To do some recruiting of our own, in a sense.
What do you mean?
On the phone, Gilles explained that after his years in manage-
ment at the CIP in La Tuque and Matane, he had founded,
with Guy Tremblay, a small engineering frm that specialized
in pulp and paper. He had obtained a Quebec government
contract to provide support to Papier Cascades in Cabano for
the preparation of a major factory construction project that
would produce corrugating medium, the corrugated paper that
is the main component used in making containerboard.
Everyones heard about that project, after the massive dem-
onstrations by the towns residents in 1970 to get things
moving again.
60 61 Laurent Verreault and GLV Seizing the moment

I have a question. May I? Where are you going to locate the
instrumentation and controls in the building? Because whats
drawn here, on this foor plan, isnt going to work.
Poor man. With my hands-on experience organizing factor-
ies and machines, I think I bewildered the representative. I
drew another diagram on the board: I would place the controls
here, instead, the refners there. Te pulp should go up here,
the washers, in that corner there; what does not go through
the frst time goes back down, through here. Te wiring, here,
the electrical control room on this foor. Te air-conditioning,
here and there; one room for the operators, from where they
can see the paper machine, and over there...
Mr. Verreault, Im sorry, I didnt quite catch what your pos-
ition in the company is, the representative interrupted.
Im a consultant for Cascades.
Bernard Lemaire was hooked.
Tat day, we went to have lunch together. We hit it of instantly.
It was almost as if each saw himself refected in the other. We
were both in our thirtieshe was fve years my seniorand
both experts in and passionate about the same feld, hard work-
ers, decision makers, risk takers, good with our hands, builders.
We were both in our element out in the feld.
I told him that, without wanting to commit myself to more, I
was prepared to discreetly draw up the plans for him in New
Brunswick. I would design and draw the controls and the
instrumentation. Bernardwe were already on a frst-name
basisresponded by inviting me to come and meet him later
in the week in Quebec City. I would conduct interviews there
while he had his production meeting with Rexfors directors.
Mr. Verreault? He held out his hand. Bernard Lemaire, the
head of Papier Cascades. Bienvenue.
Eh... Pleased to meet you...
I was a little taken aback: one did not often come across the
head of a company whose appearance was as casual as that
of Bernard Lemaire. Not in New Brunswick, in any case! I
observed him with curiosity.
Oh yes... the beard. Im expressing my solidarity with the
guys in Cabano. Were building a plant to kick-start the town
and to show were all in this together, were all letting our
beards grow! I just moved out there, so actually, youre lucky to
catch up with me here. Now, lets talk about the project. I know
that Gilles Roberge explained a bit...
Mr. Lemaire explained a few details about the venture; I talked
to him about the facility in Matane, and we were soon on the
same wavelength.
Im a bit short on time right now, unfortunately. Ive got a
meeting with the sales rep from Black Clawson-Kennedy, whos
come to go over the installation of their product, the Pandia
Digester, in our plant.
Ive worked extensively on similar machines from that com-
pany. Your project sounds interesting. Would you have any
objections if I sat in on your meeting?
I had a bit of time, and Mr. Lemaire was delighted to accept.
Te representative began his demonstration by sketching dia-
grams of machines and process systems on the large drawings
of the plant pinned up on the wall of the meeting room. I
listened and refected. Im visual, so I mostly looked around.
While they were talking, I studied the drawings.

Because Ive got to be in North Carolina on Saturday and
Sunday to visit a paper plant that closed down to see if I can use
any of their machinery and equipment. Want to come?
I was getting more excited by the minute; I think I must have
begun to glow! Of course I accepted the invitation. Tat even-
ing, Bernard talked to me in depth about his idea. I was swept
up by the wave of energy surrounding this project. I could just
see it: a paper-making facility, totally equipped with nearly
new machines we had reconditioned ourselves! Machines
that were as good as new, a smooth production line, controls
everywhere, hours of pleasure with my friend Louis, in short,
a technicians dream!
Waiter! I think each of us has a special project to celebrate.
Bring us something special to drink so that we can raise a glass
to the occasion.
Very well, sir. Important projects deserve an exceptional wine.
If I may suggest a red Burgundy from the Cte de Beaune, one
of the fnest and highly reputed wines in France.
Sounds perfect! And what is the name of this marvel?
An appellation dorigine contrle, Pommard, sir.
Wednesday
At the piano bar of the Auberge des Gouverneurs in Sainte-
Foy, Bernard flled me in on the details of the story behind
this factory they were building and told me how he intended
to pilot the project.
At Cascades, were recycling specialists. Since 1957, starting
with my father, Antonio, our feld of expertise was house-
hold and industrial waste and, in 1964, with my brothers,
we started making recycled paper. Weve managed to con-
vince Rexfor. Te Cabano facility will be equipped with used
machinery wherever possible. Well build it with commit-
ment and pride, not collective agreements and big corpor-
ations. Money talks, and thats why its going to cost nine
million dollars instead of the ffty-fve the Belgians were pro-
posing or the seventy the Swedes had in mind. I explained all
this to Rexfor fairly rapidly, making my point with a quick
sketch on a piece of paper. Te population and the town of
Cabano are one hundred percent behind us in this. In fact,
theyve raised close to seven hundred thousand dollars to
back the project. Tey will all work with us, under honest
conditions, for themselves, for their project. However, were
going to need guys like you, like your friend Laperrire, or
whoever youd like to bring on board, to look after the instal-
lation of industrial equipment and to refurbish the used
machines. Tats the one area I know nothing about. Tink
about it, and well talk again. By the way, what are you doing
this weekend?
Im going back home on Friday, after my recruitment drive in
Montreal. Why?

T
he year 1974 was momentous. It was the year I took
destiny into my hands. Life was taking us in directions
that neither I, nor Maria, nor my friend Louis Laperrire had
ever imagined. On the horizon was a factory project where we
would be like fsh in water, and Bernard Lemaire was ofering
us both the work and autonomy on a silver platter.
Form a business, he told me on the Friday, while we were in
the plane above New York en route for North Carolina. Do
it with Laperrire, or whoever you want, and Papier Cascades
will give you a contract. Ive talked to my partner, Ive dis-
cussed it with Gilles Roberge, everyone thinks its a good idea.
Teres a lot of work for you.
It was there, in that airplane, with a handshake, that we decided
to work together and struck a pact. But since I thought I knew
nothing about the way companies worked or how to be an
entrepreneur, I asked Bernard why he did not simply put us on
the payroll.
Ill give you contracts. Youll be your own bosses. I need you
for at least a year at Cabano. Eighty thousand dollars for four
thousand hours. After that, well see.
Bernard never answered my question. But I would have to
answer Marias: Why? and Will it make you happier?
Ive never really considered that, Maria, but Bernards ofer
is very tempting, you know. With this, Im being given the
chance to leave my mark, something to show for the time I
spend here on earth. Like an architect who designs great build-
ings, or a doctor who saves lives, Id like to leave behind more
than just my paltry little footsteps. Were happy together, we
have beautiful children, and I have a good, steady job, but, yes,
it would make me happier to build something. I am certain that
67
Itll be called
Laperrire &
Verreault, and
are we going to
work hard!
Seizing the moment

installs paper machines, we sell our services to Cascades, we
work, we bill, they pay us. It couldnt be simpler!
I wouldnt mind, but how on earth do we do that? Running a
company is a complicated business. We dont know anything
about...
Gilles Roberge will help us: he founded his own company, he
knows how to do it. As for ownership, youre the one who has
the arrangement with Lemaire, so youll have
60 percent and the remaining 40 percent will be mine.
You guys are crazy! You both have good jobs that youve held
for the last ten years, you have great salaries, conditions,
expense accounts... and youd risk all that for one small con-
tract. Youre nuts, itll never work. And without me, besides!
It was true, the three of us would make a good team, although
Jean was less of a go-getter than Louis or I.
Tis is serious. Laurent, if we launch a company, are you ready
to work and do what it takes without expecting
anything in return?
I am. And you? We were together at the foot of the altar.
Me too, replied Louis. Good, then its decided! Whatll we
call the company?
Tat Christmas Eve, we came up with a hundred and one dif-
ferent names; everybody had a suggestion. But, nine months
later, in September, I would fnally make the case for the
simplest of all:
Itll be called Laperrire & Verreault. Tat does sound a bit
immodest, I suppose, but, after all, itll be Louis and Laurent
wholl be running the show!
I would enjoy working at this every day. Yes, this is important
for me.
You know that Im going to be right behind you in this pro-
ject. Go to Cabano and complete your years contract. Ill stay
here to hold down the fort and take care of the children, their
schooling, and my work. Ill join you when the time is right.
Laurent Verreault couldnt be on a payroll anymore, and neither
could Louis Laperrire. It would have been like leaving a plant in
a pot: one day, too confned, it would cease to grow. And what do
you think would have happened once the Cabano factory was
completed? Tey would have been thanked for their services and
laid of like any ordinary employees. No, they could do better
than work for Cascades only. Lucky Star knew that: they were
entrepreneurs to the core and Laurent was a charismatic negoti-
ator. Being independent ofers a great deal of freedom, but also
hefty responsibilities: they could handle both. Tey would fnd
other contracts, they would be the bosses, their business would grow
and bloom, like a healthy shrub in a garden.
Tree months earlier, we had been over at Louis house for
Christmas. Jean was there too. During the year, we had occa-
sionally broached the subject, but it was now time to stop
avoiding the issue and get down to business. Te time was
ripe for each of us to bring the others on board. It was Louis
who got the conversation going, around the pool table in the
basement.
Louis, hey, its your turn. Youre daydreaming!
We should start our own business, Louis said fnally. We all
knew he was right, but neither of us had dared state it so plainly.
Tey started building the Cabano plant last fall, and work is
advancing pretty rapidly. Look, we create a company that

Jean! Its Laurent in Cabano. Ive been looking for you every-
where for a week! We need you.
Youre lucky to catch me. Im in between fights. I just got in
from British Columbia and Im on my way to Africa.
Change of plans! Youre not going to Africa, youre going to
take the ferry to Saint-Simon and then youll join us in
Cabano. Louis has been working with me here for a few weeks.
All the controls, pumps, and piping fixtures have been
purchased and delivered and are waiting to be installed, but
Mr. Lemaires technicians are having a lot of trouble refur-
bishing the used machines. Bernard has agreed that I ask you
to give us a hand, because we really need you.
Like Ti-Jean, a favorite character in French Canadian legends
and fairy tales, Jean Desbiens was as loyal as ever. He arrived
a few days later, bringing with him the technical solutions we
desperately needed.
Anyone else would have had serious doubts.
Okay, wheres the machine?
Tere, in the yard.
You got all the parts? Do you have a plan? Whos going to put
this together? Laurent, what do you think?
Of course we have a plan... okay, we have a scrappy piece
of tattered yellowed paper... but we know that youll be able
to make sense of it. Jean, thats how it was assembled before it
arrived here. Were going to have to put it back together like
that. Once youve assembled one of these, youll be able to
build them all, right?
I arrived in Cabano one evening in early June 1975. Te place
was deserted at that hour. I rented a room in a dingy, run-
down motel on the shore of Lake Tmiscouata. Tere, under
the aurora borealis, I suddenly felt alone, like I was getting a
touch of cold feet. What the heck was I doing here? Jean was
right when he said I had a boss, a job, kids in school, a wife I
was close to, a comfortable home, a routine . . . Now, I had
$2,000 and a car, both borrowed from Maria, a contract whose
details were still pretty sketchy, no guarantees after that, and a
motel room crawling with insects. We were insane.
He would get over his doubts quickly enough. At seven oclock the
next morning, he showed up for work at the site. No, he wasnt
crazy. Okay, maybe he was, but a crazy visionary, utterly driven.
He had ideas he believed in, he invented solutions, and he was
going to prove to himself that he was right, that this venture wasnt
a mistake, and that success was within his grasp.
Lucky Star would see to it that he wouldnt stay in that dingy
motel for long. His friends Louis and Gilles arrived and stayed
with him in a nice trailer home in Notre-Dame-du-Lac. Tey
borrowed the money to buy a car and Laurent went home to
see Maria every second weekend. Tey worked relentlessly,
devoured Gilles gourmet cooking, worked with enthusiasm,
reinventing the world with Bernard, drank like men at the
local bar in downtown Cabano, worked some more, slept a bit,
worked still more... and achieved what they had set out to do.
But his best move came soon enough: he would once again recruit
Jean Desbiens, reconstituting the formidable trio.
In October 1975, I fnally tracked him down at his home in
Charlevoix.

with every new contract, our company grew. Backed by the
new talent, each an expert and each as committed as the
other, Laperrire & Verreault solidifed its expertise in the
rehabilitation of paper-making machinery for all kinds of
paper: newsprint, fne paper, recycled, corrugated, molded,
tar paper, bathroom tissue, paperboard, paper towels... the
list went on.
From 1977 on, the pace increased steadily. Te musketeers and
their fedgling core of Dependables travelled from one facility
to another across North America, taking apart a machine or a
grinder in one location to reassemble it in another; converting
the wire from one machine here to ft another that was nar-
rower there; assembling one working unit out of four relics...
Laperrire & Verreault was tireless; there was no challenge the
company could not meet.
I knew it. I told you you were crazy.
I introduced Jean to Bernard Lemaire, and, togetheran
interest in all things mechanical instantly bonding the two
menthey went out to visit the dying patient in the yard, the
yellow paper in hand. Tey painstakingly waded and picked
their way through the pile, recognizing various parts, fguring
out where they ft, and becoming increasingly animated the
more they worked together. Piece by piece, the machine
slowly began to take shape and show signs of life. Lured by
the bait of this giant Meccano game and the sheer pleasure of
tackling this puzzle that was tailor-made for him, Jean
Desbiens fell hook, line, and sinker for this venture. As an
added bonus, he was reunited with his friends once more.
Tat day, Jean, Louis, Gilles, Bernard, and I experienced a
moment of profound complicity, a fraternity that would last
our lives.
Jean Desbiens would only travel to Africa forty years later, to
assist in the construction of a gymnasium in Kigali, Rwanda.
But now, he embarked on a new position, working as a tech-
nician for Laperrire & Verreault. In two weeks, he had put
the puzzle together again. Day by day, the machine was slowly
coaxed back to life, until it was returned to service in the sum-
mer of 1976. It was then that Louis and I knew we had to
fnd a way to retain our mechanical genius and consolidate our
formidable trio once and for all. We divided our share in the
company to bring Jean in as an owner, fnally cementing our
band of three merry musketeers.
From Cabano to Kingsey Falls in Quebec, from North
Carolina to Ocean Falls in British Columbia and Steilacoom
in Washington state, from Cascades Lupel in Cap-de-la-
Madeleine to St. Raymond Paper in the county of Portneuf:
Un succs d'entreprise
remarquable (A remarkable
business success) proclaimed
Trois-Rivires local newspaper.

Te names Marcel Dub, Yvon LHeureux, Bernard Terrien,
Raymond Beaudet, and soon Ghislain Roy, Guy Croteau, Bill
Saulnier, and even the very young Richard Verreault appeared
on the company staf list. Each in his own way was an
extension to the trio in that they shared the same spirit: they
took pleasure in their work and accomplished their tasks with
invention, imagination, and ressourcefulness.
Andr Piette, Engineering
Manager, Luc Fortier, Head of
Research and Development, and
Bernard Therrien, co-founder of
the Socit de Fabrication des
Vieilles Forges.
Laurent Verreault

I
will always remember the day in 1981, when we took pos-
session of our new premises at 3100 Westinghouse Street. I
enjoyed discovering a host of details in the new location, along
with Louis, Jean, Bill, and a few others. We were like a little
family moving into a new house.
Whoa! Now youre talking. Tis is what Id call some pretty
snazzy ofce space! And with the machine shop in the same
building... this is just fantastic! Freedom from those sardine
cans we called ofces at long last! How long were we there? Do
you remember?
Lets see, in 1978 we moved our trailer homes from Cabano
to Cap-de-la-Madeleine to work at Cascades Lupels plant.
Louis Laperrire remembered that move well. At that time, Jean
Desbiens had gone to Kingsey Falls to monitor and supervise a
new paper machine contract for Cascades.
It was really convenient, from what I remember. We were right
behind the plant at Cascades Lupel. We were working on the
recycled paper compactor and tar-paper machine contracts for
Bernard Lemaire. Tat was the year we founded the Socit
de Fabrication des Vieilles Forges, or, as we called it, SFVF, to
manufacture all the parts we needed, because we had grown so
fast since 1975!
Jean especially remembered that part of the story; he fnally
had his own machine shop, which greatly simplifed the task of
building machines. His set-up here would be even better.
Here, well fnally be able to work together! I often had
the feeling that we were all scattered across Quebec and all
piled into one trailer at the same time. At this end here will
be Laperrire & Verreault, and behind that, the SFVF shop.
77
Watch out Qubec
Inc., because here
come the three
musketeers!
Seizing the moment

hat to our pioneers, which included the workers of Te Same
Ting Team. Let me explain. In these early years, we were often
called upon to travel to other Canadian provinces and to the
United States for extended periods of time, to disassemble paper
machines that would be shipped back to Quebec or elsewhere,
according to the contracts. Most of our employees did not speak
English, so when it came time to ordering meals in restaurants,
the team leader was often the frst to place his order with the
English waitress. When she turned to take the orders from the
others, each in turn would answer, same thing, same thing,
same thing, to simplify communication and speed up the ser-
vice. Tey did this repeatedly until they were jokingly dubbed
Te Same Ting Team!
We did not see each other a lot, but we were still building the
same company together. Our great competitive advantage
was that we could handle every aspect of a contract: design,
engineering, manufacturing, mechanics, electricity, instrumen-
tation, controls, installation. Our clients valued us for that and
were ready to pay us accordingly for our services. In early 1980,
we were already looking at creating two divisions within
Laperrire & Verreault: Manufacturing and Construction.
I tried to interest our key employees in investing to become share-
holders in our various companies. In this way, we fostered a sense
of belonging in them. Tese were far more engaged than our
regular employees, and they became true collaborators who were
personally committed to the cause. We shared the wealth. Jean
Desbiens, for instance, went from being a mechanic employed
by the company to owning 30 percent of Laperrire & Verreault.
Raymond Beaudet, Marcel Dub, Yvon LHeureux, and Bernard
Terrien together took over 50 percent of Socit de Fabrication
des Vieilles Forges. Guy Croteau became a shareholder in
Everyone will have their own space. Bill, where do you want
your ofce to go?
I dont know yet...
Tell me, how much did we pay for this building?
Quite a bit more than what I had ofered the seller, actually,
but Bill Saulnier, our eminently trustworthy accounting con-
troller, had negotiated shrewdly during one of my absences and
obtained an attractive property in the industrial park to house
us all. It was large enough to soon be generating a sizable rev-
enue as we were able to rent out more than half of the foor
area to the residents of Trois-Rivires. After fve years of living
in a trailer in Cabano, we fnally had suitable living accom-
modations in the provincial pulp and paper capital. I was giv-
ing serious thought to developing even further, diversifying our
clientele. I wanted Laperrire & Verreault to chart a new course
backed by the support of its seven or eight shareholders and the
few professionals we had hired.
During the time I was taking care of developing our business,
Louis was out in the feld, on construction sites for factories
and other industrial buildings. He generated a lot of business
through lucrative contracts for SFVF. It was one thing to sell,
but we had to build and deliver the goods too! Jean, our resident
mechanical genius, along with mechanical engineer Bernard
Terrien, electrical engineer Ghislain Roy, instrumentation
engineer Simon Sleigher, and our industrial designers, designed
the machines our customers ordered. Yvon LHeureux then
built them with Raymond Beaudet and Marcel Dub. Finally,
our employees would install them at the clients facility with
Marcel Dub, Yvon LHeureux, and Te Same Ting Team.
I have to pause here to pay tribute to the employees who helped
build Laperrire & Verreault with us, with a special tip of the
Bernard Therrien was a
mechanical engineer. He
joined GL&V when it merged
with the Socit de
Fabrication des Vieilles
Forges. In 1986, he worked as
the companys Engineering
Manager and Hydra-Sizer
product specialist.
A welding tter for GL&V
Canadas Manufacturing unit,
Raymond Beaudet joined
GLV when Laperrire &
Verreault and the Socit de
Fabrication des Vieilles Forges
merged in 1986. He stayed
until May 2008.
Marcel Dub was a machinist
for GL&V Canadas Pulp and
Paper Group and Manufacturing
unit from the moment he joined
the company when it merged
with the Socit de Fabrication
des Vieilles Forges in 1986 until
September 1997.
Ghislain Roy has been an
instrumentation and controls
engineer since 1980.
Guy Croteau has been a pipe
tter and site superintendant
for the Construction division
of Laperrire & Verreault
since 1980.

Sometimes, it would be Robert Dorion who, by urgent request,
would sit down in an empty ofce with a piece of paper and a
pencil and, in one afternoon, draft up an acquisition contract. At
other times, it would be Ren LHeureux who would take charge
and type up the necessary administrative documents on a typewriter
he had bought specially for the occasion.
Lucky Star would often arrive in the form of a Blue, which was
both the company color and the label given to dedicated employees,
who would go in person to quickly fx a problem that had come up
here, there, and elsewhere...
Laurent, if I am to do things properly, I really need to be able
to take care of the construction side of things through a corpor-
ate entity thats separate from the others. Laperrire & Verreault
is mostly pulp and paper; Vieilles Forges is component machin-
ing; I could complete our activities with a third company. It
would really only be formalizing whats already a reality.
From the instrumentation technician he had started out as,
Louis had truly become our construction guru. He was abso-
lutely right about this new company.
Any ideas about how to structure this company?
Tats your specialty, Laurent! I was thinking that a com-
pany owned by Laperrire & Verreault could simply be called
Constructions Laperrire & Verreault. It could be incorporated
through us and a few employee shareholders. Guy Croteau is
interested. Tis company would be responsible for construction
contracts either with clients who want to install paper machines
manufactured by Laperrire & Verreault and built in SFVFs
shops, or with any other industrial or institutional customers.
Its a win-win situation for everyone. And the company will be
located in Quebec City, close to where I live.
Constructions Laperrire & Verreault in 1981, and Bill Saulnier
bought into Les Services Maxi-Plus in 1982.
With his irresistible powers of persuasion, Laurent Verreault
knew how to negotiate, win people over, make money, acquire,
and expand the company. But I did not know how to draw,
design, or build paper machines. I needed others for that. I was
an ideas man. I dreamed up projects, which I then handed over
to my collaborators, because I couldnt do everything. Te same
went for problems. I did not keep those to myself either. Because
we played on the same team, I shared any troubles I was having
with my teammates. But I expected them to play as a team, to
play fair, to be straight shooters. I could be wrong on occasion,
and when that happened, I expected them to stand up to me.
Te only thing I demanded was that they be able to prove to me
that I was on the wrong track so that the whole team did not
end up taking a wrong turn together.
Te team captain didnt take long to understand the rules of the
game. From 1980, he tinkered around in new business ventures
and corporate reorganizations, in the capital and shares of sub-
sidiaries, in the acquisition of companiesleaving the nuts and
bolts to his teammatesto make structures more fexible and more
efcient. Like him.
Bill Saulnier was always present during those years: the economic
recession in Quebec had drawn an emphatic response from the state.
To foster entrepreneurship and encourage companies to become
publicly listed, the Quebec government created the Quebec Stock
Savings Plan, which spawned a boom in business start-ups through-
out the province and supported the development of a true entrepre-
neurial class, which was dubbed Quebec Inc. Tis development
was highly benefcial to Laurent. In fact, he took advantage of it to
place his pawns strategically around his chessboard.
Ren LHeureux began his
career at GL&V in February
1982 as an Executive Assistant,
in charge of integration after
several mergers. He then
served as Director of Human
Resources until his departure
in July 2011.
81 80
C
o
n
s
t
r
u
c
t
i
o
n
s

L
a
p
e
r
r
ire &
V
e
r
r
e
a
u
l
t

I
n
c
.
1
9
8
1
Laurent Verreault and GLV Seizing the moment

And so we purchased a small machining company in Trois-
Rivires, in the Mauricie region, called Massicotte & Arcand,
which we soon resold, as well as a microcomputer business
called Ormique. Te shop was not nearly big enough, but the
administrative and fnancial exercises of purchasing and resell-
ing allowed us to try our hand, in a manner of speaking, at
acquisitions, to evaluate our true manufacturing needs and, in
the process, generate some proft through the transactions.
Tey were like young wolves. Tey had progressed beyond the playing
and learning stage of cubs to the point where they now understood
what was involved in the hunt: observe your territory, be hungry,
know your strengths and your means, map out your strategy, and,
especially, be patient. Lucky Star didnt need to teach them that;
it was in their instinct, with Laurent leading the pack. But Lucky
Star was never very far away.
In 1982 and the years that followed, the global economy was hard
hit by American interest rate policies. Neighboring Quebec didnt
escape unscathed, and the pulp and paper sector, along with many
others, sufered a signifcant slowdown. Laperrire & Verreault
understood the importance of diversifying their activities. Laurent
was constantly looking to grow. He had this gut feeling that the
hunt would be worth it only if he waited for the most attractive prey.
Well, my friends, I think Ive found a good one this time!
Its called Les Industries Couture. Its a large machine shop
in Chicoutimi, and I think its a good deal from a number of
standpoints. Yvon, would you like to give us the details?
Yvon LHeureux had taken part in the detailed study and due
diligence review of the project.
First of, with this acquisition, Laperrire & Verreault will
extend its presence beyond the Mauricie region. Couture is well
placed in the heart of the SaguenayLac-Saint-Jean region,
So, we founded Constructions Laperrire & Verreault Inc. in
1981. Several months went by.
Laurent, Im having problems with the company that takes
care of our computerized payroll and accounting here in Trois-
Rivires. Tey want to be paid before delivering the work!
What do you think, Bill? Youre the accountant.
I think theyre in fnancial difculty and were about to lose
them. But we need them; we especially need their computer to
keep track of our accounting, plus all our data is with them.
Tose computers cost a hundred thousand dollars... I think
we should buy the company; well have the experts, their clients,
and their machine.
In 1981, we proceeded to buy out the shares of this small frm
called Les Services Maxi-Plus Inc. Over the course of a few
months, Bill Saulnier was able to salvage this company by
selling accounting and computer support services locally. He
turned it into quite a proftable business. We never found out
exactly why, but perhaps that was the reason that the Maxi-
Plus ofces on Tibeau Boulevard in Cap-de-la-Madeleine
were known as the candy house by every employee in the
company.
Laperrire & Verreault was doing well. Trough the creation
and acquisition of companies, we were able to provide a solid
framework for our various activities, and we were now able to
accommodate every aspect of the vast majority of our contracts.
Nevertheless, of all our services, the Manufacturing sector
was having trouble keeping pace. Te pressure on the Socit
de Fabrication des Vieilles Forges was intense, and we had to
ensure the quality and continuity of its operations, which were
so essential to supporting the others.
Yvon LHeureux was an
industrial mechanic for
the Socit de Fabrication
des Vieilles Forges. He joined
the GL&V team when it
merged with SFVF in 1986.
He was involved in the
integration of several
acquisitions and completed
his career with GL&V as
President of the Pulp and
Paper Group in June 2004.

us, Canron would complete Les Industries Couture; each would
support the other. We acquired the division in 1989.
Te foundry had closed seven years prior, but the machine shop
was operating smoothly. What did not work so well had more
to do with the owners of the parent company: an overly con-
servative senior management, too many stufed shirts based in
Ontario that communicated in English only and made decisions
in advance based on how things had been done for the past ten
years. Te plant manager, Michel Glinas, could barely move
a paper clip without frst getting authorization from Toronto.
We had never run things like that at Laperrire & Verreault. We
were particularly dynamic entrepreneurs, and they were some-
what taken aback by this new style of management.
In the beginning, I would have regular meetings with Michel to
discuss projects and get a feel for how things were working on
which is also a bustling centre of industrial activity. Second,
along with the business, well be acquiring their clients and
order book. Tere are outstanding pulp and paper contracts, of
course, but there are also orders for hydro dam components for
the James Bay project and others for the Alouette aluminum
smelter in Sept-les and Alumax in Deschambault. Tese three
are among the biggest construction sites in the province at
the moment.
We bought Les Industries Couture in 1987. It was a large com-
pany with a solid reputation, close to two hundred employees,
and annual sales in the several tens of millions of dollars. Couture
also swung open the doors to other felds of industrial activity,
including hydroelectric dams and power generating stations,
aluminum smelters, and all the engineering know-how needed
by these sectors. Our shops in Trois-Rivires and Chicoutimi
would be working at full production for several years.
I had no hesitation about paying a little more for Couture than
what it was really worth. Our public ofering the year before
achieved excellent results and we had the fnancial means
necessary. I also felt that we needed to grow in Quebec before
attempting to take on the rest of North America.
In order to build solid foundations for the company, I began by
exploring all my options in Quebec frst. Tere was one more
prize that I had been eyeing for many years. It was a small,
historic gem in my region, the successor to the Compagnie
canadienne des conduites deau, a pipe foundry dating back to
1890: the Canada Iron Co.
Known as Canron and located in an old factory in Trois-Rivires
that was situated right next to a foundry, their Mechanical
division handled major contracts to build paper machines and
parts for paper mills. Our shop at 3100 Westinghouse Street
was too small to accommodate an operation of this scale. With
Michel Glinas joined
the GL&V team when it
acquired Canron in 1989.
He was General Manager
of the Manufacturing unit
in Trois-Rivires from 1989
to 1993, and of Ateliers Allibe,
in France, from 1993 to 1995.
Today, he is Vice President,
Global Procurement for
the Pulp and Paper Group.
Laurent Verreault at
3100 Westinghouse Street,
in Trois-Rivires.
85 84
G
r
o
u
p
e

L
a
p
e
r
r
i
r
e
&
Verrea
u
lt

I
n
c
.
1
9
8
6
C
A
N
R
O
N
1
9
8
9

the shop foor. One morning, one of the employees came into
his ofce:
Mr. Glinas, our damn forklift truck is broken again. Its going
to cost four thousand dollars to fx, but we need
authorization.
Can we get by without it for a while? Michel asked him.
Not for too long. Tere are only three, the worker answered.
You see, Mr. Verreault, Ive had a new forklift in the last three
yearly budgetary projections I sent to Toronto and they still
havent given me an answer...
How old is this piece of equipment?
Oh, ffteen years old, at least. We invest fve to six thousand
dollars in repairs on it each year, just to keep it going. But its
old.
How much does a new forklift cost? I asked Michel.
Twenty, twenty-two thousand...
Buy a new forklift. Yes, you understood correctly, a new
forklift.
It took thirty seconds instead of three years, and we werent
even ofcially the owners yet!
When it came to acquisitions, Laurent Verreault believed that
you had to act fast and intelligently to put your stamp on
every area of the company, so that from the get-go, employees
understood that they had new owners and new bosses. Tat
way it was easier to break bad habits or change procedures
that no longer suited the way the company would now be
managed.
Laurent Verreault in the
mid-1980s.
Canron Inc. was quickly changed to Fabron Inc., a contraction
of Fabrication and Canron. Ten to twelve million dollars
worth of machines and tools were replaced in four months; the
following year, we introduced numerically controlled machines,
to remain the best and the leaders in terms of quality and
efciency.
Within the year the buildings were purchased and, to the tune
of $100,000, their exteriors were also renovated and restored, to
give a lift to both employee morale and the citys entrance, and
to underscore the fact that, from now on, things would be done
diferently.
In the end, with all the acquisitions, the creation of new
businesses, and a workforce that had tripled between 1980
and 1989, we never did have any extra space to rent out at
3100 Westinghouse!
87 86
A
T
E
L
I
E
R
S
F
A
B
RON IN
C
.
1
9
8
9

I
n spite of our numerous acquisitions, business start-ups, and
the companys growth, the last fve or six years had not been
easy. Interest rates were completely out of control and rising to
close to 20 percent. Our subsidiariesLaperrire & Verreault
from 1975, the Socit de Fabrication des Vieilles Forges from
1978, Constructions Laperrire & Verreault from 1981, and
Les Services Maxi-Plus from 1981had lucrative contracts,
but were also carrying a number of short- and long-term debts.
Even if our gross proft margins were 30 percent, if we had to
spend nearly 20 percent in interest and 10 percent to 12 per-
cent on administration, we were working for nothing and, in
some cases, less than nothing.
In the mid-1980s, we did everything possible to grow our revenues
and limit our costs, including cutting salaries across the board by
20 percent. We pared down the administrative staf at 3100 to one
essential employee: Ren LHeureux. In 1984 and 1985, during
this fnancial low, I took the time to do some serious juggling.
He didnt start out as a fnancial whiz, but in time and because
his instincts were good, he became one. Fundamentally, he was a
man of action, a guy who was good at his trade, and happiest out
in the feld. He had never earned a degree from a prestigious busi-
ness school, had never studied the formal mechanics of making
money, or investing, or how to use credit, but he was Laurent
Verreault: he learned by doing, and he caught on fast!
A few years before, when Bernard Lemaire had spoken to him
about a public issue, about common and preferred shares, about
appreciation, growing by using other peoples money, he had lis-
tened in silence, attentively. Bernard talked about the govern-
ments stock savings plan, about expanding, about fast-growing
companies, and other such fascinating topics. Laurent may have
been a hands-on guy, but he wasnt deaf...
89
welcome to
the big league I:
Groupe
Laperrire &
Verreault Inc.
Seizing the moment

the group for any reason. None of us ever sold, but, should we
have so desired, we were free to do so, and that helped keep us
together.
We had some difculty trying to conceive what GL&V should
be because we did not know what the future held. Tis new
entity was a little like an ugly duckling, in that we had no ink-
ling of what it would turn into. Either way, we had to work
with what we had, and, especially, proceed with caution, without
projecting too far ahead or picturing ourselves too big. With this
relatively simple corporate and administrative reorganization, we
had made the switch from an old car to a newer, bigger, more
powerful and more comfortable model.
I could not just sit still, waiting for things to move. If I did
not move forward, I would fall back, because there were
others nipping at my heels who themselves were moving for-
ward. It was simple: if I stayed small, I would die. Id seen it
happen to others too many times. We had come this far and
everything was in place for us to make great strides forward,
including our seventy-fve employees and the best partners and
shareholders...
Bill, in my ofce right away.
Laurent... Money doesnt grow on trees, you know. Plus, you
need time to...
Go, go, go! Bill, you have to come up with a plan to get us out
of this ditch. Listen, a while ago, Bernard Lemaire talked to me
about the public market, of being listed on the stock exchange...
And thats how Laperrire & Verreault, the humble business
we founded in 1975, became Groupe Laperrire & Verreault,
following a merger of its two main subsidiaries, Socit de
Fabrication des Vieilles Forges and Les Services Maxi-Plus.
We had other plans for our third company, Constructions
Laperrire & Verreault.
All the partners exchanged their shares in the subsidiaries for
shares in the new GL&V on a pro-rata basis, and they retained
a similar position on the organizational chart of the new
corporation. We designed a fexible share capital structure that
allowed us to sell the number of shares required to generate
the money we neededno more, no less. Te original share-
holders, Jean, Louis, and I, decided to retain the option of
selling our part in the company and to not sign the sharehold-
ers agreement, even though that was common practice. Each
of the three musketeers could, in this way, break away from
Bill Saulnier was Vice-
President and Chief Financial
Ofcer until he left in
December 2004. He joined
the GL&V team when it merged
with Les Services Maxi-Plus.

Louis, Jean, Bill, and Robert Dorion, our lawyer, and I were
meeting with the brokers representatives in a cramped ofce at
the Montreal Exchange. We looked serious.
Laurent, if its because youre arguing and you want me to play
referee... Ren knew us well and was quick with a joke to
lighten the atmosphere.
No, no! Te broker, Lvesque Beaubien, has just given us a
check for the shares we sold on the market.
Oh? From the look on your faces, Im thinking you want me
to guess whether it was a success or if we missed the boat, said
Ren coolly.
It certainly guzzled more gas, but we knew what fuel would
make it run best: public investment. Te way to make
money that Bernard Lemaire talked about non-stop was to
go public with the company by listing it on the stock exchange.
We could also register for the Quebec governments stock sav-
ings plan again. Created in 1979, this tax program allowed indi-
vidual investors to purchase shares in companies and deduct the
investment against their taxable income. Until 1986, the QSSP
generated close to $2 billion in private fnancing for Quebec
entrepreneurs. With our projects to acquire new equipment
and proprietary rights, we needed a fresh infusion of money.
On the recommendation of Bernard Lemaire, we became a
publicly traded company, listed on the Montreal Exchange.
Our frst issue was for one million shares worth four dollars
each. We hoped to sell as many as possible, of course; we were
sure about the quality of our product.
Te major change in going public was the arrival of a board of
directors. Tis group of wise men was elected from among the
shareholders to advise the companys executives: we remained
the bosses in the everyday operations, but we had to respect
our advisors long-term directions and the decisions they made.
Te process was a little slower, but underpinned by the fair,
knowledge, and expertise of the directors, we ended up going
much further. Te board could also act as a bufer between
the three fghting roosters! Let us just say that Jean, Louis, and
I had strong characters with a tendency to be impulsive and
occasionally quick tempered. When it was time to make deci-
sions, these three egos rubbed up against one another, often
causing sparks to fy. Sometimes, an outright fre would break
out!
Ren, come into the ofce right away.
Bill Saulnier, Louis Laperrire,
Laurent Verreault and Jean
Desbiens during GL&Vs initial
public offering on July 7, 1986.

See for yourself. As youre the only employee left in
the ofce, youre the one whos going to go and deposit the
check. Bill, give it to him.
He handed the check to Ren who looked at it for a long while.
I seem to remember him turning slightly pale before breaking
into a wide grin, his eyes shining, truly impressed.
Ren was going to deposit a check for $4 million into our bank
account! Well, less the fees for the brokerage frm, lawyers, and
accountants, that would leave $3,600,000. While, today, these
types of fnancial transactions are digital and virtual, back
then, we still received paper checks, which were always exciting
to hold in our hands.
I was impressed too. Mostly, I felt honored that so many
people in Quebec felt that, at this point in time, our past
results were good enough for them to place their confdence
in us for the future. It was an immense tribute to all the work
we had done. We had issued one million common shares, of
which a large portion had been sold to the general public.
Almost all our employees, who of course were the ones who
had the most faith in their company, had bought some as
well with the help of the GL&V social club and an incentive
program we had created.
Upon the advice of our lawyer, Robert Dorion, we also encouraged
shareholder retention by ofering the possibility of medium- and
long-term profts through an issue of common and multiple-
voting shares. As holders of a signifcant block of securities, we
were able to retain control of the corporation without harming
the interests of the shareholders and bankers. I preferred this to
promising immediate results for small investors, who might then
be inclined to sell of their shares quickly.
Louis Laperrire, Laurent
Verreault, and Jean Desbiens
at the Montreal Exchange
during GL&Vs initial public
offering.
Modesty prevents me from describing the details of that
unforgettableand well-lubricatedparty we had around the
pool at my house to celebrate the event! I will, however, tell
you that I used the opportunity to proudly present each person
there with a numbered share certifcate that I had issued to
commemorate and recognize our frst successful foray into the
public market.

O
f our three partners, Jean Desbiens was the mechanical
Einstein, the whiz kid who could fix any technical
problem and develop innovative solutions to whatever
challenge was put out to him. Jean built his own airplane and
few it as a hobby. Need I say more?
Laurent Verreault, with his charisma and people skills, was the
right man to run the shop, on-site in Trois-Rivires as well as
around the world. He was not only an excellent instrumenta-
tion technician but also the companys strategic visionary.
As for Louis Laperrire, he was the builder, the leader of work-
ers and of worksites. His views on business management were
very diferent from mine. Like me, he was a man of action
who performed best in the feld, but he was discreet and liked
to manage his own budget and activities. I understood how
launching GL&V into the public domain in 1986 and now
having to report to a board and to shareholders might have
rufed his feathers a bit.
Louis supervised enormous worksites with Constructions
Laperrire & Verreault, which, in comparison, was not a big
company. Not big enough for Louis in any case. In 1986,
Cascades bought the huge pulp and paper mill at Port-Cartier
in the Cte-Nord region from ITT Rayonier, and we assigned
him the responsibility for its rehabilitation. Constructions
Laperrire & Verreault, Captain Laperrire, frst mates Guy
Croteau and Ghislain Roy, and their crew of several dozen
employees set a course and proceeded full steam ahead. As
work on the project was wrapping up, in the summer of 1988,
Louis invited his two friends and partners on a fshing trip
with him to an area far north of Natashquan for a little rest
and relaxation.
97
welcome to
the big league II:
Hydro-Mcanique
Inc.
Seizing the moment

No, youre right. We realize that Constructions Laperrire
& Verreault represents a major source of revenue for GL&V,
which we wont be able to do without in the future, even if
were slowly recovering from the recession. Do you have some-
thing to propose?
My neighbor in Beaupr might sell me his company. Tat
would provide me with a functional, permanent team, clients,
a full order book, and engineers. Hydro-Mcanique is special-
ized in wastewater treatment, a feld we havent yet explored
but thats related to pulp and paper. Im proposing acquir-
ing Hydro-Mcanique and merging it with Constructions
Laperrire & Verreault.
Laurent, this man will be your guide for the weekend. Jean,
this is yours, and this guide will be mine. Te lakes here are
vast, we wont be fshing together, and we cant go out alone
without a guide.
Sounds good, Louis, I answered. Okay then, I said to my
guide. Its only about four in the afternoon, how about we go
and see if the fsh are biting?
No, he answered. Were going to have supper soon, in about
an hour and a half.
Oh... Right... Okay, well go after supper!
No. We dont fsh after supper here.
I was a bit surprised, and soon became grumpy...
No problem. Im always up with the sun at this time of year
anyway: well head out early tomorrow around fve.
No, we eat breakfast at eight. Well go fshing after that.
What was Louis up to?
Once again, I was in too much of a hurry! Louis had brought
us to an anglers paradise where we would soon be fshing for
brook trout; the trip had been superb, the fshing had been
great, and we were all feeling good. He was setting the stage.
In the hydroplane on the way back, he cast his line:
Im about to complete two intense years of working here in
Port-Cartier. Im returning to Trois-Rivires with my hands
empty, with no contracts and no orders on the table. I have
men whose livelihoods depend on me. Tis is the way its always
been, but it cant go on like this any longer.
Summit meeting: Laurent
Verreault and Brian Mulroney
during the prime ministers
ofcial visit to Trois-Rivires
in the early 1990s.

Youd move everything to Trois-Rivires? Wed all be located
at 3100?
Not at all. Tis new company would remain in Neufchtel,
close to me, but with an ofce at GL&V in Trois-Rivires.
Wed continue as weve been doing, but Id be the captain of
my own ship.
Louis was decidedly cut from a diferent cloth than the other
musketeers! All for one, and one for all, but, if need be, one for
one. And why not, if everyone came out of it a winner? Maybe
putting a little distance between the roosters, each with his own
specialty and on his own territory, wouldnt be such a bad idea.
In October 1988, we acquired Hydro-Mcanique Inc. in
Neufchtel. Without being able, at this point, to appreciate
Tribute to Laurent Verreault,
February 25, 1989.
Robert Dorion, Pierre Pag,
Paul Philibert, Gaetan Perrin,
Jean Desbiens, Bill Saulnier,
Suzan Blanchet, Vic Croteau,
and Laurent Verreault.
the true signifcance of this move, we entered into the sector
of construction and engineering for municipal and industrial
wastewater treatment systems and power generation stations
through the front door.
Tis acquisition came about as a result of Louis intuitive
understanding of GL&Vs need to diversify into new sectors.
Along with Les Industries Couture, bought in 1987, acquiring
Hydro-Mcanique aforded us some freedom from the up-and-
down proftability cycles of the paper manufacturing sector
and allowed us to take full advantage of major projects being
carried out in Quebec during the 1990s.
Hydro-Mcanique generated exceptional sales and profts,
which, from that point on and for a few years to come, truly
turned the tide for GL&V. Tese enormous cash reserves
allowed us to target acquisitions outside Quebec, launching
Pas question de quitter
Trois-Rivires (No question of
leaving Trois-Rivires), read
the October 8, 1988 headline
of Le nouvelliste.

us on a conquest of North America. Concurrently, at home,
whether at St-Raymond Paper in Portneuf, at Hydro-Qubecs
thermal power plant in les-de-la-Madeleine, or on other,
smaller, contracts, Louis and his staf were renowned for the
quality of their service, notably in engineering, with the elec-
trical controls team headed by Ghislain Roy. Tis excellence
was perfectly in keeping with our philosophy.
Nevertheless, despite twenty years of personal friendship and
appreciation, Louis was a musketeer unlike the rest of us. Our
business and corporate partnerships were destined to eventu-
ally chart a diferent course, especially now that each of us
was the captain of his own ship. In 1999, Hydro-Mcanique
was developing its expertise in specialized industrial construc-
tion, while GL&Vs expansion into the North American and
European paper manufacturing equipment and services, and
liquid/solid separation technologies markets had defnitely
taken of.
At the request of Louis, Groupe Laperrire & Verreault sold
him all of Hydro-Mcaniques shares. Now he would have all
the latitude he wanted in his area of expertise; he was going his
own way.
Laurent was a diferent kind of musketeer too. Louis managed
practical projects and complex, one-of, lucrative worksites in his
own way, while Laurent had to manage the development objectives
of a company with subsidiaries that were beholden to shareholders
with long-term expectations. It was obvious that their personal
investment visions and decisions would one day part ways.
And so it came to pass that, in the presence of their loyal Blues,
Louis and Laurent announced that they would go their separate
ways, each taking away with him his own Lucky Star and the tight
bonds of mutual friendship. At Louis house that Christmas back
Laurent Verreault, Gilles
Roberge, Jean Desbiens,
Bernard Lemaire, and Louis
Laperrire, in between golf
games in Florida.
in 1974, they had made a commitment to each other, as though at
the altar, to do what they needed to do without expecting anything
in return. Tey had fulflled their promise to each other.
Every breakup has its share of hurt and pain, and this one was
no exception. But, in spite of their powerful egos, these men were
able to preserve not only what they had worked so hard to build
together, but also their mutual vision for the future of GL&V,
as Louis remained a principal shareholder along with Laurent
and Jean.
Most importantly, they were able to preserve the essential: their
deep friendship. Today, with Bernard Lemaire, they spend their
winters playing golf together, placing bets of a dollar a hole . . .
which they each manage to take turns losing!

3
First, we take
North America

I
n addition to the 1990 Dorr-Oliver Canada transaction
being a masterstrokepurchasing the debt rather than the
companyacquiring this company had given Groupe
Laperrire & Verreault a tremendous boost. It had taken us
only four years to achieve a privileged position as a supplier of
services to paper makers across Quebec.
Tis time, along with the fact that we were stepping outside
our traditional territory to better position ourselves in eastern
Canada, we were also gaining a solid foothold in the mammoth
mining market with its ravenous need for liquid/solid separa-
tion technologies. Te separation principle is simple: once ore
is extracted from soil and crushed, it is washed in water. Te
resulting sludge contains three elements that need separating:
the desired mining product to be collected, the mineral waste
to be carefully disposed of, and the water to return to nature as
clean as possible. Tat was the challenge of the new technical
feld into which we were entering with Dorr-Oliver Canada.
Te operations of this new GL&V group, called the Process
Group, were more centered around intellectual property, tech-
nologies, and replacement plans and parts rather than the
installation of machines and machine shops. At Dorr-Oliver,
we had to do a major clean-up, select which technologies and
molds to keep, and sort through what was still useful and
what was not. We were now handling thousands of drawings
that allowed us to reproduce in our shop or in the foundry
the replacement parts for our clients machines. Tis was new
for GL&V as well, and we needed information management
know-how that our new company did not possess.
In the spring of 1991, we recruited someone who would hold
several leadership positions over close to the next ten years.
An Ontario native, Greg Bruyea was an integrated accounting
107 first, we take north america
Groups within
the Groupe

growth of our Pulp and Paper activities in North America,
which already constituted close to 70 percent of our sales.
During those years, the global state of the papermaking sector
was very precarious, if not already in a recession. My strategy
was to take possession of nearly all the major suppliers of the
industrys services and equipment. In this way, by holding the
bulk of the expertise, GL&V could streamline the commercial
equipment sector without being worried about competition,
and, especially, contribute to the modernization of machinery.
We would begin in North America, before moving into Europe
and then Asia via our large subsidiaries.
At the same time, in this push to globalize our Pulp and
Paper Group, I wanted to preserve its image as the paper capital
in Trois-Rivires, which was our operational base in Quebec.
In 1998, we put GL&Vs expertise and capacity for innovation
systems sales and management specialist for large industries,
and exactly the person needed to run Dorr-Oliver Canada. He
was also soon appointed President of the Process Group, its
close cousin, Pulp and Paper, and eventually, Manufacturing.
It was an almost insurmountable challenge...
... For Lucky Star, of course, it had been a real feat to fnd someone
from the outside who was a true Blue in spirit, a Dependable who
hadnt been involved from the get-go... But, Human Resources is,
well, full of ressources, isnt it, and the team, certainly found a gem
in Greg.
Te challenge for this new general manager was also almost insur-
mountable! But he quickly sized up the herculean task before him
and the mountain he would have to climb when he signed on
with GL&V. Coming as he did from Ontario, he integrated easily
into the culture of the existing team. Calm and poised, the exact
opposite of the fery and instinctive Laurent, Greg was a good ally
and helped Laurent to weigh difcult decisions, averting explosive
actions at the same time.
From one day to the next at Dorr-Oliver Canada, Greg replaced
a long-time general manager who had been part of the acquisition
package and was almost part of the furniture. He won the employ-
ees confdence with his upright and strong business leadership, but
also with his sensitivity and team spirit.
It was these same qualities that won over Laurents confdence and
trust, which were so essential. He always looked after things with a
great sense of responsibility, and would exercise the same care over
many complex issues in the coming decade.
A new future was beginning to emerge for GL&V. Te 1990s
would be frmly oriented towards the transformation and
The General Manager
of Dorr-Oliver Canada,
Greg Bruyea went on to
serve as President of GL&Vs
Pulp and Paper, Process,
and Manufacturing groups.
Naissance dun gant
(Birth of a giant). Cover
of the magazine Commerce,
May 1991.
109 108 Laurent Verreault and GLV first, we take north america

and marketing our products, but having them built elsewhere.
Te decade of the 1990s would see us sell or close our shops,
which were almost all divisions of companies we had bought.
Tese included the Dorr-Oliver Canada foundry and the
LaValley Construction division, which were sold in 1997.
We retained the manufacturing activities that distinguished
us, which we had been developing since the company was
founded, notably our specialty production of dryer cylinders
for paper machines and other highly specialized parts.
It was also clear that our construction activities did not ft
into the framework of our business development. Our part-
ner in GL&V Construction, Louis Laperrire, had been only
too happy to go his own way, and it suited us to be able to
ofer him the chance to pursue his own ambitions. When he
bought out our subsidiary Hydro-Mcanique, acquired in
to the beneft of the industry by creating the Centre International
de Couchage. At the same time, GL&V Construction obtained
the mandate to build and equip the facility.
In partnership with Mintech Canada and J.M. Huber
Corporation, suppliers of chemical products for the pulp and
paper industry, GL&V designed and built a high-performance
mini paper mill, which included ultra-specialized laboratories,
machines, and personnel. Paper manufacturers and chemical
experts from around the world could rent this state-of-the-art
research and development centre to test the production of new
products, coated papers, and other types of paper, under the
strictest controls of industrial confdentiality. Generally, these
companies could not use their own machines for experimental
innovation as they were needed for daily production.
Supported by Dorr-Oliver Canada, the Process Group would
soon expand with the acquisition of LaValley Industries in the
western United States. While it generated only 30 percent of
the activity within GL&V, we would, along the same model as
Pulp and Paper, begin in North America before venturing into
international markets.
Tat meant, however, that it was necessary to shrink and per-
haps eliminate the Manufacturing and Construction groups
altogether. Early enough in GL&Vs history, I understood that
maintaining shops, factories, foundries, and other manufactur-
ing facilities consumed enormous amounts of money and
energy but generated relatively low returns. It was much more
economical in the long term to subcontract out to external
manufacturers.
On the subject of manufacturing, Greg agreed with me and,
together, we refocused our activities on designing, drawing,
The 15 ans de cheminement
(15 years on) special
supplement in LHebdo Journal
to mark GL&Vs 15th
anniversary.

1988, he was free to concentrate on his expertise and his own
clientele.
In September 1990, Laurent tasted the success of acquiring
Dorr-Oliver Canada, a major Canadian frm. In the months
that followed, he bought, salvaged, and successfully integrated
his sick little outcast company into the rapidly growing
GL&V.
Te Pulp and Paper Group was operating at full tilt, supported
with great efciency by the Manufacturing and Construction
groups; the new Process Group would now open up exciting
new horizons for growth.
His team of Blues had gained much maturity through experi-
ence. Energy was at its peak. Lucky Star knew that Laurent
was well-equipped, convinced, willing, in good company, and
ready to conquer the world. His path was clear.
Assuming you didnt count the one or two minor roadblocks along
the way...
Laperrire & Verreault,
Entreprise de lanne
(Company of the year).
Front page of the newspaper
Les Affaires, July 6, 1991.

T
hinking back to those minor roadblocks, one morning in
particular comes to mind.
All you have to do is close down your shop, Mr. Verreault.
Yeah? Well, just watch me. Call a meeting with all the employ-
ees immediately.
A half hour before lunch, some time in January 1993.
Listen up, everyone. Six months ago, in July, we mapped out
our strategy together, and I asked you for some fexibility in the
collective agreement to make sure the company could remain
competitive and proftable so that you could all keep your jobs.
Yesterday, on the advice of your union, you voted unanimously
not to change anything. Your representative told you: With
a strong vote, Ill make Verreault bow. Well, heres how Im
going to bow: Im announcing that at four oclock today, the
shop will close. Permanently.
Te scene was at Les Industries Couture in Chicoutimi.
One morning, the following July, I visited another shop.
Times are tough, ya know... Look, we cant...
Tis isnt a problem we cant solve, I answered. I explained
to these old workers, If we manage this together, if were
partners, well overcome our proftability problems.
Hey, if you cant manage your shop, why not just close it
down?
Yeah? Just watch me...
The backache
years

We had refocused the activities of the GL&V Manufacturing
shop, and it was now specialized in the pulp and paper sector.
For the most part, the economic recessions, banking crises, and
difculties experienced by paper manufactures were behind us.
While thankfully rare, the personnel conficts we had been
obliged to manage were now a thing of the past.
In March 1994, we had the opportunity to unload our interest
in GL&V Allibe, in France, to someone better prepared than
us to position itself in France.
We had bought this company based in Tullins, in the region
of Grenoble, in January 1993. With its technology and client
network, it would provide us with access to the European pulp
and paper equipment market.
Our strategy failed, most likely due to the enormous and insur-
mountable diferences in the French entrepreneurial culture:
thirteen-month salaries, a tedious social hierarchy, innumer-
able administrative and legislative technicalities, unfamiliar
banking practices, incomprehensible contractual language, a
fastidious, strict and infexible style of personnel management,
the administration, the company committee, the former man-
agers, the unions, the holidays, the days of . . . Everything,
absolutely everything was working against us! Tankfully, we
were able to unload it without losing too much money!
Tey ll tell you that the only good moments at Allibe were when
Lucky Star was there, looking over Laurents shoulder when he was
about to explode in a meeting, whispering in his ear that it might
be a good idea to just get up and go and cook his famous poulet au
champagne dish for his group, with Vincent Fortunato, the chef and
owner of the Auberge de Malatras. Michel Glinas, Ren LHeureux,
Bill Saulnier, and the accountant, mile Guilbert, lived at this inn
At noon, I put GL&V Trois-Rivires into bankruptcy. Te
former Canron Inc., acquired in 1989, which was renamed
Fabron and then GL&V Trois-Rivires, had owed a large sum
of money to the parent company for a year and a half. Te
unionized atmosphere along with the months-long confict was
not helping the much-needed revitalization of the company.
Bankruptcy. Painful for everyone, at every level, but closed.
At the time of the bankruptcy proceedings, Michel Arseneault
was the union representative at GL&V Trois-Rivires. Five
months later, in September, I called him into a meeting.
Mr. Arsenault, you know everyone? Yvon LHeureux, plant
manager, Gilles Morin, director of Human Resources.
Mr. Glinas isnt here? Mr. Arseneault asked.
Michel Glinas has left us to head up GL&V Allibe in France.
Valre Morissette will soon be replacing him.
But the management of the company is still in the hands of
the bankruptcy trustee? Mr. Arsenault wanted to know.
Not since this morning. Tat is now in the past. Since
May, weve honored all our contracts, everyone has been
paidemployees, suppliers . . . I am now the head of the
company. Te company purchased all the assets in the GL&V
Trois-Rivires bankruptcy. As of today, it will be called
GL&V Manufacturing. To reboot the company, the labor-
sponsored investment fund of your union, the Fonds de
solidarit FTQ, has become a shareholder in the company,
making you, the employees, part owners. Together, weve put
solid refnancing in place for GL&V Manufacturing, and were
starting afresh.
mile Guilbert joined
GL&V following the
acquisition of Les Industries
Couture in 1987 and served
as Administrative Services
Manager for GL&V Canada
until 1999.
Gilles Morin started
at GL&V in 1986 as a Human
Resources consultant and
went on to become Director,
Human Resources.
Valre Morissette started
his career at GL&V in February
1991 as General Manager
of the Manufacturing unit
in Trois-Rivires and then
of the Hudson Falls machine
shop and foundry. In 2005,
he became General Manager
of GL&Vs rst ofce in China
and held the position until
2010. He is now Vice President,
Global Procurement for the
Ovivo Group.
117 116 first, we take north america Laurent Verreault and GLV

nor responsible for themselves or anything else for that matter, well,
that made him blow his top.
Te Quebec and North American industrial context of the
1980s and 1990s had been in great upheaval due to repeated
classic and technical recessions: 1981-1982, 1990-1991, and
1995. Runaway infation, interest rates approaching 20 per-
cent, unemployment rates of between 15 and 16 percent, the
banking crisis, the stock market crash, the restructuring of the
economy, international competition, privatization, deregula-
tion: it was within this storm that we were building GL&V!
Te banks, with whom we had been clients for decades, were
unilaterally changing the rules of the game, hitting us with all
sorts of low blows and forcing us to jump through hoops of
red tape. Tey decided, for example, that our assets, patiently
accumulated upon their recommendation, were devalued and
would no longer be accepted as loan guarantees at the value we
had them pegged. It was not surprising that, with the load that
was on our shoulders, we would occasionally experience some
back pain.
But, in 1974, with Jean and Louis, I had taken the bull by
the horns, and there was no way we were going to backtrack
twenty years later. Or give up.
during the negotiations. Tey have fond memories of wonderful
meals with fne wine; they also remember their French collabor-
ators, lawyer Roger Rebut, Bernard Habart, and Marc Cohen,
and the cultural advice imparted to them by Vincent on how to
get along with the French.
Laurent liked people, and he surrounded himself with people who
liked people. Impulsive, in a rush, sometimes even hotheaded, he
was also generally considerate of his personnel and especially com-
passionate towards his collaborators.
In 1994, Laurent had been a company head for twenty years.
Before that, he had been an employee for ffteen. He knew
the ropes. He was the kind of leader who came to work every
morning through the back door to make sure to say hello to
the guys, the Blues in the shop, and to fnd out about prob-
lems that needed attention, before heading up to his ofce. It
was Laurent whod spring for a round of beer for the fellows at
the end of the Friday workday, have a few laughs, and enjoy a
few salty jokes together. Tis was the same Laurent whod sit
down with them in their ofce in the morning to share a cof-
fee and a few laughs, and to assure them that everything was
running smoothly and that their requests and suggestions were
being delivered to senior management. In fact, all the ofce
doors were always kept open, to encourage the free circulation
of information and ideas.
At GL&V, nobody liked bosses, not even the people who ran the
company. If somebody had to tell somebody what to do, its because
that person didnt know what to do. And if that person didnt
know what to do, then that begged the question why was that
person working for the company? At every level, Laurent wanted
people to be responsible for themselves; he didnt want bosses. When
people were unable to take matters in hand and be neither a boss

I
n the branch ofce, despite the cold and damp of that
afternoon in mid-January, you could practically see the
steam coming out of Bills ears. His face was purple. He real-
ized he would never be able to convince the bureaucrat sitting
opposite him, but he nevertheless continued to argue his point
energetically, to release the pressure, trying in vain to make his
Quebec-grown common sense prevail.
What do you mean, my money is frozen?
Tats how it is, sir. Tis is bank policy. We are holding your
money for three days to verify the source, repeated the manager
of the Grenoble branch of the Banque nationale de Paris, busily
flling out multiple copies of his ofcial papers.
Its not frozen, its there, on the desk! Look, right there... a
hundred thousand francs, to cover our expenses! Its mine, you
saw me arrive with it, it came from my pocket. Its not a check
or a bank draft, its cash, real French bank notes!
You are a Canadian; we are in France. Im sorry, sir, but thats
the rule. Now, this form... Please initial here, and here...
Ten Ill take back fve thousand francs to at least have some-
thing to live on during the next three days.
You cant do that, sir. I repeat, your money is frozen. Sign here.
Te manager of the Banque Nationale de Paris in Trois-
Rivires called you, in front of me, to provide us an introduc-
tion to this bank. We dont come unannounced. We may not
know each other, but Id say thats a fairly good endorsement.
Te money I am entrusting to you arrived with me, in my
suitcase, directly from our account in the Banque Nationale de
Paris in Trois-Rivires!
The Canadians
in France

manage and integrate the personnel. I was chosen to learn all
about the way this organization ran and to meet the employ-
ees. We also prepared the way for the arrival of a new Blue,
mile Guilbert, who would look after merging the accounting
systems of the new subsidiary with the parent company.
As with our other acquisitions, I wanted to integrate our prac-
tices and our way of operating into the company as quickly
as possible. My frst move was to remove the former owner,
Mr. Allibe, from the plant, along with his irritating habit of
poking his nose in everyones business. He had managed to
sell himself with his company. I eventually had to send him
to work with us in Quebec to prevent him continually getting
involved in the new managements operational decisions.
We soon came to the realization that, in spite of our good
faith and our experience, the Quebec-based GL&V was not
Its bank policy. You are in Grenoble now, and I do not
know this gentleman in Trois-Rivires. You cannot take
your money with you now. I understand that it is yours,
but you may not have access to it as we have to verify it
for your security. Please sign this authorization form here and
here. Your agreement to open an account, sign here and here.
Our security! Youve got to be joking. How am I going to live
for three days without any cash?
Tats not my problem, sir. Your money is frozen. Come back
in three days. Sign here, here, and here. Your receipt, your cop-
ies, your bank book...
Bienvenue en France! Sign the blue form here, the pink
form here...
As luck would have it, our credit cards were accepted immediately,
and, looking back, once we had simmered down, this adminis-
trative incident seemed trivial. It was, in fact, an omen of things
to come and of the general direction the acquisition of Ateliers
Allibe, in the small town of Tullins, twenty kilometers northwest
of Grenoble in the department of Isre, would take.
We began the process of buying this insolvent pulp and paper
equipment manufacturer in the fall. Te due diligence review
went smoothly in October 1992, supervised by our partner and
mechanical engineer Jean Desbiens, and our controller, Bill
Saulnier. Lawyers Coquet, of the Tribunal du commerce, the
French equivalent of a bankruptcy trustee, and Roger Rebut,
who worked for us, had, together, clarifed much of the jar-
gon. Te sale went through, and the Canadians, as we were
known by the French, had arrived in France!
We returned in early January 1993. Bill Saulnier, the new gen-
eral manager, chose Michel Glinas and Ren LHeureux to
Ren lHeureux at Alpe dHuez
and Laurent Verreault at the
Aiguille du Midi mountain in
1993, during the acquisition
of Ateliers Allibe.

Well, the frst of the month is a holiday, and so is the eighth,
the twenty-frst, the thirty-frst, and the frst of the follow-
ing month. We dont work on Fridays or Mondays. Tose are
bridge days.
Pardon?
Tey bridge the days of, sir. Because Tursday is a holiday,
and nobody will be working in any case, we take another day
of on the Friday so that we can go away for the weekend. Same
thing for the following Tuesdays, at the end of the month,
where Mondays are our bridge days.
Lets see if I have this straight. Youre telling me that, this
month, you have three four-day weekends in a row? And next
month? Will you be coming into work occasionally?
If youre talking about the weekends, yes, Mr. Glinasse. Four
days of in a row. Tats how it works here.
Welcome to France! Add to that two-week school holidays every
month and a half; every Wednesday when schools are closed and
parents stay home to take care of their children... Welcome to a
very diferent society, where they do not attach the same import-
ance to work and family as in Quebec and North America.
At the previous weeks meeting, there had been the organiza-
tional chart episode.
We have a problem, Mr. Glinasse.
Please, call me Michel, will you Marc?
Oh, no, sir . . . I wouldnt feel comfortable doing that . . .
Te organizational chart you have drawn really doesnt work. I
would go so far as to say it has angered some.
sufciently prepared to take on French society, its antiquated
administrative practices, and the diferent way its markets and
industries operated.
One morning, Bill, Michel, and I were busy drawing up our
provisional budgets for the year.
Good morning, gentlemen. Excuse me. Mr. Glinasse?
Please, call me Michel, will you Marc?
Oh, no, sir . . . I wouldnt feel comfortable doing that . . .
that familiarity would give me license to criticize you. Te
work schedule youve prepared for the next few months
doesnt work.
Marc Cohen was the commercialthe French name for a sales
and marketing managerof the Plastics division at Allibe.
Tis division was responsible for building machines that pro-
duced plastic flm for packaging. Cohen was an articulate
Parisian, who consequently acted as the spokesperson for the
employees.
How so?
Well, sir, let me explain. See, this Friday here, and these two
Mondays here, we would either not be working or we would be
working as a very reduced team. Te company committee had a
meeting last Tursday at lunchtime to discuss the work schedule
you proposed for this month and also the next ones, and the
members have asked me to represent them to bring this matter
up with management to let you know that...
Get to the facts, Marc. Spare me the details. Can you tell
me why no one would be working? I dont see anything in the
schedule that indicates a reduced workforce.
Marc Cohen joined the
GL&V team following the
acquisition of Ateliers Allibe
France in January 1993.

After several months of failed and arduous attempts at trying to
adapt to the culture shock on the part of both Allibe and GL&V,
we unloaded this small company, which had frst seemed so
promising. Because it had been a family-based business at the
outset coupled with the fact that we had bought an insolvent
company in disarray, which we had not had time to put back in
order, the exercise fnally proved too complex for us.
We were lucky enough to quickly fnd a buyer in Germany,
a European company that was better prepared for a French
adventure. Our purchaser was pleased with the acquisition;
the ofcers happily signed the simple, four-page, double-spaced
contract we had drawn up ourselves.
On March 31, 1994, we were free of our French fasco. It had
taught us a lot. First, it was impossible for an entrepreneur to
manage a company in a country where the social structures
tended so heavily towards the employees, allowing them to
push out the organizations management. Second, in spite of
our close ties with France, the North American style of doing
business is completely foreign to and impossible to conduct
with the French. Te administrative practices, social protec-
tion, and notions of legality are far too diferent and complex.
In the end, I learned that I was not quite ready to conquer
the world! We had been seduced by France because we had
believed gaining access to its culture would be easy. We would
have been wiser to hone our skills in Canada and the United
States in preparation for GL&Vs years of growth.
Please explain how. You wanted an organizational chart
and now you have one. Did we forget someone? A sector?
A division?
You see, sir, here on the chart, the person in charge is an
engineer. Reporting to him, in the box under his name, is the
head engineer, and below him, his assistant, and below him,
the assistant engineer and, fnally, the quality engineer. In the
other sector, in the right-hand column, the head engineer has
a head technician, rather than a head engineer, reporting to
him, and under him, a quality technician. If you look care-
fully, the quality engineer in the column on the left is lower
on the page than the quality technician on the right. Tat
wont do. Sir, did you not consider that you cant have an
engineer lower than a technician?
Welcome to France! To a country where people jockey for
position at work to earn their precious titles, and occupy well-
defned, unalterable, and respected hierarchical and social
positions they are prepared to defend tooth and nail!
In addition to the culture shock that we experienced in France,
business was not what we had expected. A major sale in Asia and
contracts in the Plastics division did not materialize, depriving
us of considerable profts. We lost quite a bit of money with
fawed projects on the Asian marketsChina, the Philippines,
Uzbekistan, Indonesia, among otherswhich were largely
unknown to us.
Greg Bruyea, our general manager at GL&V, arrived in
January 1994 to analyze the details of GL&V Allibes industrial
practices and unproftable operations. He reached a verdict
quickly: it was a mess that should be sold as soon as possible!

T
hings were defnitely cooking at GL&V! Laurent was more
eager than ever and, in his ffties now, had decided to concen-
trate all his energy into growing the company.
In 1986, eleven years after it was founded, Laperrire & Verreault
went public and became Groupe Laperrire & Verreault;
in 1987, GL&V acquired Les Industries Couture machine
shop in Chicoutimi and Ormique Micro-informatique in
Trois-Rivires; in 1988, it bought Hydro-Mcanique Construction
in Quebec City; in 1989, it took over the Canron shop in
Trois-Rivires; in 1990, it acquired Dorr-Oliver Canada
in Ontario; in 1993, it expanded into France with Ateliers Allibe,
closed down Les Industries Couture and Canron, but relaunched
GL&V Manufacturing; in 1994, it sold of GL&V Allibe;
in 1996, it acquired the manufacturers Black Clawson-Kennedy
in Montreal and LaValley Industries in the state of Washington;
in 1997, it bought the American company Sandy Hill and sold of
the Construction division of LaValley; in 1998, it closed down a
part of Black Clawson-Kennedy, participated in the foundation
of the Centre International de Couchage in Trois-Rivires, and
bought Celleco, a division of the international manufacturer Alfa
Laval in Sweden; in 1999, it sold Hydro-Mcanique, acquired
the global operations of Dorr-Oliver, promptly selling of one of its
divisions, and purchased the specialized manufacturer National
Refner Plate in the United States.
All these transactions were taking place in Quebec, Canada, the
United States, and Europe during the 1990s, even though the
worlds economy was in a recession and the global pulp and paper
industry was on a downward spiral. Lucky Star, the Dependables,
and the Blues certainly had reason to be feeling a little dizzy!
Te transactions often brought in money and occasionally lost
some, but they always required signifcant capital. At the start of
North America,
here we come!

Clawson-Kennedy, the Canadian company that manufactured
equipment for paper mills, was up for sale.
Tis company that belonged to the Landegger familyCarl,
the father, and Carl Michael, the sonwas located in Dorval,
Quebec, and Owen Sound, Ontario, with an American division
in New York state. A dream for us!
I quickly worked out my game plan. I immediately transferred
Richard Verreault from GL&V Dorr-Oliver in Orillia, where,
for the last fve years, he had been managing several of the
Process Groups operations, and brought him into the Pulp and
Paper Group. Richard had worked for various divisions in our
company since he was ffteen, and had worked his way up the
ladder rung by rung from courier to plant manager. Richard
was thirty-two years old, about the same age as Carl Michael
Landegger. He was my son.
Together, we went to meet the Landegger family so that I could
make my traditional pitch to the patriarch. Richard and Carl
Michael had followed similar career paths and shared a corres-
ponding, modern vision of management. Tey appreciated each
others understanding of the company. For my part, I ofered
the father the moon; I talked to him about how our family busi-
ness began and how it grew; I explained in great detail how
I hoped to buy Black Clawson-Kennedy for less than he was
asking, in exchange for a signifcant participation in the profts
in years to come. He was seduced not only by our story, which
refected his own, but also by my promise to preserve and keep
his company going.
Fundamentally, my acquisition strategy is always the same: my
role is always to charm the seller. But I know that, once a deal
is clinched, I can count on the Dependables and the Blues to
do everything in their power to uphold my promises and deliver
the decade, Lucky Star arrived on three fortuitous occasions to
suggest that they issue shares and equivalents.
GL&V also ofered an excellent and original product, the convert-
ible subordinate debenture, a type of loan issued by a company that
allows an investor to enjoy the security of periodic interest payments
and can be converted into shares by the holder if the corporation
does well and the price of its shares begins to climb.
In two years, these public issues generated slightly over $20 million
in cash for GL&V, which wasnt used to pay the companys bills but
to acquire and grow.
And, because Lucky Star had a hand in it, this ofer pleased the
shareholders, because, yes, business was going very well!
Dorr-Oliver Canada had opened the door to access the relatively
lucrative feld of proprietary technologies. We had achieved
good results in the mining sector for the Process Group; we
would have to be equally successful with the Pulp and Paper
Group. I had been preaching it for a few years, and our general
manager, Greg Bruyea, had adopted the gospel: manufacturing
things ourselves cost a lot and returned little. It would be more
proftable to design and sell our proprietary products and parts,
but have them made in external specialized shops, according to
our standards of quality.
Dorr-Oliver Canada had ofered us with a way into the
Canadian market; if we wanted to grow, we would now have to
conquer the vast North American market. Dorr-Olivers head
ofce in the United States was blocking the Process Groups
entry into this market. We would penetrate that territory
in spite of them, through the back door of our Pulp and
Paper Group.
It was Greg who saw the tiny crack through which we could
pass. In January 1996, a rumor began to circulate that Black
Richard Verreault currently
serves as President and Chief
Executive Ofcer of GLV. From
2005 until his appointment,
he was President and Chief
Operating Ofcer. He joined
GL&V in 1983 and has held
various positions that have
allowed him to develop
extensive experience in all
the companys areas of activity.

If Lucky Star could be allowed to boast a little here, it might add
that the LaValley Construction subsidiary in Biloxi was sold for
more than six times the price that was paid for all of LaValleys
operations fourteen months earlier!
With the same care that was taken in integrating Dorr-Oliver Canada
into Groupe Laperrire & Verreault in 1990, the greatest respect was
employed in merging LaValley Industries in the United States with the
Quebec-based company. Tat was how GL&V did things. Lucky Star
watched over the proceedings personally. Laurent and Greg were at the
other end of the continent, two orchestra conductors busy developing
and directing a thriving multinational company. Of course, they could
not be everywhere at every moment. In a small town in the American
West during the summer of 1996, on location at LaValley Industries,
Yvon LHeureux was busy taking care of the product, proft, costs,
hundreds of day-to-day details, and, most importantly, the people who
made the place run, all at once.
the goods as promised, or as close to that as possible! I have a
truly amazing team!
To know what we were up against, we devised a strategy
whereby we were able to obtain the details of the ofers made
by our European competitors. We were a small player, and the
Landegger family was somewhat hesitant about our abilities. But
then Greg forgot GL&Vs fnancial and cash-fow statements
on the conference room table, which gave them the chance to
take an in-depth look at our operation . . . it worked like a charm!
Te negotiations, due diligence review, and contractual arrange-
ments for the acquisition only lasted a month. In March 1996,
we were the owners of the renowned Black Clawson-Kennedy,
of its broad and well-respected line of products, its clients and
territory across the continent, and even some of its prospects
in Asia. Te dream had come true; GL&Vs Pulp and Paper
Group now had a part of the North American market!
Pierre Glinas was made the managing director of Black
Clawson-Kennedy, and Richard took the helm of the American
division in Watertown.
Five months later, we repeated this strategy to take over mar-
ket shares in the United States, under the nose of Dorr-Oliver
International, with the acquisition of LaValley Industries in the
state of Washington, and its Construction subsidiary in Biloxi,
Mississippi. Yvon LHeureux, the indispensable Dependable sent
there to lead the operation, successfully integrated this special-
ized fltration equipment company into our Process Group in
just a few months.
And, always in keeping with GL&Vs business philosophy of
divesting itself of manufacturing and installations operations, we
resold LaValley Construction in Biloxi one year later, after having
returned it to proftability through our strict control practices.
Prior to his current position
as Vice President, Paper
Technology for the Pulp and
Paper Group, Pierre
Glinas had been the
General Manager of the
Pulp and Paper division in
Trois-Rivires since he joined
in 1986.
133 132
B
l
a
c
k

C
l
a
w
s
o
n
- Ken
n
e
d
y

L
t
e
1
9
9
6
Laurent Verreault and GLV first, we take north america

I know that too, dont worry. I dismissed thirty employees who
werent suitable for the job anymore; I changed procedures; Im
in the process of building peoples confdence in me and gaining
respect for my decisions. I have an enormous amount of respect
for our people and their good practices. With the new methods
Ive put in place, things should go well.
Greg, Bill, and I... we all support you. From a distance, but
we support you. Tese are your decisions, and were sure that
they are good ones. Were behind you.
Lucky Star, who understood that confdence breeds success, which, in
turn, garners respect, was behind him too. Te integration of LaValley
Industries by Yvon LHeureux was an excellent example of this.
Te changes that were needed were made quickly, but correctly,
as was customary with GL&V, to signal the arrival of the new
Hello? Laurent? Its Yvon, in Vancouver.
Hey, LHeureux! You vacationing on the Pacifc Coast?
No! You know very well Im in Vancouver, Washington, at
LaValley. I dont have time to go on vacation, you should know
that. What time is it in Trois-Rivires? Quarter after eight in
the morning? Well, its fve ffteen here. You think Im calling
you now because its quiet? I have eighty-three checks to sign. I
have to frst verify the requisitions and the invoices that go with
them, all before the day actually begins. It was the same thing
yesterday morning and itll be the same tomorrow.
Yvon, are you in trouble? Are things okay? Youve got good
people with you, havent you?
Everythings going well, its just that Im feeling like the only
Dependable here. My controller, Anne Cameron, is doing an
amazing job. I did well not to listen to Billhe wanted me
to fre her! I told Anne last week that I didnt want dozens of
copies of reports hanging around that no one reads, so she posts
them on the bulletin board now instead. She sorts out my piles
of checks, she prepares the meetings, she knows whos going to
ask what question ahead of time. Shes perfect.
Yes, I think you made the right decision to keep her. Did
you make the other changes you wanted to make to the new
operation?
It was you yourself, Laurent, who showed us the importance
of changing over to GL&Vs practices in the month following
an acquisition...
Without causing any harm to anyone, Yvon... Change things
quickly, but correctly.
Black Clawson, Watertown,
New York, in the United States.
Plant No. 1 and aerial view.

when Sandy Hill was being integrated into GL&V, the employees
had enormous fun transforming their new name...
Positioning the Pulp and Paper Group to focus on the replace-
ment parts market was going well. Tese parts were in demand
for a large number of machines across North Americaeven
during a recession, parts get worn and must be replaced.
But for our Process Group, the hunter that I was constantly had
his eye on a catch that had been eluding us for a long time, one
that manifestly did not like us: Dorr-Oliver International. With
their arrogant attitude and the constant disputes over techno-
logies and royalties, they were doing everything they could to
prevent Dorr-Oliver Canada from growing.
Tey exposed their weak spot in the middle of 1999, and
GL&V pounced! Teir attitude had led them to grow too
Quebecois corporate culture. Te next step was to build conf-
dence and earn respect at every level of the company.
Confdence between the new managers and the employees; confdence
between the local, experienced managers and the parent company;
confdence in the old methods but also in the new practices; confdence
in the decisions being made and in the future. Lucky Star knew that
confdence would bring success, which would foster respect.
Among Black Clawson-Kennedys main products were drying
cylinders for paper machines. In the dryer section of a machine
were huge, smooth cast iron pressurized steam-heated cylin-
ders that would evaporate the moisture in the paper sheets.
Our cylinders were fnished and coated by Black Clawson-
Kennedy, but we frst had to subcontract out their production to
external foundries.
One of our main competitors for these components was the
Sandy Hill division of Valmet, a paper machinery manufacturer
based in Finland. Sandy Hill produced cylinders in its foun-
dry in Hudson Falls in the state of New York, which gave it a
signifcant competitive edge over us.
So, according to Richards strategic plan, we bought Sandy
Hill from Valmet in October 1997. We became the only
North American supplier of drying cylinders for small paper
machines, which were the most common, with the advan-
tage that the technology we used allowed for greater steam
pressure. Te acquisition of this highly specialized foundry
also gave us the chance to divest ourselves of Black Clawson-
Kennedys less productive facilities in the United States,
beginning in April 1998.
Valmet wasnt a bad employer, but who has ever passed up an
opportunity to laugh at the bosses? Lucky Star remembers how,
Sandy Hill, in Hudson Falls, New
York, in the United States. Facade
and aerial view.

quickly during the recent boom years. Once their mar-
ket in liquid/solid separation technologies for the pulp and
paper, mining, and municipal water treatment industries had
reached its peak, they could no longer support themselves.
After the acquisition, Greg Bruyea and I had the pleasant task
of clearing the desks of the millionaires in their ivory towers in
the United States. At the same time, I discovered, to my great
satisfaction, how well run, clean, and orderly their German
afliate was, that it would contribute to the success we hoped
to realize. We transferred the operations to Orillia and soon
had the company back on the road to proftability.
We became not only the North American, but also the world
leader in liquid/solid separation technologies.
And once again, as with LaValley in 1997, we resold the centrifuge
equipment division that sustained Dorr-Oliver Internationals
manufacturing activities for almost the same amount as we had
paid for the entire company four months earlier.
If Lucky Star may be permitted to give itself another pat on
the back...
In December 1999, we would close our wild American decade
with the acquisition of National Refner Plate, a small company
specialized in manufacturing refner plates used in the prepara-
tion of pulp.
Yes, 1999 successfully concluded our North American decade,
but just the year before, in Sweden, I had already set GL&Vs
European adventure in motion...
Laurent Verreault at the Les
Nouveaux Performants gala.
P
h
o
t
o

b
y

P
i
e
r
r
e

R
o
u
s
s
e
l
139 138
N
a
t
i
o
n
a
l

R
e
finer Pla
te

1
9
9
9
Laurent Verreault and GLV first, we take north america

4
Mixing growth
with pleasure

M
y goal was for GL&V to become the world leader in
liquid/solid separation technologies to service a host of
industrial sectors. To achieve that, we had to look beyond
North America and move into international markets. In
September 1998, the year before the Dorr-Oliver International
takeover, which assured us the North American and global
market for our Process Group, I had acquired the world market
leader in Europe, the Swedish company Alfa Laval Celleco, for
our Pulp and Paper Group.
Celleco was a tiny subsidiary of the giant Alfa Laval, specialized
in the handling of fuids used in food and beverage process-
ing, such as cream separation, milk sterilization, and soup pack-
aging. Celleco had only a few hundred employees, concentrated
in Sweden and the United States, who designed, built, assem-
bled, and sold hydrocyclones, the centrifugal purifers used to
separate and remove impurities from paper pulp.
It had ofces in Atlanta in the United States and in Tumba in
the suburbs of Stockholm, an assembly shop in the small town
of Hedemora in northwest Sweden, as well as other ofces in
Finland, Russia, India, and Korea.
With regards to our Manufacturing division, I had said for
years that an organization should concentrate only on its core
business to avoid spreading itself too thin. Celleco, with its
cleaners, was a thorn in the side of Alfa Laval, which was
primarily involved in the dairy industry.
Cellecos assets were now for sale. I had worked with their line
of products in La Tuque. It was extremely well regarded. To
move into Europe, we needed to acquire this company, and to
make sure we were in the running, we started the bidding at
$100 million.
143 Mi xi ng growth wi th ple asure
Vlkomnen
till Sverige!

As a result of chipping away at the value of this companys assets,
which the owner was determined to sell, we acquired Alfa Laval
in September 1998 for less than $15 million, a fraction of our
original ofer!
With Celleco and its proprietary pulp fltration equipment, we
established GL&V Pulp and Paper as a leader in Europe, the
Americas, and Southeast Asia. Our main products were hydro-
cyclones, which cleans paper pulp using vortex and gravity, and
disc flters. We had access to a vast global market for our models
of every size and fow rate, in a variety of plastics or metals, that
we delivered standard or custom-made.
But the battle was not yet won.
We had taken possession of a European multinational corpora-
tion in Sweden, a country that was vastly diferent from Quebec.
But we needed to understand who we were up against in this
acquisition contest to be able to adjust our strategy and our fnal
ofer. I knew we were among three potential buyers; I also knew
that one had recently pulled out, and I needed to fnd out who
the third one was.
I have an idea! Bill announced as we were pulling into the
Stockholm train station following the frst negotiation meeting.
Stay an extra week? Hire a detective? What is it?
Swedish companies traditionally fy the national fag of visitors
to welcome their delegates. During our trip to Hedemora,
Celleco few the Maple Leaf on our behalf; if we could discover
which fag would be hoisted for the next visitor, this would give
us a good clue.
Even simpler than that, and it wont cost us a penny! Laurent,
youre going to call our contact at the brokerage frm in
Stockholm. Tey have an ofce in Hedemora: ask him to send
someone to look at the fag fying in front of the plant next week!
Bills brainwave allowed us to deduce with whom we were in
competition, and we were able to adjust our ofer and negotia-
tion strategy accordingly. First, we reduced our opening ofer
to $20 million. During the due diligence review that followed,
Bill Saulnier, Yvon and Ren LHeureux, and Greg Bruyea
looked for and discovered a myriad of questionable small
administrative details, such as telephone bills that were too
high and extravagant expenses for tripssmall costs that drain
profts without anyone noticing and that decrease a companys
value. Finally, on the advice of Bernard Lemaire, we excluded
about $12 million in late accounts receivable, which Alfa Laval
could not guarantee.
During the acquisition of
Dorr-Oliver International, in
1999. Bill Saulnier, Yvon
LHeureux, and Josette
LHeureux in the Stockholm
subway.
Ren LHeureux and Diane,
Yvon LHeureux and Josette,
Laurent Verreault, and
Hlne Trepanier in Sweden.
145 144 Laurent Verreault and GLV Mi xi ng growth wi th ple asure

preparation. In Sweden, quality of life is often considered to be
as important as work, and their notion of proft is quite diferent
from ours.
. . . but, compared to my personal efciency criteria, I found
the Swedes a bit slow. Tanks for the vlkomnen till Sverige!,
welcome to Sweden, but we did not come as tourists. We had to
get things moving. And fast.
Laurent, the acquisition is complete. Well take care of integra-
tion. You should go home, youre in our way.
Tat was Yvon LHeureux, who felt comfortable talking to me,
the boss, like that! Bill and Ren took the same liberties with
me. I tried to explain to them:
Look, theres still a lot of work to do and there are scores of
details to sort out. At this pace, were not going to make it, I said.
Svetlana Vinogradova,
GL&V/Celleco Russias
ofce manager, and Diane
LHeureux in Saint
Petersburg in 1999.
While we had certainly experienced our share of troubles due
to cultural diferences with Allibe in France, in 1993, the task
of integration and restructuring risked being as, if not more,
delicate here.
I assigned these operations to Yvon LHeureux, who had proven
himself admirably during the LaValley takeover in the United
States two years earlier. He would manage Celleco in Sweden for
the next year. Bill Saulnier would join him for the frst months
of administrative and fnancial integration, and Ren LHeureux
for human resources matters, and all this on a global scale.
Alfa Laval had accepted to house the ofces and administration
of GL&V/Celleco for a few months only...
We needed enough time to fnd a permanent location in Sweden
and relocate all the staf; to integrate their European accounting
procedures into our existing North American systems; to adapt our
human resources practices to the procedures and regulations of the
country, keeping in mind the attitudes, behaviors, and sensitivities
of all these diferent cultures.
We also had to modify all the working procedures for all the employ-
ees in the ofces in six countries, including translating all the docu-
mentation, estimates, and contracts into the clients language...
and understanding them ourselves!
We had to cut expenses and make changes to current practices to
quickly reestablish the companys proftability. We couldnt just
barge in and make decisions as we made them in Quebec; we
had to respect their much slower rhythm and social-democratic
Swedish mentality, which attaches great importance to consen-
sus. Tis guided their way of thinking to such an extent that
many people would refuse to put the new procedures into practice
if they had not been personally consulted and involved in their
Mikael Sundqvist joined
GL&V following the acquisition
of Celleco in September 1998.
He was President and General
Manager of GL&V Sweden
until he left in June 2008.
Laurent Verreault visiting
the GL&V/Celleco Russia
ofce in 1999.

What? Bill, you know how important it is to be polite with
everyone!
Oh, you didnt hear about that one? I got the bankers in
Stockholm, who never venture from behind their desks, to come
to Hedemora to see for themselves how the Quebecers work. I
was in my ofcepeople had been coming and going since the
morningand these two guys were waiting at the door, when
Yvon comes in with yet another problem. I told him, What do
you want? Make it snappy, because Im waiting for two damn
bankers to arrive. Turns out, those were the fellows who were
waiting at the door! Luckily, they had a sense of humor and
Why havent we secured our credit margins yet? Why hasnt the
director of Human Resourceswhats her name?taken up her
position yet? And Ive sent several messages to Mikael Sundqvist,
our new president of Celleco, but he hasnt answered me yet.
Doesnt this guy share our sense of urgency? Ren, this is your
fle? Tell me where we are with...
Laurent, youre in our way. Go back to Trois-Rivires and fnd
some other projects. Let us fnish this one here at whatever speed
it takes. Remember what Gilles Morin in Human Resources
used to say to you: You hold a twenty-foot pole. You point it at
your target, in the direction youre heading. When you change
your mind or your target moves, you swing around, and the
end of your pole traces a wide arc. Te further away from you
we are, the farther the distance we have to travel to follow that
arc and keep up with you. Bill, Yvon, and I, were close to you,
and we can keep up. It takes a little longer for the employees at
the other end of the pole when you change your mind or your
project. Birgitta Bjorkenus will be named director of Human
Resources tomorrow: I was able to convince her that we didnt
need a consensus in her case.
Yvon, tell Mikael Sundqvist to answer my emails! Tis is
getting on my nerves!
Calm down, Laurent, Yvon said. Yes, we want the Swedes to
answer the four emails in a row we sent them, but we Quebecers
are also going to have to fnd ways not to rufe them so much.
Were all diferent; were as diferent to them as they are to us.
Laurent, Bill Saulnier also says to tell you, Go back to Trois-
Rivires. Im handling the bankers, and Im able to charm
them... even while I insult them!
Cellecos ofces in Hgersten,
Sweden, in 1999.

... and everything had to be done fast and well so that we could
fnalize this European integration and move on to another
hugely important North American acquisition I could see loom-
ing on the horizon. Back in 1997, our Pulp and Paper Groups
main competitor had engaged GL&V in a game of chess.
Gilles Morin, Director, Human
Resources, Zhang Junnan,
Manager, Engineering in
China, on an internship with
GL&V, and Ren LHeureux.
understood the situation. In fact, they really enjoyed their visit.
Te credit margin has been taken care of.
I returned to Trois-Rivires.
But there was still so much work to be done with the Swedes and
our new business in Finland, China, Germany, Spain, Africa...
All that time, Lucky Star was getting used to life in Sweden...
in Swedish! Learning the names of the streets, neighborhoods, and
towns; guessing the names of supermarket products and everyday
goods; fnding a place to live; buying furniture; discovering how
to get around by car or subway; making a budget; communicating
with people, saying hello and goodbye, please and thank you . . .
Lucky Star had to rely on a few of its own lucky stars on numerous
occasions!
Laurent Verreault in front
of the puriers at the Celleco
plant during his visit
to Russia in 1999.

I
n the world of business, I belong to those who believe that
if youre not moving forward, if youre standing still, youre
actually slipping backwards. You cant stay in one spot because
your competitors and your partners are constantly on the
move, changing directions all the timeforwards, backwards
and sideways. Sometimes, they simply disappear, and someone
moves into the space they occupied.
I was thoroughly enjoying growing Groupe Laperrire &
Verreault, buying the pieces that were missing at the lowest
possible price with the goal of occupying the best positions on
the market, and selling those that were dragging us down and
preventing us from moving around with ease at the greatest
possible proft.
One of GL&Vs major acquisitions in the early 2000s demon-
strates perfectly how fragile the life of a company can be, and
how essential it is to know how to make the right decisions
at the right moment and be able to make the moves that will
ensure victory.
It involves tactics, a bit like a game of checkers, or even chess,
with a king, a queen, a few knights, and many pawns.
The opening
At this stage in its history, GL&V was not yet on the chess-
board, but the tournament had nevertheless begun. On one
side, the whites: Beloit Corporation, the large paper division
of Harnischfeger Industries, a hundred-year-old American
mining equipment supplier. On the other, the black pieces: a
major client in Indonesia, the New York Stock Exchange,
Mitsubishi Heavy Industries, and a number of smaller
The chess
game

time was not right: we had only just acquired a number of
companies that would open up North American markets to us,
along with Celleco in Sweden, which now ofered us the world.
I was not ready to sell; I was enjoying growing the company.
We declined the invitation.
Laurent nearly accepted; the ofer was tempting. From Beloits
perspective, it would have gotten rid of the little company from
Quebec that was annoying the big players. As the primary GL&V
shareholder, Laurent would have remained the boss of this
division, the Pulp and Paper man, only Lucky Star underlined
the fact that he would be paid not in cash but in Beloit stock,
which was certainly worth a great deal... back then.
Beloit had shown an interest: now it was my turn to play. In
June of that same year, we made an ofer to Beloit to buy its
Chemical Pulp division in Nashua for $60 million. It was a
companies here and there in Europe and North America,
which the giant Beloit would buy between 1990 and 1997, to
grow even bigger.
In 1986, in order to diversify its activities and boost its stock
portfolio, Harnischfeger purchased Beloit for US$175 million.
Recognizing there was a proft to be made, Mitsubishi became
a 20-percent partner. Te powerful centenarian Beloit, the
most proftable division of Harnischfeger, became the queen.
With eight thousand employees all over the world in 1990, its
more than US$1 billion in revenues accounted for 60 percent
of worldwide sales.
In the course of the next ten years, Beloit would capture fve
companiestwo in Europe and three in the United States
consolidating its ofer and its market. Of these, Oasis Inc.,
specializing in optical alignment, and, purchased in 1996 for
$130 million, the IMPCO division of Ingersoll-Rand in New
Hampshire, which supplied equipment to pulp and paper mills
to make chemical pulp, would become bargaining chips in
future negotiations: pieces in position, ready for the next move.
Te game was going well, but the king was mad, and would
soon be forced into checkmate.
The second move
Groupe Laperrire & Verreault arrived very discreetly on the
chessboard in January 1999. While they were in acquisition
mode, the top boss at Beloit met us and made us a handsome
ofer to buy out our company. It was a compliment to GL&V
to have been recognized by the queen, Beloit, as a potential
division, to become a coveted piece on the chessboard. But the
Part of GL&Vs Trois-Rivires
head ofce team in 2000:
Martin Dessureault, Andr
Picard, ric Ppin, Gino
Lessard, Nathalie Bouchard,
Alain Rivard, and Jose
Boivin.

taken of the game board, shut down, and put on the auction
block to cover the kings debts. It was time for another move.
Te bidding was on.
checkmate
By the end of December, only a few buyers had submitted ofers
for the various divisions of Beloit. Te logistics of organizing
the myriad pieces of these divisions for auction was extremely
complicated. Essentially, it was a matter of respecting not only
the existing contracts, collective agreements, and various com-
mitments the company had undertaken, among other things,
but also U.S. competition, business, and labor laws.
In the end, the wood yard equipment division of Rader and
the subsidiary Oasis were sold of in two small, separate blocks;
all that was left was to sell the remaining major divisions
Paper Aftermarket and Roll Covers, Pulp and Paper Machine
Technology, and Finishing.
Metso and Mitsubishi had Service and Technology in their
sights. As in June 1999, during the second move, GL&V was
hoping to buy the Pulp division and all the lucrative technologies
that came with it.
It was crucial for us to enter as a stalking horse, a term
to describe a buyer who places the frst bid on a companys
assets, which then becomes the bid to beat. Richard Verreaults
strategy had been to discover the interest of each of the poten-
tial competitors, both big and small, in one or the other of the
parts we were looking to acquire: chemical pulp, winders, and
specialized services.
trial move: they had bought this game piece three years earlier
for more than twice what we were ofering. No one was sur-
prised that they refused!
The third move
Te king was mad. Having made a bad move several months
earlier, Harnischfegers big boss had drawn his company into
some imprudent business dealings and high-risk transactions
in a difcult and cooling Asian market. He lost this gamble
in June 1999: the company fled a petition for protection
with the U.S. Bankruptcy Court to undertake a fnancial
restructuring.
Te game had now shifted. On one side, the black players:
Harnischfeger in trouble; a new king who was trying to
save his companys game; the golden queen Beloit; hesitant
investors; shaken employees; labor laws. On the other, the
whites: the Indonesian client that wanted its paper machines;
Harnischfegers Japanese partner, Mitsubishi, who played both
sides of the board; Metso, the Finnish giant, specialized in pulp
and paper equipment and in liquid/solid separation techno-
logies for the mining industry; GL&V; and several knights
and other pieces hoping to scoop up some of the bankruptcy
leftovers; creditors wanting their money; unions; lawyers;
politicians; the courts; deadlines...
At the opening of the game, the queen, Beloit, did not appear
to be afected by Harnischfegers refnancing difculties.
Business was being conducted as usual, strategic decisions
continued to be made. But when queen Beloit was sacrifced to
save king Harnischfeger, the rumor mill kicked into high gear.
In November 1999, the news broke: the grand Beloit would be

Tank you. Tats what I thought.
At six oclock, Richard had run out of patience:
Go and get an auction ofcer, now. We have an announce-
ment to make.
As soon as the ofcial representative of the auction arrived,
Richard addressed the room in a loud voice:
Weve been sitting here twiddling our thumbs since ten oclock
this morning. Were waiting for someone to come in with a
higher ofer. You told us there would be other bidders, but its
clear that there are none. Were declaring this auction
completed and awarded. If something new comes up, here are
our mobile phone numbers. Call us, and well return to the
table immediately. Until such time, we consider ourselves the
successful bidder. Tats all.
So we put together our own package of these parts of the Beloit
divisions in such a way as to hold the other bidders at bay by
preventing them from bidding from a diferent package than
our stalking horse bid. Te unique confguration of our ofer
protected it: we submitted our bid for $19 million.
In January 2000, the chess game moved into the hands of the
auction lawyers in Chicago. Richard was calling the shots for
GL&V along with Pierre Lpine and our American lawyer,
Walter Healy: our stalking horse bid was duly submitted. Now
we just had to hope nobody would bid higher. Time was on
our side.
Weve been in this room since mid-morning. Our ofers in,
its four oclock. What are we waiting for? Richard was start-
ing to get impatient.
Another bid could come in. Were hoping that will happen:
your ofer is too low for our clients, answered the lawyer repre-
senting Beloit. Metso, for instance. We know they are inter-
ested, and they will raise the bidding.
Te lawyer was playing the game too, but mostly he was play-
ing on our nerves. Richard took things in hand and called
Metsos president, whom he had met during the Sandy Hill
acquisition in 1997, on his mobile phone.
Ive made a bid for Pulp, as Im sure youre aware. I know
youve submitted an ofer for machines and service. GL&V has
a bid in for the winders. Tell me, are you interested in them?
Not at all, Richard. Metso already has a winder technology
thats working very well for them. What we want is Beloits
paper machine parts and service divisions.
Laurent Verreault, Louis
Laperrire, and Jean Desbiens
in the supplement 25 ans
dinnovation (25 years of
innovation), published by Le
Nouvelliste, celebrating GL&Vs
25th anniversary.
Pierre Lpine was
Vice President, Corporate
Development from December
1998 to December 2005.
159 158 Laurent Verreault et GLV Mi xi ng growth wi th ple asure

two thirds of what we had paid for Beloit. In 2002, the fac-
tory was closed permanently, the building was sold, and the
remaining manufacturing operations were transferred to
Trois-Rivires. Te same would happen with the research
laboratory in Pittsfeld.
In 2002, once the integration and restructuring of the Beloit
acquisitions had been completed, all that was left was the
engineering ofce in Nashua, New Hampshire, and our
fnishing group in Lenox, Massachusetts.
What a coup! What maneuvering! What an amazing game!
Luck Star was proud of both father and son Verreault for having
purchased an excellent company at a very good price and, again,
sold of what was of little value to them for a sizeable proft. Te
resale had paid for the purchase.
Richard picked up his overcoat and left. Of course, nobody
called. We had just acquired a division of the dead queen Beloit
for a song. Strategy, patience, some nerve, and a song, if you
compared what we paid to the true value of this division.
GL&V would recover all Beloits clients, expertise, and technolo-
gies, along with its thousands of pieces of equipment for mak-
ing pulp and winding paper around the world. Beloit was the
last critical piece we had to acquire to defnitively consolidate
Groupe Laperrire & Verreaults worldwide presence as a major
player in the pulp and paper sector: equipment design, technol-
ogy protections and intellectual property rights on machines,
parts and aftermarket. Our Pulp and Paper Group continued
to grow, under the leadership of Bob Harrison, who came with
the sale, Pierre Glinas, Yvon LHeureux, and Richard Verreault.
In February 2000, with the acquisition completed, I handed
over the job of integrating the former Beloit division into GL&V
Pulp Groups operations to Richard, who took the helm of the
engineering, design, sales, and product management activities
for the Pulp sub-group. Te facilities were located in Nashua in
New Hampshire, and in Pittsfeld in Massachusetts.
At Nashua, along with Yvon LHeureux, the integrations
specialist, and Yves Lacroix, who now occupied the position
of production manager at GL&V Manufacturing in Trois-
Rivires, they had to evaluate the pertinence of making
machines and equipment in relation to costs that were judged
too high. We had this huge factory in Trois-Rivires for our spe-
cialized products; the one in Nashua served no purpose, as we
could subcontract out to GL&V Manufacturing or elsewhere.
Te decision was made to auction of some of Nashuas tools and
equipment. In that operation alone, we recovered approximately
The 2002 Mercuriades awards
ceremony. GL&V was the
winner in the Foreign Market
Large Business category. Jose
Lefebvre, Dominic Chouinard,
Richard Verreault, Marc
Barbeau, Katalin Konya,
Nancy Blanger, El Ayachi,
Ren LHeureux, Hlne
Fournier, and Michel Glinas.
Bob Harrison joined the
GLV team following the
acquisition of Beloit in 2000.
He was President of the Pulp
and Paper Group for one year.
Yves Lacroix has been
the General Manager of GL&V
Canadas Manufacturing unit
since March 1993.

But Laurent would soon ignore my recommendations and get
involved in a risky situation, where he was badly advised by
incompetent managers who based themselves on erroneous infor-
mation... Well, he probably had to lose a bit here and there to
appreciate his gains!
Before it closed, Beloit owned a small subsidiary, Beloit Ibrica,
which has since been renamed Enertec, that was in partnership
with Coinpasa, a leading Spanish manufacturer of papermaking
equipment. In 2001, to strengthen our organization in Spain
and Europe, we developed a strategic alliance with Coinpasa/
Enertec, to create GL&V Pulp and Paper Europe, which was
equally owned by GL&V and Coinpasa. Enertec employed close
to two hundred people, had an engineering ofce, and based its
manufacturing operations in Valladolid in Spain.
Marc Barbeau, a young tax specialist who had just joined us,
our lawyer Robert Dorion, and Ren LHeureux had advised
me against this alliance. Tis partner, they said, did not have
the money needed to move forward.
Yet, it seemed to be an easy and proftable deal: as the partner
would not put up any money, GL&V would become the owner
of the company. But the president of Enertec was a schem-
ing trickster who was in it to save his company, Coinpasa,
and the other subsidiaries he still owned from an impending
bankruptcy he had concealed. He negotiated and wheeled and
dealed non-stop, playing on his cash assets, taking here to pay
there, delaying paying salaries to settle his debts, and meeting
his commitments with money borrowed from the parties to
whom it was owed.
We took a hit in this fasco, in spite of Rens eforts, whom I
had transferred from Sweden to Spain to direct the project. He
battled until the fnal hours to salvage the situation, by trying,
without success, to rebuild on the ruins of this misadventure,
with former employees, to try to launch a new company.
In December 2001, we abandoned this sinking ship. In May
2002, dragged to the bottom by Enertec and its president in
a seventeen-million-euro debt, Coinpasa declared bankruptcy.
Marc Barbeau started
at GL&V in September 2000
as Director of Treasury
and Taxation and has been
the Executive Vice President
and Chief Financial Ofcer
since 2006. He was appointed
President of the Water
Treatment Group on June 7,
2012.

W
ith the foothold we had gained in North America
between1996 and 1999, along with our major acquisi-
tions in Europe in 1998 (Celleco), and in the United States in
2000 (Beloit), we were now doing business all over the world.
The three Groupe Laperrire & Verreault divisions
Manufacturing, Process, and Pulp and Paperhad a presence
in six continents, in some forty countries.
Between 2000 and 2003, we separated our Pulp and Paper
Group into two, for greater commercial convenience: it was
active in over twenty locations!
Te Pulp sector had operations in Quebec, Sweden, Russia,
India, Finland, China, and Brazil, and in the states of Georgia,
Washington, New Hampshire, and Massachusetts in the
United States.
Te Paper sector was active in Quebec, Portugal, Australia,
Spain, South Africa, and France, and in the states of Georgia,
New York, and Massachusetts in the United States. In 2004,
circumstances dictated that we undertake a signifcant
restructuring.
At the start of the 1990s, Groupe Laperrire & Verreault had
experienced some back pain due mainly to labor relations
problems coupled with an economic slowdown in Quebec
and North America. A reorganization of the Manufacturing
unit ensued, which has thus far proved enormously successful;
today, it occupies a solid niche and continues to grow in spite
of market cycles.
In the early 2000s, a period of headaches for the Pulp and
Paper division was approaching, due this time to the industrys
international context. To rebalance the group, we would have
to reorganize a number of components.
Restructuring
for a successful
relaunch

entire teams of engineers and technicians had to grind to a near
halt after weeks of having been overwhelmed with work.
During these three or four difcult years, over which Laurent had
no control whatsoever, Lucky Star was everywhere all at once,
travelling between East and West, North and South. From one part
of the world to the other, in one ofce one day and another the next,
Lucky Star would be there, studying relaunch and restructuring
solutions, looking for and inventing simple or bold ways of reducing
costs and increasing revenues.
Laurent understood that companies, even big and powerful ones,
were fragile. He had brought one or two of them back to life in
recent years. He needed to act fast, but, especially, efectively, to save
as many people as possible, the Blues and the Dependables, those
who were the lifeblood of the company.
Sadly, he couldnt save everyone...
We had bought numerous companies in this sector in North
America and other parts of the world. Te strategy had achieved
excellent results in terms of commercial positioning. GL&V was
now the owner of a vast quantity of highly renowned technolo-
gies and brand names. Many of these technological solutions
could be found in an impressive quantity of installed equipment
throughout the world. Tis guaranteed positive results for after-
market service and the sales of replacement parts.
However, beyond our control was the fact that the global pulp
and paper industry supply was exceeding demand. Te price of
pulp and of paper of all kinds plummeted, and major invest-
ments by paper mills were drastically reduced.
To counter these sagging market prices, the industry elected to
modernize and upgrade existing equipment to reduce their pro-
duction costs. New and more efcient parts were a huge market
for GL&V. We had to beef up our replacement and aftermarket
departments, which we achieved through the acquisition of
hydrocyclone specialists E.L.P. Products in Calgary.
Elsewhere, we relocated some of our manufacturing activ-
ities, such as those in Nashua, to concentrate them at GL&V
Manufacturing in Trois-Rivires.
Asia and the Southern Hemisphere were largely feeling the
efects of weak prices somewhat less than the West. In fact, sub-
stantial investments were being made in Europe and Asia, and
sales there generally remained healthy.
In North America, especially, results were poor, and this is where
GL&V carried out the most radical reorganization of its busi-
ness. In some of our production units, the troughs followed peak
periods at such a dizzying rate that it was impossible to keep up;
Laurent Verreault
166 167
E
.
L
.
P
.

P
r
o
d
ucts L
td
Laurent Verreault and GLV Mi xi ng growth wi th ple asure

more dynamic and entrepreneurial... more like us. We could
turn Washington into a general sales and service centre for the
West, to ensure a presence for our clients there.
What if we were to once again group our two pulp and paper
sectors together within the Pulp and Paper Group, to avoid
duplicating costs? I suggest that Bill Mahoney becomes the
president of this group.
What about Richard Verreault? Where would we send him?
Hes the current president, isnt he?
Tere are other plans for Richard, I answered.
If we were to apply our usual cost-efectiveness estimate rule to
Nashua, said Bill Saulnier, we would discover that not each
of the companys employees is generating $350,000 in annual
sales. Nashua isnt proftable. If, as Yvon suggested, we closed
GL&V/Pulp Group in Nashua, the manufacturing activities
could be concentrated in Trois-Rivires, under the leadership
of Pierre Glinas and Yvon.
We could close down the operation in Georgia or reduce our
assets. Tat would give us some ofce space to rent out...
We could...
Dozens of strategic proposals were put on the table. In the end,
Yvon was given the painful task of closing down, reducing in
size, and reorganizing several units in Vancouver (Washington),
Calgary, Sherbrooke, Montreal, Atlanta, and Trois-Rivires.
He had to let go of close to 150 people, mostly in the United
States. Tis restructuring saved us between $6 million and
$8 million dollars a year over the next several years.
In 2004, the Pulp and Paper Group of GL&V in North America
was going very badly. We met several times with the directors
of all the groups to try to fnd and apply solutions. Te situa-
tion was both simple and complicated: we had no choice but to
get through this crisis, but how?
I wont be able to comfortably manage a situation like the
one we just went through in China again, said an exhausted
Yvon LHeureux. Tis three-million-dollar contract with a
client we barely knew nearly cost us a part of our engineer-
ing staf. Tese are our experts, in whom we have invested
heavily for many years and who are indispensable. In the end,
we pulled it of, but our profts are next to nil. Laurent, you
were there to advise me, Bill you helped me, but we just cant
keep this up any longer.
Our discussions and analyses have indicated that were going
to have to shut down or sell of some parts of the business, but
you all already know this. No amount of strategic planning,
goal setting, or action planning is going to pull us through.
Weve never worked this way before. Youre all entrepreneurs;
do any of you have any solutions to ofer? Solutions, not
discussions. For my part, I think we should close LaValley
in Washington.
But Yvon did not agree with that idea. Nor did Martin
Dessureault, the accountant for the Pulp and Paper Group.
Tey had both prepared a fairly elaborate relaunch plan.
GL&V/LaValley in the state of Washington is in competition
with GL&V/Pulp Group in Nashua for the manufacturing of
drum washers, but shutting down one isnt going to save the
other. Laurent, you like employees who show a sense of entre-
preneurship: close Nashua rather than LaValley, where they are
Bill Mahoney started
at GL&V following the
acquisition of Beloit in 2002.
He was Vice President, Global
Sales for the Pulp and Paper
Group and has been the
President of the Pulp and
Paper Group since 2003.
Martin Dessureault has
been Chief Controller for
the Pulp and Paper Group
since he started at GL&V in
August 1996.
168 169 Mi xi ng growth wi th ple asure Laurent Verreault and GLV

We were especially pleased, along with Bill Saulnier, our con-
troller, to once more be able to post positive results, from one
quarter to the next, despite these challenges. Between 1986
and 2006, we did not produce one negative report in eighty
quarters!
If it saved that part of the company, the restructuring of the
Pulp and Paper Group did nothing to slow the continual
expatriation of the Dependables or the domino efects caused
by the necessity of having to juggle positions.
Greg Bruyea moved around a lot until he retired in
December 2001; Pierre Glinas sat in a variety of chairs, from
Manufacturing to Business Development, to fnally occupy the
position of Vice President of Paper Technology; Michel Glinas
replaced him in Manufacturing; our key partner and eternal
brother-in-arms, Jean Desbiens, took a well-deserved retire-
ment from Manufacturing in 2003; and, until Bill Mahoney
succeeded him, Richard temporarily took the reins as President
of Pulp and Paper from Yvon after he, to my great surprise,
announced he was retiring in June 2004.
Yvon LHeureux left us for good for a life that would be less
frantic than the one he had led with GL&V for the last 25
years.
Te energy of the Blues and the Dependables was being
reoriented anyway, due to all the major additions and shufing
of positions, including that of our tax expert, Marc Barbeau,
the Vice President of Corporate Development, Pierre Lpine,
our lawyer, Gwen Klees, managers Roger Lessard and Roger
Becker, and Alain Mlanon in Human Resources.
Alain Mlanon was
Vice President, Human
Resources from November
1998 to April 2001.
Roger Becker joined
the GL&V team through the
acquisition of E.L.P. Products
in April 2001. Today he works
as a product engineer for
the Pulp and Paper Group
in the United States.
Gwen Klees has been
Vice President, Legal Affairs
and Corporate Secretary
since she started at GL&V
in March 2003.
Following the difcult episode of the Pulp and Paper restruc-
turing, we once again turned our sights to expanding, but in
other, more promising, directions.

I
n the early 2000s, while our Pulp and Paper Group was being
redefned and revamped, we should have been rethinking
Groupe Laperrire & Verreault in its entirety, and perhaps
giving it a full makeover, as we had done ten years earlier.
Since 1975, GL&V had grown on the foundation of the
Manufacturing and Pulp and Paper groups. Another large
division, the Process Group, had seen the light of day in 1990,
with the acquisition of Dorr-Oliver Canada, even if the name
did not formally appear until 1996.
For many years, the pulp and paper industry had seesawed up
and down, with more downward swings than up, and we jogged
along in the wake of our clients difculties. Te mining sector,
targeted by our Process Group with its liquid/solid separation
technologies solutions, was also experiencing its share of boom-
and-bust cycles. GL&V was able to adapt its activities to these
roller coaster rides, but it was defnitely far from the most satis-
factory situation.
As for me, Im a pulp and paper guy. I was trained and grew up
in a paper mill. Tat was the case for most of the Dependables,
people who had travelled the same road as me for the last twenty
years, our old vice presidents and partners, Louis Laperrire,
Jean Desbiens, Yvon LHeureux, Bill Saulnier, and Ren
LHeureux..
Now, new Blues were pushing and pulling. Our young vice
presidents in Quebec and OntarioMarc Barbeau, Greg
Bruyea, Michel Glinas, Pierre Lpine, Sylvain Ouellette,
Richard Verreault, and Bart Yulehailed from diferent back-
grounds and had diferent ideas.
In addition, there were others, who came to us from all over the
world and brought with them global visions: Robert Coomes
and Robert Harrison in the United States, Klaus-Dieter Grner
A vision as clear
as . . . water!

worlds population is increasing, the availability of fresh water
is dwindling. Nothing is preventing us from continuing in the
other sectors, but a Water Treatment Group would guarantee
the very long-term future for GL&V.
In 2001, Laurent celebrated his sixtieth birthday. Physically, he was
still in great shape; he played a lot of sports, he hadnt drunk a drop
of alcohol in the last seven years, and he watched his diet.
No, what Lucky Star was more concerned about was whether, at
his age, he would still be open to questioning the ingrained practi-
ces, ways of doing things, habits, and, more importantly, principles,
authoritativeness, and convictions that come with experience.
It wasnt unusual to come across men of his age who believe with
certainty that they hold the truththeir truth, in any case
acquired over the years and by the sweat of their brow. Tey have
seen much, traveled much, refected much, and made countless
in Germany, Graham Lawes in South Africa, and Mikael
Sundqvist in Sweden.
We Dependables had been busy in paper and mining, but we
soon realized that, all that time, the new generation of Blues had
been playing in water!
Richard, you know that when we make paper, we separate the
solids from the liquids. Well, its the same thing that happens in
the mines when we wash the ore and purify the water after.
I was having a heated discussion with Pierre Lpine and Richard
Verreault, but I knew that they were right. I like it when people
stand up to me with good arguments.
Come on, Laurent, its not the same, thats not what were talk-
ing to you about. Pierre was playing his role as Vice President of
Corporate Development remarkably well. Were talking about
treating the water, not purifying it. Yes, treating it: removing
solids from liquids, from industrial, municipal water, versus
removing microparticles to make the water pure. Close, but not
the same.
Water is a treasure, added Richard. Even if it gets a bad rap
because theres much more undrinkable than drinkable water.
Even municipal water thats full of crap . . . its a treasure, a
precious resource, because you know as well as I do that
clean water is becoming increasingly scarce and expensive to
produce. Our lawyer, Robert Dorion, calls it the commodity of
the future. Tis feld holds promise for very long-term growth,
all over the planet, and GL&V is becoming a specialist. Plus
were already everywhere on earth!
Well be almost the only ones on the playing feld, and theres
no end in sight. Where will we be in ten or ffteen years if we
stay in these far too cyclical felds of paper and mining? Te
Robert Coomes started at
GL&V following the
acquisition of Dorr-Oliver
International in September
1999. He then served as
President of the Process Group
until his departure in April
2003.
Sylvain Ouellette was Vice
President, Accounting from
April 2003 to May 2005. He
then held the position of
Co-Chief Financial Ofcer
until he left in February 2007.
Ren LHeureux and Mikael
Sundqvist in 1999 during
a trip to Japan in search
of a distributor for GL&V.
Bart Yule joined GL&V
following the acquisition
of Dorr-Oliver Canada in
September 1990. He was
Sales Manager and then
General Manager of Dorr-
Oliver Canada under GL&V
until he left in October 2004.

decisions along the way. Getting a top executive or, in particular, a
leader of men, to see things diferently can be challenging.
At the invitation and urging of the new guard, GL&V
embarked on this new path with energy but also with strategy
and its customary ways of doing things. Te Water Treatment
Group would only be established in April 2004, but we began
planning for it in June 2000.
Following this discussion with Pierre and Richard, our
frst move had been to acquire a small company called
Environmental Equipment & Systems. It happened to be
located in Connecticut. Our few water treatment activities
were primarily under the direction of the Process Group, led
by the fagship company GL&V/Dorr-Oliver. We had
just bought Dorr-Oliver International the year before,
Environmental Equipment & Systems was located ffteen
kilometers away, in the neighboring city, and the two oper-
ations complemented each other.
Tere, we already possessed a frst-class portfolio of fltration
technologies and equipment and, more importantly, the person-
nel who knew how to use them.
Tree months later, we consolidated them all together when
we acquired the former Beloit Australia, now called ADDAX,
which we soon merged with our existing services to create
GL&V Australia to serve the paper and mining industry in that
part of the world.
Te water group was taking shape. We were learning about and
advancing cautiously in this feld we had little experience in.
We had other fsh to fry between 2000 and 2003 on the paper
side of things, but our vision of a successful future in water was
beginning to crystallize.
No one at GL&V expected what was to come.
An example of two pieces
of equipment among
thousands produced by
the group.
176 177
A
D
DA
X
A
u
s
t
r
a
l
i
a

L
t
d
2
0
0
0
*

A
t this juncture, history repeats itself somewhat, but it
gives me enormous pride and pleasure to recall the
events. Tese were key stages in GL&Vs growth.
At the beginning of my career, when I was an instrumenta-
tion and controls technician in New Brunswick, I had been
amazed by a power-transmission system made by Dorr-Oliver.
Seventeen years later, I bought the company.
While working at the paper plant in Matane in 1968, I did some
maintenance work on our brand new Black Clawson, a remark-
able paper machine. In 1996, I acquired that company too.
In 1963, when I was twenty-one years old, I signed on as an
apprentice with the Canadian International Paper company in
La Tuque. Tere, I learned about the process of fltering pulp
on the Celleco vortex systems. In 1998, thirty-fve years later, I
purchased the company.
For more than twenty years, I lay under machines, installing,
maintaining, or repairing them. Some were ordinary, others
were dream machines, like the ones manufactured by EIMCO,
a one-hundred-year-old company. In 2002, I bought EIMCO.
One day, the giant multinational oilfeld services company
Baker Hughes was selling of its specialized mining sector
liquid and solid separation division, including a small unit in
the water sector. Tey had acquired this corporation and its
expertise to clean the water used in their oil and mine drilling
activities. Due to lack of attention and know-how in this type
of operation, Baker Hughes had never succeeded in integrating
it or turning it into a proftable venture.
Tere was no Mergers and Acquisitions department at GL&V.
I always relied on the operators, sales representatives, and
Then we take
the world

Laurent Verreault featured in
the Personnalit daffaires
(Business personality) section
of the newspaper Mauricie affaires,
April/May 2003.
treasure, the commodity of the future Richard Verreault and
Pierre Lpine had been talking about a few months earlier. We
could not let this acquisition slip through our hands!
Robert Dorion, our lawyer, Marc Barbeau, our tax expert,
Bill Saulnier, our controller, Pierre Lpine in business develop-
ment, and also Ren LHeureux, who was always there to
take care of everyone all over the world, quickly drew up our
hunting strategy.
It hardly needs saying that this audacious acquisition and its world-
wide integration was difcult in the extreme. Te most important
challenges lay in the area of human resources and accounting and
administrative practices. Laurent didnt place a lot of emphasis
on these details, but Lucky Star knew that adding EIMCO to
GL&Vs portfolio was a major turning point in the companys
history: in one stroke, it doubled its size.
managers of our regional divisions to keep their ears to the
ground to let us know if they discovered a valuable competitor,
a manufacturer of quality products, or a company worth buy-
ing in their various locations. Once the target was in our sights,
the hunters on our teamPierre Lpine, Bill Saulnier, and
Laurent Verreaultwould begin the chase.
Tat was how the people in the feld in GL&V/Dorr-
Olivers Process Group let us know that a quality competitor
was for sale. Its head ofce was in Salt Lake City, and it
had subsidiaries throughout the world. Te company gener-
ated a whopping $250 million in annual sales, but had been
losing $15 million per year for the last several years. It was
called EIMCO, and it was up for sale!
Tis company of my dreams was active in three areas, one of
which was not immediately obvious to us. It ofered the same
expertise and technologies as GL&V/Dorr-Oliver in mine
water treatment processes and provided liquid/solid separa-
tion services to a few paper makers. Tese were the two sectors
which were of greatest interest to us.
However, what we discovered while conducting our due dili-
gence review in the summer of 2002 was that more than a third
of EIMCOs revenues were derived from their state-of-the-art
industrial and municipal environmental sector technologies,
which included the treatment of wastewater and water at both
ends of the water use chain, using equipment similar to what was
being employed in the mines, which we knew all about.
Each year, EIMCOs water division achieved $70 million in sales
from treating wastewater and water everywhere in the world.
Without even looking, we had just found the ideal global
platform on which to build our new water strategythe
GL&V sinstalle en Europe
(GL&V sets up in Europe)
announced the April/May
2003 edition of the newspaper
Mauricie affaires.
Laurent and Richard Verreault
featured in the supplement
30 ans, matriser le prsent,
faonner lavenir (30 years,
taking charge of the present,
creating the future), published
by Le Nouvelliste, celebrating
GL&Vs 30th anniversary.

Te glut of work that the Trois-Rivires head ofce now had
to deal with as a result of the acquisition meant that they had
to bring a few specialists on board, and a legal expert in par-
ticular. In 2003, Marc Barbeau, Pierre Lpine, and Richard
Verreault hired a rare pearl who appeared well suited to the
position and got along well with management. Te last step in
the hiring process was for this person to meet Laurent to obtain
his approval.
Laurents frst words to the new hire were: Why should we meet? I
dont need a lawyer; I already have Robert Dorion. Te rare pearl
answered, frmly and calmly, in the tactful language of a lawyer:
What Ive been told is that management wants a lawyer and that
they have made their decision. Now, Mr. Verreault, if we cant
meet face to face and get along with each another, its going to be
very difcult for us to work together.
Dorr-Oliver Eimcos ofces in
Rugby, England, in 2002.
A business lunch with the Dorr-
Oliver Eimco team in China,
in 2002.
Doubled its yearly sales, doubled its staf, doubled its global
presence, and doubled its areas of activity. Doubled everything in
one action, and, what was more, during a difcult period caused
by a slumping pulp and paper market, when mines had depreci-
ated in value and banks were spooked and excessively cautious.
Laurent Verreault was a true long-term risk investor, a charis-
matic visionary, a hard-headed decision-maker. He wanted this
company and he got it!
Despite GL&Vs excellent fnancial results, the bank didnt want
to extend them a loan for this money-losing business. Tat didnt
faze Laurent; he would simply raise $30 million through private
investments. Lucky Star would watch over things...
With its sales of $250 million plus its $15 million annual def-
cit, EIMCOs price tag of $60 million was a relative bargain
in a depressed mining market. It was nevertheless the most
important acquisition in our history. It also made our Process
Group the largest in GL&V, and it would generate more than
60 percent of our revenues from now on.
In customary GL&V fashionquickly, but correctly for the
employeeswe returned the company to proftability, frst
by divesting ourselves of the manufacturing plant and a few
marginal operations. Ten, under the sensitive and balanced
intervention of Ren LHeureux and Roger Lessard, we brought
the number of employees in all of EIMCOs ofces around the
world down to a standard size for this type of company.
Yes, Laurent was invading the world with EIMCO. But EIMCO
would be at the heart of another type of invasion. Laurent would
say nothing; he was considerate, caring, and compassionate with
everyone, but it was far from an insignifcant event.
Roger Lessard has been
the General Manager of the
Pulp and Paper Group Brazil
since November 2001.

And it certainly did not hurt that GL&V also had a presence
throughout the world!
Te arrival on the international scene of GL&V/Dorr-Oliver
Eimco, the new public name of our Process Group, radically
changed our position and those of our competitors. Dorr-
Oliver Eimco ranked among the key providers of liquid/solid
separation technologies solutions.
Our geographical position as a world-class supplier also changed
our former competitive, procurement, or client relationships
with many companies. It became essential for us to consolidate
our share of the market through various useful and strategic
acquisitions.
All at once, Lucky Star was transported back to those exhilarating
early days in the companys history. In the 1980s, to build Groupe
Olga Matveeva, Peter Smirnov,
Laurent Verreault, Svetlana
Vinogradova, and Igor Lakeev
at the GL&V/Celleco Russia
ofce in Saint Petersburg, in
2001.
Dinner with the team in
Singapore, in 2005. Seated:
Tony Hoo, Andrew Lau,
Laurent Verreault, and Maria
Robichaud. Standing: Charlene
Teoh, Samuel Wong, Cynthia
Ang, Ricson Liau, and Jenny
Yong.
Laurent paused for a long time to refect before answering. Ive
been working with the same external lawyer for more than twenty
years. I doubt whether he ll be overjoyed to hear that you ll be
invading his turf. Our team has forged a solid bond and your life
is about to become a lot harder, Madam Klees.
Laurent had been forthright enough to state, in not so many
words, Ive been working with men every day of my life. I doubt
very much that they will easily accept the presence of a woman
on the management team. Tis is a male-dominated organiza-
tion, a bloody boys club, and your life is going to be very difcult,
Madam.
Lawyer Gwen Klees held her own and persevered, despite the few
inevitable confrontations with and objectionable jabs from the
troop of men that surrounded her. Her arrival in 2003 signaled
a break with tradition that was to change the make-up of GL&V
almost as much as the acquisition of EIMCO!
Te most constructive part of the integration was, in this one
as it had been in every integration in our history, the establish-
ment of GL&Vs entrepreneurial culture.
In our organization, people were expected to carve out their
own place, show initiative, and forge the pathway that best
suited them, with support from their supervisors and col-
leagues. I always said to all the employees: work hard, we will
support you; fall and we will help you up. Be your own build-
ers, the artisans of your own futures. I like entrepreneurs.
Te subsidiary began to turn a proft in 2003. Supported by
a marked upturn in the global mining market, it had even
generated profts in China, India, Russia, Brazil, and other
emerging countries.
185 184
B
r
a
c
kett G
r
e
e
n

L
t
d
E
lite Cam
e
r
o
n
L
t
d

Laperrire & Verreault during the time of Quebec Inc., Laurent
had created, bought, or sold a company every ffth quarter.
Te 1990s served to consolidate the various groups
Manufacturing, Process, and Pulp and Paperand Laurent
completed a major transaction every fourth quarter. With the con-
solidation of the Water Treatment Group, the pace accelerated to
one transaction every third quarter between 2000 and 2006!
From the acquisition of EIMCO and its defnitive integration in
early 2004 until the end of 2006, when the company changed
direction once again, Laurent acquired twelve companies in nine
quarters. Lucky Stars head was reeling!
Our Pulp and Paper Group, which had been restructured in
2004, needed a fresh infusion of blood. So we acquired Perplas
and Huyck Dewatering Equipment that was complement-
ary to Perplas, in the United Kingdom, as well as a division
of Kvaerner Pulping Business in Sweden, all three being spe-
cialized in the preparation of pulp. We would become world
leaders in this area as well.
With the acquisition of the intellectual proprietary rights to the
German BTF automatic dilution technology for headboxes, we
snatched up the exclusive global rights for the distribution and
manufacturing of these top-quality pieces.
Finally, the acquisition of the Montreal company KanEng
Industries and a few assets of the American company J&L
Fiber Services in 2006 completed our cycle of consolidation
activity in pulp and paper parts.
Our primary goal in acquiring water treatment companies was
to obtain ownership of proprietary rights in a variety of mech-
anical or biological fltration technologies. We had to assemble
a well-balanced portfolio of high-technology screening, mem-
brane, and bioflter processes for various applications.
In 2005, we bought the British companies Jones & Attwood
and Brackett Green, and, in 2006, the Water division of the
Finnish company Metso, the American frm Enviroquip,
and fnally, COPA, with operations in the United Kingdom
and Australia.
Contrary to the early 2000s, when fnancial establishments had
been skittish, these years were easy and conducive to our acqui-
sition activities. Certainly, the banks were certainly reacting
better to recently expanding markets, but GL&Vs results were
spectacular and reassuring.
In May 2006, we announced record profts for four consecu-
tive quarters, and an annual proft that was 146 percent higher
than the year before. Our order book had also jumped by
10 percent compared to the same date in 2005.
Tis growth, which could be attributed to the global activities
of the Process Group and the multiple acquisitions of the Pulp
and Paper and Water Treatment groups, produced not only
smiling shareholders but also cooperative bankers!
187 186
METS
O
P
A
P
E
R

L
T
D
C
O
P
A

L
T
D

C
O
P
A
L T D C
O
P
A

L
T
D

C
O
P
A
LTD
E
n
v
iroquip
I
n
c
.
2006

5
Selling it all
to keep it all

A
s was always the case when business demanded, I was
on a promotional tour, touting GL&Vs activities across
North America. It was important to be visible, to talk up our
company at industry shows and exhibitions. Tese outreach
activities attracted investors.
In December 2006, with Richard Verreault and Marc Barbeau,
I was taking part in a roadshow for investors in Montreal,
Toronto, Vancouver, and San Francisco. Our goal was to
present to the business world the nine major transactions we
completed in the last year, explain our strategy, and talk to
people about the results we were aiming for.
Richard was, at this point, President and Chief Operating
Ofcer, the senior ofcer in charge of feld operations; Marc
held, jointly with Sylvain Ouellette, one of the positions of
Vice President and Co-Chief Financial Ofcer. Bill Saulniers
responsibilities had been split between two co-CFOs instead of
one single vice president, as was usually the case.
In the car with Marc and Richard, on our way to visit Whistler
between stops in Vancouver and San Francisco, my thoughts
drifted to Bill. He had retired in December, just before we
left to go on our trip. It was nearly impossible to imagine
Bill Saulnier retired after 27 years with GL&V. I looked out
of the window; the landscape was almost as beautiful as on
that day in August 1990, when Bill, Ren, and I had fown to
Orillia to buy Dorr-Oliver, to embark on a new beginning.
Tat morning in December 2006, another new beginning, a
fresh new start was in the air.
Marc? Richard and I have something to tell you, I began.
191 selli ng i t all to keep i t all
Putting on our
dancing shoes

In the fall of 2006, Richard had met the head of this huge
company, who at that time had expressed an interest in
getting together with us to discuss a possible merger. Richard
had played hard to get and refused, but before leaving, he had
hinted that, should he truly be interested in a major acquisi-
tion, the door might be open just a crack.
At the same time, I had been thinking, and I had reached the
conclusion that our Process Group had reached its peak value
in a mining market that had attained the maximum expansion
possible in the current context. I was even anticipating an
imminent decrease in mining activity in China, following their
Olympic boom in 2008. If we wanted to continue developing
our water treatment expertise and supporting our Pulp and
Paper Group, which was still a bit slow, now was the time to sell.
As soon as the purchase of Krebs International had been
announced, the phone rang in Richards ofce.
Nice shot! the boss of FLSmidth told him. We also wanted
Krebs, but you got it. Now, are you for sale? Do you want to
have dinner with us?
My strategy had worked.
Laurent Verreault had bought so many companies in his life that
his sales strategy was now infallible. Well done, old hunter!
Lucky Star still worked very hard to support him again. Tere
had been all the legal and fnancial information to prepare,
and all the administrative documentation to assemble during
Christmas 2006. Fast, fast... Laurent had decided he would go
to Copenhagen in Denmark at the beginning of January to launch
his charm ofensive. He put on his best dancing shoes.
Tats his style.
Were thinking about possibly selling one of GL&Vs groups,
the Process Group. Weve been in communication with a buyer
for a few weeks now.
If Marc hadnt been wearing a seatbelt, he would have fallen
of his seat.
To consolidate this group, in early December only, I had
concluded the biggest transaction ever undertaken in the his-
tory of GL&V: contrary to my preference for acquiring assets,
I had bought all the shares and the debt of Krebs International
for $110 million. Tis Arizona-based company was in excellent
fnancial health, and acquiring it efectively flled in the few
missing pieces in the services we ofered the mining industry
by rounding out our customers process fowsheets.
Above all, Krebs positioned us globally very comfortably in
the highly lucrative aftermarket service business for high-
performance liquid/solid separation equipment global. It was
a major, expensiveperhaps too expensiveacquisition, but I
knew it would yield substantial returns in very little time.
In fact, what I was doing was icing the cake. I was preparing
to be invited out to dinner: I primped and preened, tucked a
handkerchief into my breast pocket, and shined up my dancing
shoes. Ten I waited for that invitation. It arrived in December,
right after the announcement of the Krebs purchase.
During our acquisition activities in recent years, we had
seriously evaluated the possibility of buying a division of
FLSmidth, a multinational Danish company specializing in
cement and mining equipment, which had been weakened by
the worldwide situation of the industry. In the end, for all sorts
of reasons, we abandoned this opportunity.
193 192 Laurent Verreault and GLV selli ng i t all to keep i t all

that later. For now, I need you to draft an agreement to
guarantee the sale. Its urgent, I need this fast, fast. Can you...
Robert knew me well: he stopped me to calm me down.
Laurent! Its Friday, the holidays arent over just yet, its fve in
the morning, Im at my country place in Bromont. You want a
memorandum of understanding to sell three quarters of GL&V,
of your company, with operations in twenty-seven countries
fast, fast... How fast? Cant this wait until Monday?
Uh? Yeah... Tink itll be okay if we wait?
Laurent? Happy birthday.
Its not my birthday, Robert.
No, its mine. Laurent?
Yes?
Congratulations on your sale!
Robert! I wake him up at fve in the morning on his birthday,
and he still ofers me his congratulations. He has been there
during all the major decisions of the company, almost from our
very frst acquisitions. What incredibly good fortune to have
this strategic-consultant-advisor all rolled into one, available at
any hour of the day!
In January 2007, I went to visit FLSmidth to discuss the broad
terms of the sale of our Process Group, the entire GL&V/Dorr-
Oliver Eimco division.
Te Danes had a problem: their business was mainly active
in the cement industry, which was on the decline. Teir
strategy had been to diversify and develop in the mining sector.
Our technologies, trademarks, and expertise would be a huge
beneft to them.
Tey were ready to invest what was needed to revive their
operations. More often than not, as in the Krebs purchase, the
real question is not how much will it cost? but how much
will it make?
Bonjour!
Laurent? Its Robert Dorion. You just left two urgent
messages in my voice mail . . . I dont know what time it
is in Denmark, but its fve in the morning here! What is it
that couldnt wait?
Robert, Ive just concluded the sale of the Process Group
to FLSmidth on a handshake! Teyve accepted everything!
Ofer, price, conditions, timetable, everything!
You were really able to sell them only Process? Tey dont
want Pulp and Paper or Water Treatment? In twenty years
of corporate law, I havent seen anything like that! Stroke
of genius!
Yes, its a little unusual, but they dont care about the other
divisions. It was their choice. Now, I have a very good idea
about how were going to work out the nuts and bolts of
selling them Process and keeping the rest. Ill talk to you about

R
obert must have had some sort of premonition when he
asked me for more time to prepare the memorandum
of understanding. Selling GL&V in parts, meaning selling
some and keeping others, was going to require tapping into
untouched stores of imagination.
Here, we faced serious complications with regards to commer-
cial law, international and national corporate legislation, cor-
porate taxation, and internal administration. How would we
sell one division of a Canadian public company to a Danish
public company, while retaining two divisions to create a new
private company, without harming the interests of the share-
holders of the Canadian company?
It was no surprise that the complete and almost unprecedented
process of this sale took close to eight months, during which
time I was in a very uncomfortable position.
Te initial project between GL&V and FLSmidth in January
2007 was that the latter would acquire the Process Group,
according to its wishes, and we would privatize GL&Vs other
two groups through a management buyout. Te owners of this
new company would essentially be comprised of the companys
foundersLouis Laperrire, Jean Desbiens, and, in particular,
Laurent Verreaultand senior management.
In February, when I presented FLSmidths letter of intent to
GL&Vs board of directors, along with our project prospectus
and its current status, I caused the earth to shake. Te pre-
liminary negotiations for the sale of the fagship company had
happened so quickly that no one was even aware of them.
Te board and I quickly conceded that my situation was
untenable. I was both selling one of the companys three groups
to an outsider, and selling the other two groups to myself.
Selling
everything,
keeping
everything . . .
rebuilding
it all

bureaucracy, and complications... uncharted territory and grey
areas to wade through with the experts, most of whom had them-
selves never negotiated such a massive business deal.
And Laurent observed everything from the outside, weighing what
was going on, uncommonly calm and quiet for the hyperactive
player that he normally was. He was thoughtful; he had confdence
in his people.
It occurred to me one day that the main problem that was
causing all the other transactions to get bogged down was the
private nature of the new company. I have always had such an
unbounded respect for all the people who, since 1986, through
their contributions of either ten, a hundred, or a thousand
dollars, gladly jumped on the bandwagon and helped the
company grow: in this sale, it was essential that I ensured that
GL&Vs big and small investors alike were protected.
Why privatize for the beneft of a few? Why not transfer, in
the form of a share issue by the new corporationcreated
from the Pulp and Paper and Water Treatment groupsto the
shareholders of the former company? Yes. Tat was what we
would do.
From that moment on, we were able to build togetheralbeit
with enormous difculty because it was so complexa new
public company into which these groups would be transferred.
Te structure of this new enterprise was exactly the same as
the former Groupe Laperrire & Verreault, but it had only two
divisions and retained its Manufacturing unit. Te assets of
these divisions of GL&V were also transferred to the share-
holders of the new company. Richard Verreault and Marc
Barbeau led these administrative operations, but the old
hunter was once again keeping an eye on things, hidden in the
background!
Te board of directors had to create an independent commit-
tee, supported by external advisors to negotiate with the buy-
ersFLSmidth on one hand, and my partners and me on the
othereach of whom had their own external advisors.
Because Laurent Verreault was sitting in two chairs at once, I
had no choice but to withdraw from the negotiations.
For the frst time in my entire thirty-two-year career as an
entrepreneur since 1975, I, who had personally led every trans-
action to that point, was prohibited from intervening in these
negociations. And this was not just any transaction, it was the
most important one of all: the sale of my own company!
For eight months, Lucky Star shed blood, sweat, and tears prac-
tically day and night, and under the most extreme conditions,
earning the Distinguished Lucky Star badge in the process.
Laurent was entirely disqualifed from leading or even taking part
in this, the most thrilling quest of his career.
It didnt mean, however, that he would play a negligible role:
he was, after all, negotiating what he had taken all his life
to build. During these eight months, Lucky Star channeled
Laurents absolute, verging on blind, across-the-board faith in
his collaborators.
Tere was no room for error. Here, you had the most excellent
buyers, FLSmidth and Laurent himself with his partners. Added
to the mix was also the extremely rare phenomenon of family
succession within an outstanding Quebec company of inter-
national scope. And in progress was a transaction pegged at close to
$1 billion, an exceptional event in the Canadian business world.
But they were walking on the edge of a dangerous and ever-
present precipice of laws, regulations, taxation, administration,

His well-founded concern was that the buyer would try to
squeeze us at the last minute to try to turn some of the arrange-
ments to his advantage.
Have you had a chance to talk to him? You understand the
complexities involved. Have you consulted him? Did you make
any decisions together or receive instructions from him?
Richard was getting impatient.
For our part, Mr. Verreault, all the arrangements were
fnalized last night with the departure of the president. He has
provided us with no further instructions. For the moment,
everything is settled, and I have no further power.
Richard was not impatient anymore; he was boiling. Getting
out of his chair, he said:
Fine. If you are merely a puppet here, Im going back to my
ofce. I have other things to do.
He began to leave. Discreetly and quietly, I caught the corner
of his jacket and made him sit back down. Te old hunter had
his prey in sight.
Politely, and with my usual charm, I said that I regretted
the presidents absence and tried, unsuccessfully, to reach a
compromise on these details with the lawyers. We casually
returned to the ofce.
FLSmidth would be caught in its own trap; time was on our side.
A few days before their annual general meeting, these fnal
details still hadnt been settled. Te chairman of the board, who
did not know that we knew, was still planning to announce the
good news to his shareholders, and time was ticking...
As soon as the new company was formed, we sold to FLSmidth
the remaining shares of GLV, which retained the Process Group,
according to the legal arrangement with our shareholders.
FLSmidth was a sterling buyerserious and honestbut it
was also in business and had to give primary consideration to its
proft. During the negotiations, and through our due diligence
reviews, it was revealed that the company had a large surplus.
Management had promised to pay the shareholders dividends
if the company did not obtain a major and important acquisi-
tion with this excess amount: the president of FLSmidth was
now in a position to be able to make an exciting announcement
at his annual general meeting coming up at the end of April.
Negotiations between Richard and Marc and FLSmidths
lawyers went well, but they could not make all the decisions.
So we set up a meeting in Montreal with their top man to go
over three or four details that were still giving us problems.
Towards the end of March, I sat in on this meeting, along with
Richard and Marc.
Im surprised, Marc began. Wasnt the chairman of the
boards of FLSmidth supposed to take part in these fnal
negotiations? Hes not here this morning?
Marc was worried that this would cause a delay in the talks
that were, for all intents and purposes, almost concluded.
In fact, gentlemen, the chairman was called back to Denmark
last night, the lead counsel answered.
But our timetable requires that these elements be fnal-
ized soon so that we may continue and conclude this sale,
Richard argued.

Fournier, and Douglas Wetherbee. Others arrived in 2007,
bringing diferent energies with them: Marc Courtois,
Guy Fortin, Pierre Seccareccia, Chantal Blanger, and
Normand Morin.
And some left to make way for others: original musketeers
Jean Desbiens and Louis Laperrire, who retired in 2004 and
2007, respectively, Michel Baril, Denyse Chicoyne, Robert
Coomes, Robert Dorion, Sylvain Ouellette, Bill Saulnier, and
David Woodruf.
With his new Dependables and his new Bluesthe company
color had not changedand with Lucky Star watching over
the proceedings as always, Laurent Verreault now set about the
task of rebuilding GLV Inc.
Tere was surely some business worth acquiring waiting for
him somewhere on earth.
Or on water...
We timed our conference callfve oclock, Montreal time,
literally at the eleventh hour at eleven in the evening in
Copenhagento turn the situation to our advantage, and, of
course, we succeeded on every point. Tey were tired, we were
not as much; they were in a hurry, we were not...
All that was left to do during our night and their morning
was to draft up and agree on our joint and simultaneous
communications. We had to act before the opening of trading
on the Toronto Stock Exchange, while FLSmidths share-
holders were fling into the shareholders meeting held that
same day in Denmark.
So, on April 20, 2007, Groupe Laperrire & Verreault and the
Danish corporation FLSmidth jointly announced the sign-
ing of an agreement for the sale of the Process Group. At the
same time, GL&V would transfer its two other groups and its
Manufacturing unit over to a new company called GLV Inc.
GL&V investors would receive thirty-three dollars and one
new GLV Inc. share for each GL&V share they held. Everyone
who had benefted from the stock savings plan and acquired
these shares when they were frst issued at four dollars had just
made a very good deal!
Our new GLV, approved almost unanimously by the share-
holders, was no more than a third of the size of the now defunct
GL&V. It still preserved all its vitality, but its proftability
would not be the same and it would rebuild itself around its
highly promising Water Treatment Group.
Many members of the board of directors and senior
management stayed on, including some of the old guard:
Marc Barbeau, Claude Boivin, Gwen Klees, Sylvie Lalande,
Graham Lawes, Bill Mahoney, Richard Verreault, Hlne

I
t is common, following a long period of labor or intense
creation, to feel an emptiness, a sort of calm after the
storm. Tis is usually a very difcult period to deal with and
manage personally; downtime that cuts two ways.
It is a time when a person sits at his desk, freshly cleared of its
piles of papers, arranges all the pencils in his drawer, then
stretches out in his executive chair and closes his eyes to refect
on what has been and what will be.
Te atmosphere is hushed; the clock ticks slower; there are no
pressing matters to attend to, but life still continues to hum
around him. Tere is a combination both of new birth and of
mourning in his soul; it is a time for him to refect on the past
and start planning for the future. He is conscious of old habits
and well-entrenched refexes and words, but knows these will
not serve him anymore.
With just a click of the door closing behind them, constant
collaborators had moved on, their immense contributions never
properly celebrated and their departures passed unnoticed. New
faces appeared every day, people we barely knew with whom we
would be working shoulder to shoulder to rebuild everything.
On Monday, August 13, 2007, for a few minutes, I experienced
this emptiness.
Tat morning, the Arrangement came into efect. By virtue of
this Arrangement with FLSmidth, after eight totally frenzied
months in all our ofces, I had sold Groupe Laperrire &
Verreault Inc., my lifes work.
In this endeavor, I had received the amiable cooperation and
complete logistical support of my collaborators at all levels,
despite the uncertainty of the outcome.
Pieces for the
reconstruction

Pulp and Paper was still a world leader in rebuilding, upgrading,
and optimizing machines and equipment for pulp and paper
production. We could intervene in every stage of the process,
from pulp preparation to sheet fnishing. With seven hundred
employees, the group enjoyed a presence in thirty countries,
chiefy in North America and Europe, but also in Southeast
Asia and South America.
Water Treatment was specialized in the treatment and recycling
of industrial and municipal wastewater. Under the name Eimco
Water Technologies, it provided services from the beginning of
the process from water intake screening to the last stages of water
treatment. Te group already had the combined expertise of
eight companies, acquired since 2000, but it was particularly the
water technologies of EIMCO that launched us. More than fve
hundred employees were working in some ten countries across
Europe and North America primarily, as well as in Southeast
Asia and Australia.
For its part, the Manufacturing unit employed two hundred
people at the Trois-Rivires shop, essentially to service the pulp
and paper sector, while head ofce had thirty employees. By
my rough calculations, that made 1,500 employees who were
running the company, all pulling in the same direction.
For the time being, GLVs revenues were being generated in
equal parts by our two groups. However, the necessary and
immediate reorganization of the Water Treatment sector,
closely linked to the Process Group we had sold that year, had
incurred signifcant costs, which reduced its profts and lowered
GLVs overall net earnings.
That would change, of course: there were many non-
recurring expenses linked to the Arrangement, and we would
Together, we had brought GLV Inc. into the world.
Tis morning, every last step in the transaction had fnally
been concluded. Trading activities, the lifeblood of the
company, would begin in Toronto in a few hours, under our
new identity, GLV.
I had succeeded. Or, rather, we had succeeded.
Yes, I could have pocketed my share of the proft from the sale
and gone fshing or taken a well-deserved retirement. I could
fnally have played golf in Florida all winter long and gone
skiing around the world the rest of the time. But, at sixty-fve
years old, I was much too young to stop, and besides, I was
having far too much fun working, acquiring, and growing.
Most of all, I wanted the company to thrive long into the future.
In 1974, when Maria had asked me, Why do you want to start
a company? I had replied that I wanted to leave behind more
than just my paltry little footsteps to show for the time I spent
here on earth. I was not about to close the door on that some-
thing more, which I had continued to build ever since then!
So, that morning, I was at work, with the Dependables and the
Blues. As every other morning, I stopped to chat with them for
a few minutes. When I arrived that day I spent a moment with
the secretary and the young computer technician, who was
fddling with the computer, to see how they were doing.
We cracked a few jokes, I listened to stories of the latest baby
and expressed interest in the contents of the computer toolkit.
Taking time with people gave pleasure to everyone.
GLV Inc. was coming to life with three divisions: our historic
Pulp and Paper Group, our fedgling Water Treatment Group,
and our small Manufacturing unit.
206 207
G
L
V
I n
c
.

G
L
V I
n
c
.
2007
Laurent Verreault and GLV selli ng i t all to keep i t all

Tere was, indeed, much to do, but with less personnel and reduced
fnancial means. Te Process Group had been extremely proftable
and had also generated the cash needed for both everyday operations
and acquisitions, which were needed for the company to grow.
In selling of this group in 2007, GLV had divested itself of more
than six hundred employees, a third of its workforce. It had also
reduced its earnings by about 50 percent. Lucky Star was brilliant,
but not a miracle worker! Te companys structure was as complex
as it ever was, with ofces around the world, but with fewer Blues
and Dependables to look after everything.
With reduced revenues, how would Laurent handle things? What
would be the future of pulp and paper? Where on this planet?
What was the true potential of water treatment? Should the
strategy be to consolidate the acquisitions or buy more?
Oh! If only Lucky Star could predict the future! Well, as it turned
out, it did have an idea, which it was eager to share.
Naturally, I put my entrepreneur-hunters instinct to work, to
seek a worthy target, just as I did in the 1990s when we built up
our expertise in mining processes to strengthen Dorr-Oliver.
In March 2008, GLV had only just begun operations when we
acquired a company from Australia, a country where water is
scarce and expensive. Te purchase of AJM Environmental
Services strengthened the presence of Eimco Water Technologies
in industrial water treatment, both in wastewater recycling and
in process water treatment. Developing our expertise between
the two ends of the water process had been one of our object-
ives. With its high-performance treatment technologies, this
company allowed us to also penetrate the food and beverage
market, a rapidly growing sector around the world.
all work together to energize our waterthe commodity of
the futuresector.
Te global environment and water situation was in our favor,
and, since the group was founded in 2004, it had been my
intention to take advantage of the wave! Massive public and
private investments would be essential and needed soon to
support the economic, demographic, and technological boom
in emerging nations. Countries all over the world would also
have to deal with water shortages and satisfy environmental
regulations. In the West, aging infrastructure would have to
be replaced.
Approximately three quarters of the business from GLVs
Water Treatment group came from their municipal potable
water and wastewater activities. Te remaining quarter was
generated in the industrial sector, from process water and
wastewater treatment technologies and fsh-friendly water
intake screening solutions for industrial facilities.
Our strategy was to increase this portion of the industrial
market to 50 percent of our revenues, without decreasing
our municipal portion. To do this, we absolutely needed to
diversity our technology portfolio. We also had to invest in new
sectors, such as food, seawater desalination, sludge treatment,
and ultrapurifcation, among others.
GLV would also have to consolidate or develop the presence
of Eimco Water Technologies in the parts of the world where
water presented a diferent and entirely strategic challenge,
such as Australia or the Middle East.
My moment of calm after the storm lasted only a few minutes:
there was so much more to do!
209 208
A
M
J

E
N
V
I
R
O
N
M
E
NTA
L
S
E
R
V
I
C
E
S

I
N
C
.
Laurent Verreault and GLV selli ng i t all to keep i t all

residual sludge could then be recovered and sold at a proft to
be used as agricultural fertilizer or in the production of green
energy.
Eimco Water Technologies was thus on the lookout for these
new products, their proprietary technologies, and the
companies that owned them.
But history was to repeat itself once more. It was 2008, and,
just as when we had built Groupe Laperrire & Verreault in
1981, 1990, and 1995, as we were preparing to establish GLVs
water group, the global economy was hard hit by an economic
crisis. Circumstances were difcult, but it was fair to say that
we had a lot of experience with recessions!
Te year 2009 was then devoted to both less costly consolida-
tion and the acquisition of new companies.
In January, we created a joint venture with the Hong Kong-
based Global Water Engineering. We wanted to stimulate
the introduction onto the market of some of their state-of-the-
art biotechnologies, for which we had obtained the exclusive
marketing license, so that we could begin processing biomass
to produce green energy. Now based in Texas, this new GLV
entity went by the name of Global Water & Energy.
At the same time, we secured the exclusive marketing license for
the technology developed by Enersave Fluid Mixers, which had
invented an economical and efective sludge mixing solution.
In addition, we acquired the technologies of the Quebec-based
company Les Technologies Elcotech, which had developed
solutions for sectors that had particularly challenging needs
in the area of sludge processing for municipalities and the
textile industries.
We had bought good expertise and good products, which would
beneft our global client base. Whats more, we had bought a
small company that had been built by entrepreneursexactly
how I like them.
As had always been the case with GL&V, GLV had better
relationships with employees and managers who showed an
entrepreneurial spirit: after we bought them out, they would
always be happier and more engaged in what once was their
company. Tey displayed more pride in their product and were
more committed to their clients. It was a win-win situation.
For the time being, we were like little kids rummaging through
a big box of brand new toys. Wastewater treatment is a universe
that encompasses both our teeny homes and gigantic nuclear
power stations, and runs the gamut of every type of human
production possible: municipal water treatment, seawater
desalination, the food industry, pharmaceutical products, and
a thousand other examples.
Even if the contexts change, the treatment principles remain
the same. Te frst objective of Eimco Water Technologies
was to find or invent new technologies in order to offer
comprehensive solutions. Te fundamental activity was still
to separate liquids from solids, but on an increasingly smaller
and microscopic scale. Te technologies were sometime
mechanical, especially for the larger particlesvortex, screen-
ing, fltrationbut were becoming more and more advanced
and biologically basedmoving bed bio-reactors, submerged
aerated flters, submerged membrane bioreactors, and aerobic
and anaerobic digestion.
Te fltration residues then had to be eliminated. Properly
treated, with its odors removed and pathogens destroyed, this

dance in March, their business took a turn for the worse. Tey
found themselves in a precarious fnancial position and were
unable to refuse our ofer. In only a few months, their market
capitalization had dropped from $350 million to $105 million.
Te situation they were now in made it imperative for them to
consider a major integration operation. And GLVs specialty just
happened to be integrating companies. Time to make our move!
Tus it came to pass that in November 2009, with the support
of our longstanding business allies, the Fonds de solidarit
FTQ and the Caisse de dpt et placement du Qubec, we
bought Christ Water Technology.
Te acquisition of Christ Water Technology immediately
doubled the staf of Eimco Water Technologies and boosted
the industrial portion of our sales, exceeding our targeted earn-
ings in industrial water by one half. It positioned us as one of
the worlds leading suppliers of comprehensive water treatment
services, including ultrapurifcation technologies that yielded
process water with one of the highest degrees of purity in
the industry.
During this time, industrialized countries were going through
the worst economic crisis since the 1929 stock market crash. In
2008, we carried out a complete restructuration of the Water
Treatment Group, similar to how we had reorganized the Pulp
and Paper Group in 2004, to align supply with demand and be
able to better weather the storm.
Just as paper machines wear out during times of both
austerity and growth, the worlds water needs cleaning in spite
of recessions.
Once again, we made the right choices.
However, even after assembling a package of state-of-the-art,
varied, and accessible products and services, there were still a
few gaps in our ofering. We were the leaders in water intake
fltration technologies and wastewater treatment and recyc-
ling, in other words, we had a presence at both the front and
back ends of the process, but in order to be able to ofer a full
complement of services to our clients, we needed to be involved
in the middle as well; we needed to develop our expertise in
the preparation of clean process water for various applications.
No, the company wasnt too big. You had already bought bigger
companies than your ownKrebs, in 2006. And what did I tell
you back then? Te real question isnt how much will it cost? but
how much will it make?
Its not that Laurent was hesitatinghe never dithered around,
he was a lets-go-for-it kind of guybut he was looking for solid
arguments. Lucky Star was more than happy to provide him with
some, or, rather, to open his eyes to what he already knew.
GLV needs this company to reach its goals. What are you waiting
for? Certainly, they will be surprised to see a company as small
as GLV step onto the dance foor, but remember that youre still
hunters; this adventure suits you to a T.
Youre a public company and you have a huge advantage over any
private frm: this acquisition will be easier to fnance, especially in
the highly promising water sector.
Teyre not returning your calls? Because they think youre too small?
Be patient; send along your dance invitations with a broker...
Te multinational Christ Water Technology, based in Austria,
had exactly the technologies we needed, but they were tough.
However, between the time we made our frst advances to them
in the fall of 2008 and the time they accepted our invitation to

T
he negotiations and progress in the Christ Water
Technology acquisition had been slow and somewhat
arduous, stretching out over a year. We were buying a public
company, a jewel of the Austrian economy, which had roots in
Switzerland as well. Teir main shareholders were nitpicky,
and the corporate practices, complicated. But, as a public com-
pany ourselves, and seasoned in the fner points of complex
and non-conventional acquisitions, we knew the rules of the
game, along with its tactics and maneuvering,
In Austria, when a takeover bid is launched, the rules dictate
that the purchaser must decide and announce the minimum
number of shares he wants to acquire. If this amount is not
achieved, the sale does not go through. We had set a goal of 90
percent. All the private and institutional shareholders had to
submit their acceptance of our takeover bid by a given deadline
to meet this target.
Te main shareholder, the founder of the company and sole
owner of 25 percent of the stock, had succeeded in testing
our nerves by using all sorts of stratagems to try to get us to
increase the amount of our ofer. Te result was that a half an
hour before the deadline, only 40 percent of the shares were
accounted for.
For us, there was no question of raising our ofer.
It was a pity, but the sale would not go through. We had
invested a great deal of money in the negotiations, due
diligence process, and communications with shareholders and
the Austrian public in general. It was a pity; we had wanted
this company to be able to diversify our portfolio. It would be
a pity for them too, because their afairs were going so badly
that they were heading straight for insolvency.

OVIVO:
everyone will
like that

results to show for any of it. We were fortunate that many of
our shareholders had remained supportive for several years. Tey
understood the situation and were able to read into the fnancial
statements to appreciate the long-term potential they contained.
Tere were, however, two positive results, which were not identif-
able on the fnancial statements: GLVs senior management team
was more solidly united around the goal of success than ever before,
and a new trio of musketeers had emerged to take over the reins
from the founders.
As soon as the Christ Water Technology acquisition was con-
cluded and its integration had begun, we realized that GLV was
approaching a major turning point in its very young history.
Te Water Treatment Group was assuming tremendous
importance in the company, in terms of both its share of the
total sales and its global expertise and presence. It had close to
1,500 employees worldwide, massive revenues that accounted
for more than two thirds of GLVs earnings, and a presence in
dozens of countries. Tese were impressive numbers.
I have the feeling that reuniting all these separate elements as
one family is going to be a bit of a challenge, Gwen Klees told
me one day.
Our lawyer, the Vice President of Legal Afairs, the frst and
only woman in a senior management position, often took this
view of things, not only in the area of human resources, but
with regards to all the activities of the company.
We men who are part of the boys club, we were trained to evalu-
ate and calculate objectively. Women take a diferent approach.
And what makes you think we wont be able to pull it of
again this time? Weve always been successful. Is this your
feminine instinct talking?
At twenty minutes to zero hour, 50 percent of the shares were
submitted all at once. Tey had likely understood that we
would not budge!
Hunting is, frst and foremost, a matter of patience and keep-
ing control of ones nerves.
But we were bringing home a catch that was sicker than had
been revealed in our due diligence review. Sufce to say that
a number of sketchier details had been neatly packed away in
the bottoms of drawers. In spite of that, we were pleased with
our acquisition.
Te integration of Christ Water Technology into our Water
Treatment Group took close to two years, until the end of
2011, and cost a lot of money due to the many surprises and
write-ofs that were needed to clean up the books.
But GLV now possessed the most advanced technology and
expertise in the world, which could produce the purest water
possible. Tis opened up the very exciting markets of micro-
electronics, energy and petrochemicals, food and beverage
transformation, and seawater desalination.
Tese last two years had been quite a challenge for both GLV and
Lucky Star.
In 2006, our Executive Vice President and Chief Financial
Ofcer, Bill Saulnier, had been very proud of the fact that in
twenty years, since GL&V went public, every quarterly report he
had fled for the last eighty quarters had been positive. Since 2010,
however, with the Christ Water Technology adventure, there had
been no option but to announce a few negative quarters.
Te pressure on senior management was crushing; the economic
crisis had been dragging on too long in industrialized countries.
Lucky Star was working like a fend, without any substantial

Laurent, what was the name of that fellow in Sweden who
didnt reply to your emails, your president at Celleco? How
did you manage that? You should call Ren LHeureux, hed
probably remember...
Gwen, the lawyer, had just scored a point. I felt, at this point,
that it would be wiser to listen. I felt it would be in my interest.
It was my emotional intelligence at work . . .
All our integration eforts will never succeed in bridging all
these cultural divides if we dont formally mark this acquisition.
Te Water Treatment Group goes by the commercial name of
Eimco, thereby retaining its American roots. Tis may not help
in creating a sense of belonging in the new European Blues from
Christ Water, and thats bad for commitment and engagement.
With all due respect, I know that you always want the change-
over to new management to be done quickly but properly.
I couldnt resist teasing her a bit.
Laurent, you cant only go by numbers and annual reports.
I know. Youve been telling me that since weve known each
other. What do you call that again? Intelligent emotions?
Not just me. More and more managers are talking about
emotional intelligence, the idea that we should let our thoughts
and actions be guided by what we dont seeemotions that are
perceived through our instinct. Tere are increasing numbers of
these guys who rely on it in addition to their calculators. Laurent,
you, with your charisma, your sensitivity to others, your entrepre-
neurial fair, you use emotional intelligence all the time. You just
dont call it that, right?
Since Gwen arrived in 2003, we disagreed on a number of issues,
but I ended up really appreciating the sensitive but direct way she
had of changing people, things, and practices, and soon became
quite comfortable with these new management methods.
Two vastly diferent corporate cultures now coexist within
the group, Gwen explained. Te American culture of Eimco
Water Technologies that youve been integrating since 2002,
and the European culture of Christ Water Technology, which
weve just acquired. Plus, theres the Australian group and all
the other entities weve brought on board since 2007.
Gwen, everyone will get used to our management practices.
Richard and Marc Barbeau havent been working on processes
and procedures and strategic planning and micromanagement
for nothing, you know. Teyve been working on these details
for years to standardize our practices. Weve been operating in
dozens of countries with dozens of cultures for the last ten years;
weve never had any problems.
Gwen Klees

are the best in our feldspulp and paper, water treatment,
machining and making our products, and managing our
company. Te best.
Troughout these years, without exception, I have derived great
pleasure from working and building the company. I never lost
sight of my goals, which were to always respect our shareholders
by creating and protecting solid, collective wealth, and to serve
our clients to the best of our abilities, by ofering them innova-
tive technological solutions and work of the highest quality.
I could not have reached these goals without the support of the
best people, at every level, in every location, and during every
minute of the companys life since 1975.
My work is defnitively not done, but I now have an important
announcement to make..
Gwen, are you going to propose a solution or are you just pro-
viding me with an analysis?
Well, of course Gwen had a solution in mind, and it was one
that would completely change the environment for the newcomers!
Many years ago, Lucky Star had the walls of a foundry repainted
white, introduced French during board meetings in Ontario,
emptied a complete foor of unmotivated managers, renovated the
exteriors of factory buildings, and packed up and relocated entire
companies, lock, stock and barrel. Anything was possible, and
today, Gwen was proposing something similar.
Today, we would change the name of the company, so that all
the employees in all the constituent companies all over the world
would feel included, invited, part of the larger GLV family.
Te Water Treatment Group, known throughout the world for
almost ten years under the names Eimco Water Technologies and
Christ Water Technology, would, from now on, be called Ovivo. Te
business involved in this rechristening was complicated, but the desired
result was achieved very quickly, to the delight of everyone involved.
September
It is September 2010. I have just celebrated my sixty-ninth
birthday.
For thirty-fve years, I have surrounded myself with men and
women who have helped me build a company that was, frst, a
very personal endeavor, which then blossomed into a regional,
provincial, national and North American, and, fnally, multi-
national undertaking.
GLV is not a giant, but it is ours, and we are proud of it. On a
global scale, we are a medium-sized company. But size is not
everything. What counts is that everywhere in the world, we
Ovivos strategic planning
meeting in Munich in 2010.
In the photo are Hannes Laimer,
Mike Froud, Douglas Wetherbee,
Marc Barbeau, Finn Bro-Larsen,
Chris Reynolds, Richard Verreault,
and Jim Porteous.

6
epilogue
I
am sitting comfortably in my office, finishing up a few
things while waiting for Richard and Marc to fnish their
interminable paperwork, their teleconferences with analysts
around the globe, strategic planning sessions and heaven
knows what else. I understand; the stock market and fnancial
contexts have become so complicated. I am happy that it is
they who now hold the reins. Or rather, I am happy not to be
the only one holding them anymore!
Sometimes, I will give the pot a little stir, just to let people know
that Laurent Verreault is still around. In fact, I have one or two
details to take care of today with Richard and Marc before the
board of directors meeting next week. While the transfer of
responsibilities takes place over the next few years, I think
everybody is comfortable with this arrangement.
At our annual general meeting on September 23, 2010,
I announced that I would be handing my title of President and
Chief Executive Ofcer over to Richard, who had, up until
then, been Chief Operating Ofcer. He was now the big boss
of GLV. Tey have asked me to remain as Executive Chairman
of the Board
Te announcement that day came as a great surprise to every-
one. It was not a matter of who the helm was being passed to so
much as the timing. While some people simply did not believe
it would ever happen, most understood that someday it would,
but nobody knew when. So why now? Well, the time was right.
Ultimately, it did not come as news that Richard Verreault
would succeed Laurent Verreault at GLV. In fact, everyone
ofered us their congratulations for this achievement. It is rare
for a company of this size to be handed down from father to son.
Even if extremely difcult, this is the dream of every entrepre-
neur, the best thing that can happen. Yet, it is not impossible:
225 EPI LOGUE
Mr. Verreault?
Certainly.
Which one?

I come here nearly every month, but not much more than that.
I am kept abreast of whats happening. Tey know where to fnd
me, and often call me from wherever they happen to be in the
world. I have no worries whatsoever about the future of GLV,
even without me. Actually, especially without me in the long
run, since no one has yet discovered the secret to immortality!
Besides, Im still at home here. I have a comfortable ofce, I work
according to my pace, and I keep in touch with all my people.
Really though, an ofce is not important for an entrepreneur. A
company thrives and grows in the feld, not in an ofce.
Everyone understood that Laurent was at his best out in the feld.
Its not that he didnt plan things, but Laurent was a visionary
and instinctive manager, naturally a little less strictly organized
and more freewheeling. Because he didnt fear the unknown or
anything new, he was able to turn on a dime to rapidly adapt
not long ago, Richard was telling me that he met the president
of an Austrian multinational that had been managed by the
family for eleven generations. Dreams can come true!
I think the difculty lies in the fact that, frst, a father may
believe that his son is not as smart as he and not equipped to
take his place, and, second, that his son would be afraid of
dislodging the old wolf as the head of the pack. But Richard
and I were well prepared for this transition. Besides, ever since
I was young, it has always been my frm belief that one should
make room for youth!
Moreover, Richard has been with the company longer than
anyone. He started in 1976, mowing the lawn around Bernard
Lemaires buildings in Cabano, while Laperrire & Verreault
installed paper machines inside.
I had the boards blessing. He was really the only one to whom
I could entrust the company: he had been slowly climbing
every rung of the ladder for thirty years. And he had done it
on his own, because I had never pulled strings for him or asked
people to grant him special favors. He himself did not like
people knowing he was Laurents son.
Respect, like knowledge, has always been acquired through
hard work.
And today, it is my two boys, my son Richard and Marc
Barbeau, the Chief Financial Ofcer, who are working hard to
make a name for themselves, to be appreciated and respected
in the business world.
Tey really remind me of the three musketeers at the beginning
of the story.
Laurent Verreault, Marc
Barbeau, and Richard Verreault
in the GLV ofce overlooking
downtown Montreal.
227 226 Laurent Verreault and GLV EPI LOGUE

Richard Verreault and Laurent
Verreault in conversation in the
entrance hall of the Les Cours
Mont-Royal in Montreal, where
GL&V had its ofces in 2006.
care of a little business, visit, and, when he could, spend a few
moments with the people in the shops and the ofces, just as he had
always done.
My ofce door is wide open, as it has always been at GLV.
Te telephone rings, snapping me out of my thoughts. Te
receptionist answers:
GLV bonjour.
...
Very well, thank you. How may I help you?
...
Youd like to speak with Mr. Verreault? Certainly. Would that
be Mr. Richard or Mr. Laurent?
to a change in direction out in the feld. He was very close to his
employees, like a father who wanted to get to know everyone and
satisfy all their needs.
Richard had other preoccupations. He wanted to be as close to the
ground as Laurent, tending to everyones cuts and scrapes individ-
ually, but, unfortunately, the rules of management had changed:
rules for companies, and especially public organizations, were so
stringent, that everything had to be normalized, standardized,
and covered by an agreement.
Richard was an organized administrator, with open management
groups, procedures manuals, and strategic plans. He had no choice
in todays commercial and business world. Richard inherited a
team that was already in place, and he would have to listen to
it in a diferent way than the instinctive Laurent, who, once his
mind is made up, goes full steam ahead!
Both father and son Verreault are men who bring people together.
Tey say its because they know nothing, so they place their trust
in carefully chosen collaborators and treat them as equals. Like
skilled orchestral conductors, Richard and Laurent rely on the
qualities of their musicians, today as in the past. Neither possess
extensive academic qualifcations, but they have the same oper-
ational refexes and the same entrepreneurial fair.
GLVs employees, under the watchful eye of Lucky Star, werent
completely disoriented by the change in leadership. Tat was essen-
tial, as the stability of the company depended on it. Everybody took
the survival of the company to heart. It was essential that the passing
of the torch be smooth and harmonious in the eyes of the employees.
It was partly for that reason that, in spite of his increasingly
infrequent presence, Laurent dropped in from time to time to take

I
have been waiting for only a few minutes as the boys
arrive for our rendezvous, smiling, good friends. Its Friday,
noon. Te weekend is in sight, and with it, some well-deserved
rest to recharge after the mountain of work they got through
in the last few days. A relaxing meal with colleagues is always
welcome. Of course, well talk about work, but outside the
ofce, and with no productivity agenda!
Hey Richard! Hi Marc! Right on time for lunch, well done.
Im happy you were able to get away. Laurent isnt with you?
No. Laurent is getting ready for a big project for tomorrow,
Richard replies. He left early for lunch and went home to sort
out a few things and have a rest. Hes preparing for something
rather unusual, a gift he received for his birthday.
Dont be so cagey. Come on, spill the beans! I insist. How
do you prepare for a birthday gift?
You know how hes always jumping into everything with both
feet, how he can be a bit extreme about things? Well, Laurent
received the perfect gifthes going skydiving tomorrow!
Skydiving? At his age?
Sure! Anyone can skydive, says Marc. Teres no upper age
limit; you just have to be in good shape. As long as you get a
bit of instruction before the jump and you understand how it
works, youre set. In any case, they dont let you jump alone the
frst time. Its daring, but the risks are calculated. Like Laurent,
dont you think?
Anyway, Laurent is taking care of his business, we should be
looking after ours; we dont have much time left, says Richard.
231 EPI LOGUE
Going with
the flow

Our meals arrive, the food looks wonderful, everything is perfect.
And how are you doing, Lucky Star? Richard asks. Laurent
always speaks highly of you. But you dont just have him to take
care of, do you?
Heavens, no! I reply. Ive always got plenty on my plate. Less
with Laurent since he passed the torch to you, but you know
as well as I do that he is still busy with plenty of other things.
Even though hes always lead a charmed existence, I signed on
to watch over him a long time ago and Im still bound to him.
So, yes, I have a little less to take care of with Laurent, but I
still like to keep an eye on things here and there. But I come
whenever and wherever Im summoned, and theres certainly
more than enough opportunity for me to assume my role of
lucky star. Of course, Im very careful not to impose myself on
What are you going to order? Marc? Lucky Star?
I like meeting up at a restaurant from time to time with GLVs
two newest musketeers whenever they can spare a little time
for me. And especially when I can get both of them together at
once, although that doesnt happen a lot; they both work a lot,
and one is in Quebec while the other is in Paris.
Te company does business around the world and still
needs Dependables in strategic locations. Most, particularly
the companys administrators, can be found in Quebec or
aboard an airplane somewhere around the globe. Others in
the United States or elsewhere in the world are close to the
operation and the business.
Te importance of having Dependables and Blues in a com-
pany of 2,300 employees spread across more than thirty
countries cannot be overstated. Its impressive to think that a
GLV ofce is always open somewhere on earth, and that busi-
ness is conducted twenty-four hours a day.
Tings are constantly on the move. In contrast, I very much
enjoy these relaxing interludeslike lunchtime today
in the diferent atmosphere of a restaurant. I use the oppor-
tunity to pick Richards and Marcs brains, not only about
the company and sales, but also about their relationship
with the company. Like many employees, they contribute
enormous amounts of time and energy, often far away from
their families. By their account, though, they get more than
enough in return.
Im interested in this balance, in the sparkle in their eyes. Tey
ask me how Im doing as well: the extended Verreault family
is deeply attached to its members.
Marc Barbeau and Richard
Verreault in downtown Montreal.

However, were not in a rush, says Marc. Like Laurent, we
like to be able to walk down the street with our heads held
high, because we havent disappointed our shareholders. Were
managing the company in a way that will deliver the best results
possible under the circumstances, without rushing things only
to reach certain goals.
By acquiring more companies? I ask.
Yes and no. See, Lucky Star, GLV occupies a particular position
on the world market, Richard explains. Were a company of
entrepreneurs, and thats attractive for shareholders, who sense
in us an energy that the major institutional players dont possess.
Its also enticing for companies we want to acquire for growth.
Teyre very conscious of all the entrepreneurial fexibility and
strength were ready to invest in integrating their products into
our portfolio. During acquisition negociations, were always the
white knight who comes forward to make a better and difer-
ent ofer. Tis is the major advantage we have over our stronger,
bigger, but also slower moving, competitors. In the feld, we take
full advantage of this fact.
Were also positioned between the very large and very small
companies. Te big ones are more cumbersome, while the small
ones do not have our portfolio of products, range of expertise,
or commercial strength. Were one of the few companies in the
world in this position, with a giants portfolio and the fexibility
of action that can only be found in a small company. Tats
what makes us diferent.
So, to sum up, GLV isnt the biggest, but its the best by
a mile.
Exactly, Lucky Star! Youve got it! Richard congratulates me.
anyone, but I try to know exactly whats happening. So, talk to
me a little about how business is going with GLV.
Well, we havent made any changes to the company struc-
ture, Richard begins. If anyone understands GL&V and
GLV intimately, its you, Lucky Star.
Yes, there are the two groupsPulp and Paper and Ovivo
Water Treatmentbut the last few years have seen a lot of
activity. Youve added another division now?
For now, things are quieter than they were when Laurent
was around, says Marc. Were completing the integration of
Christ Water Technology, and were planning our development
over the next few years.
And, yes, we also added a small divisionVan der Molen.
Teyre active in processing equipment for the beverage
production sector, continues Richard. Its a German unit that
came with Christ Water Technology. We also have our manu-
facturing units, as you know, but the sales from these two other
small groups account for less than ten percent of our revenues.
Now, Richard, you know that every penny counts, Marc
adds. Our earnings prove that we were successful at fnding or
generating work for all our employees and that we were able to
pay them. Tats one of your preoccupations.
In 2007, GL&Vs objective of one billion dollars in sales fell
short because we sold the Process Group during the course of
the year. On the other hand, with all our divisions and every-
body pulling together, and in spite of the 2008 economic
recession, GLV is gaining ground. Were moving forward in
small, well-calculated steps. Tat billion-dollar target will be
within reach in just a few years.

imagine. Clean, fresh water is extremely scarce on earth. Our
fundamental environmental mission at GLV is that it is our
duty to protect fresh water. Education to foster conservation
and reduce waste are certainly important, but we also have to
produce massive volumes of clean water, and as efciently as
possible to be competitive and to ensure its accessible to every-
one. GLV is already one of the best in the world in delivering a
complete cycle of clean water distribution to various facilities,
from intake to exit. Tats what we want to be able to ofer and
sell to our clients. We even provide ZLD services to some.
Whats that?
ZLD, Zero Liquid Discharge, simply means that theres no
efuent, or discharge. All the water that comes into a plant
is recycled into process water for its operations and never
leaves the plant. In some procedures, we can even recover
precious metals from this water. Other areas in which were the
leaders include the production of ultrapure water to clean
microprocessors and operate steam turbines. Were also start-
ing to think about...
Te conversation is of to a good start again. Richard and Marc
are on the right track and going with the fow of the future.
With them at the helm, GLV will be sourcing its energy from
the fountain of youth.
Te meal will go on for a little longer than usual today, but the
sparkle in their eyes...
THE END
(and the start of something else... )
To be the best, we need to make sure we have local entrepre-
neurs in place in our ofces around the world, because our
management team cant be everywhere at once, making every
local decision! Marc adds with energy. Weve gained foot-
holds in the world through people who think big like GLV, but
who work on-site, locally, to produce their products, for their
markets, with their employees. Each one has to do as much
of their own research and development as they can. We grow
through our acquisitions, but frst and foremost by becoming
frmly anchored in our new territories. Tat has been the GLV
culture, if you wish, since the beginning.
Not only in the pulp and paper sector? I ask.
Yes, in pulp and paper, Richard answers, but mostly in water
treatment, because thats now GLVs core activity.
Tats a big change, isnt it? Laurent and GL&V began in pulp
and paper. What does he think about that?
Lucky Star, remember that GL&V started out not only in
pulp and paper, but also in what we call processes, which led us
to water treatment. Laurent agrees with the new direction were
taking. He understands, as we do, that the demand for clean
water all over the world is huge and is only going to rise. We
must be continually reinventing ourselves, fnding and ofering
new and better performing technologies. Reinventing ourselves:
its what the musketeers, both old and new, have been doing
since GL&V began.
Richard, a guy frmly rooted in water, adds:
Te worlds population will reach ten billion by the year 2050.
All these people are going to have to eat and drink. Te food
industry consumes more water, Lucky Star, than you can

features
June 1975 Founding of Laperrire & Verreault (L&V).
1978 Te Socit de Fabrication des Vieilles Forges (SFVF) is created.
1981 Laperrire & Verreault Construction is created.
1981 L&V acquires Les Services Maxi-Plus.
March 31, 1986 L&V, SFVF, and Les Services Maxi-Plus merge under the name
Groupe Laperrire & Verreault.
June 1986 Initial public ofering (Montreal Exchange) with an issue of
1,000,000 common shares at $4.00 per share.
March 1987 Acquisition of Les Industries Couture.
October 1988 Acquisition of Hydro-Mcanique and its subsidiaries, including
Hydro-Mcanique Construction.
December 6, 1989 Acquisition of the assets of Canrons mechanical division. Tis
new GL&V subsidiary is named Ateliers Fabron. $4,122,000
September 21, 1990 Groupe Laperrire & Verreault Ontario acquires the net assets
of Dorr-Oliver Canada.$7,473,397
Fiscal year 1991 Te company divests itself of its service and distribution of
refrigeration and air conditioning parts and control equipment
activities. $1,650,000
241 features
The Acquisitions
Timeline of events

March 15, 1996 Te subsidiary GL&V Paper Machine Group acquires certain
assets from the American multinational Te Black Clawson
Companys Canadian subsidiary Black Clawson-Kennedy, as
well as its Watertown division.$9,900,000
August 23, 1996 GL&V buys the Swedish company Sunds Defbrator, all
the shares of LaValley Industries and its subsidiary, LaValley
Construction Company.$1,500,000
October 1, 1997 Acquisition of certain assets belonging to Valmets. Sandy Hill
division.$4,300,000
October 31, 1997 Sale of certain assets of GL&V/LaValley.$5,600,000
December 4, 1997 GL&V transfers its welding and machining shop to a manu-
facturing company.
April 17, 1998 GL&V ceases activity at the Watertown plant.
June 30, 1998 GL&V, Mintech Canada, and J.M. Huber Corporation form
a joint venture with the mission to build and operate a pilot
plant dedicated to the development and testing of coating pro-
ducts for the pulp and paper industry under the name Centre
International de Couchage CIC. Investment of $1,500,000
(13.6% participation)
September 5, 1998 Acquisition of the assets of the Swedish company Alfa Laval
Celleco.$20,700,000
April 1, 1999 GL&V transfers all the shares of its wholly-owned
subsidiary Hydro-Mcanique and its subsidiary Hydro-
Mcanique Construction to a company solely owned by
Louis Laperrire. $1,500,000 in cash and $1,500,000 in
preferred shares
December 1992 Issue of 2,700,000 units at $3.00 per unit made up of 2,700,000
subordinate shares and 1,350,000 subordinate share purchase
warrants for an amount of $8,100,000. At the time of issue,
the company attributed $2.65 to the subordinate share, and
$0.35 to half a purchase warrant.
January 1, 1993 Acquisition of the business activities and net assets of the French
companies Ateliers Allibe and Allibe Films.$345,000and a
balance to pay on the selling price of $920,000
1993 Termination of Les Industries Couture Limited activities.
February 1993 GL&V withdraws fnancially from its subsidiary Ateliers
Fabron.
September 1993 Creation of GL&V Manufacturing with Fonds de solidarit
des travailleurs du Qubec (FTQ).
September 17, 1993 Trough its subsidiary GL&V Manufacturing, GL&V and
Fonds de solidarit des travailleurs du Qubec (FTQ) acquire
Ateliers Fabrons business activities and net assets from its
bankruptcy trustee.$5,998,141
December 23, 1993 Public issue in Quebec of $9,925,000subordinated convertible
debenture bonds and special warrants exchangeable for subor-
dinate shares in exchange for $12,000,000 worth of funding.
March 17, 1994 Issue of additional capital worth $2,075,000 in subordinated
convertible debenture bonds following the year of the special
warrants outstanding.
March 31, 1994 Te company divests itself of the manufacturing activities of
its French subsidiary GL&V Allibe, while maintaining insider
access to its technology. $230,000
243 242 Laurent Verreault and GLV features

September 15, 1999 Acquisition of all Dorr-Oliver Groups shares.$33,800,000
December 20, 1999 Acquisition of the assets of National Refner Plate Company.
$500,000
December 21, 1999 Sale of GL&V/Dorr-Oliver activities related to starch
production technology and centrifuging products.
$22,800,000
February 25, 2000 Acquisition of two major Beloit divisions: Nashua and
Lenox.$22,600,000
June 16, 2000 Acquisition of the assets of Environmental Equipment &
Systems. $1,200,000
September 19, 2000 Acquisition of the assets of ADDAX Australia, formerly Beloit
Australia.$400,000
October 18, 2000 End of GL&Vs 50% participation in GL&V Hydrogen
Technologies.$1,000,000
December 4, 2000 Acquisition of the 35% interest held by the GL&V
Manufacturing minority shareholder.$4,400,000
January 15, 2001 Creation of a strategic alliance between the Pulp and Paper
Group in Europe and Enertec, the subsidiary of the Coinpasa
Group in Bilbao, Spain. Subsequent creation of the GL&V
Pulp and Paper Group Europe equally owned by GL&V and
Coinpasa.
April 2, 2001 Acquisition of the assets of E.L.P. Products.$900,000
October 22, 2001 GL&V ends its joint venture with the Coinpasa/Enertec group
in Europe.
October 2002 Private investment of 2,500,000 subordinate shares at a unit
price of $12.75, for a net product of $30,800,000.
October 31, 2002 Termination of the Pulp and Paper Groups manufacturing
activities in Nashua.
November 8, 2002 Acquisition of certain assets of Baker Hughes EIMCO
division.$59,600,000
May 2003 Closing of the Process Groups foundry in Orillia.
November 2003 Acquisition of Elite Cameron, United States.$350,000
December 2003 Acquisition of Innovation Flotation, South Africa.$300,000
January 2004 Acquisition of 3H Mining, Unites States.$225,000
2004 Major restructuring of the Pulp and Paper Group.
April 2004 Creation of a fourth sector of activity, the Water Treatment
Group, a distinct entity named Eimco Water Technologies.
March 24, 2005 GL&V proceeds with a two-for-one split of all outstanding
voting subordinate class A shares, and all class B multiple
voting shares.
April 1, 2005 Acquisition of certain assets of the British company Jones &
Attwood.$3,300,000
May 27, 2005 Acquisition of Perplas.$415,000
September 6, 2005 Acquisition of the intellectual property rights of the BTF
automatic dilution system technology through the Pulp and
Paper Group.$2,000,000

August 10, 2007 GL&V enters into a Plan of Arrangement with the Danish
company FLSmidth & Co. (FLS). Under the terms of the
Arrangement, GL&V transferred its Water Treatment Group,
Pulp and Paper Group, and Manufacturing unit to the new
company GLV Inc.$950,000,000
August 13, 2007 GLV Class A subordinate voting shares and Class B multiple
voting shares start trading on the Toronto Stock Exchange
(TSX) under the ticker symbols LVG.A and LVG.B. On
August 21, 2008, the ticker symbols were changed to GLV.A
and GLV.B.
September 13, 2007 Acquisition of the assets of a company in the United Kingdom
specialized in the design and manufacturing of doctoring
systems for paper machines and related high-turnover
components (consumables).$310,000
October 3, 2007 Sale of two non-strategic divisions of GLVs Australian
activities that were part of the COPA acquisition.$130,000
March 7, 2008 Acquisition of all the shares of AJM Environmental
Services.$17,700,000
January 16, 2009 Creation of Global Water & Energy, a joint venture with 70%
ownership by GLV and 30% by Global Water Engineering,
based in Hong Kong.
January 22, 2009 GLV announces that it has obtained the exclusive license with
Enersave Fluid Mixers to market and distribute its cutting-
edge digester sludge mixing technology.
April 14, 2009 Acquisition of certain assets of Les Technologies Elcotech.
$500,000
November 7, 2005 Acquisition of all the shares of the British company Brackett
Green and its subsidiary Brackett Green USA.$15,100,000
January 9, 2006 Acquisition of certain assets and activities of Metso Papers
chemical systems division for paper production.$960,000
April 1, 2006 Acquisition of the main assets of KanEng Industries and
KanEng-Deltec.$1,800,000
June 30, 2006 Acquisition of all of Enviroquips shares.$20,500,000
July 10, 2006 Acquisition of the main assets related to J&L Fiber Services
refner upgrading activities.$1,200,000
August 24, 2006 Acquisition of the main assets related to the activities of
Xerium Technologies Huyck Dewatering Equipment division
$1,375,000
October 16, 2006 Acquisition of all the shares of COPA and COPA Water, two
companies specialized in wastewater treatment solutions.
$25,000,000
December 4, 2006 Acquisition of Krebs Internationals main assets and six of its
subsidiaries in Australia, Brazil, Chile, Austria, South Africa,
and China.$96,600,000
December 29, 2006 Acquisition from Metso Corporation of the main assets rela-
ting to the Swedish company Kvaerner Pulpings activities in
pulp-washing, oxygen delignifcation, and bleaching.
$4,700,000

At the time of GL&Vs frst public ofering in 1986, the
company was specialized in designing, manufacturing, and
installing equipment for pulp and paper companies. GL&V
had specifc expertise in rebuilding and upgrading this type
of equipment. Its customers were in Canada and the United
States and all services were marketed from its facilities in
Trois-Rivires, Quebec.
Around the end of the 1980s, GL&V implemented a major
expansion strategy through acquisitions and investments in
real estate. Te goal was to diversify sector and geographic
markets and to modernize infrastructure. Tat is why the
company also invested heavily in research and development in
order to expand its array of proprietary products: technologies,
trademarks, industrial drawings, and all rights of this nature.
In the early 1990s, it therefore began to upgrade its manufacturing
equipment, to implement total quality management, to increase
the technological content of its products and services, and to
develop its presence in international markets.
An investment program worth nearly $20 million was therefore
put in place to modernize the companys workshops, including
the purchase of computer-controlled machine-tools. With this
equipment, the company was able to produce parts of a higher
quality, more quickly than ever before.
More than $1 million was also invested in both training the
workers to operate these new computer-controlled machine-
tools and total quality training.
Tanks to all these investments, made for the most part between
1987 and 1992, GL&V climbed to the top of its industry.
November 30, 2009 Acquisition of voting shares from the Austrian company Christ
Water Technology.$100,000,000
December 22, 2011 Acquisition of TamPulping assets by Ovivo Finland.$1,900,000
March 2012 Sale of the assets of Centre International de Couchage CIC.
$500,000
March 2012 Sale of the assets of Hinke Tankbau.$1,800,000
Notes:
Transaction value before adjustments.
Recorded after the transaction date.
Not including fnancial liabilities.
Transactions in foreign currency converted into Canadian dollars
on May 16, 2012.
a Bit of History

municipal and industrial level, was therefore justifed. Tis
group holds intellectual property rights for an imposing array
of equipment for chemical, mechanical, and biological water
treatment processes. In the frst year after being created, the
Water Treatment Group generated sales of $74,800,000, or
12.4 percent of the companys consolidated revenues.
GL&Vs strategy for sector diversifcation, notably into
environmental and energy niches, frst resulted in reducing
its dependence on the pulp and paper industry. Revenues
generated though the manufacturing or installation of pulp
and paper production equipment dropped from 90 percent
of its sales in 1987 to approximately 32 percent in 1993. In
terms of geographic diversifcation, approximately 40 percent
of the companys revenues were generated in Quebec in 1993
compared to 80 percent in 1987, proof of GL&Vs increasing
presence at the international level.
Between 1993 and 1995, a hard recession hit the industrial
sector in general, and the pulp and paper industry in particular.
Within this context, GL&V focused its eforts on consolidating
its asset base and strengthening its bottom line by shifting its
activities into other areas with higher added value. To do this,
the company had two lines of operational action: an increase
in the competitiveness and fexibility of its operating structure
and the active search for partner-investors ready to support a
balanced expansion of its activities.
In April 2004, GL&V created a fourth sector of activity: the
Water Treatment Group. Since the early 1990s, GL&V had
been involved in the treatment of process water and industrial
wastewater through its Process Group, particularly in the ore
processing markets, and its subsidiary, Dorr-Oliver, a major
pioneer in liquid/solid separation technologies. Te acquisition
of Environmental Equipment & Systems in 2000 and Eimco
Water Technologies in 2002 gave the company additional
expertise in the treatment of municipal wastewater and drinking
water.
Te creation of a separate entity that included all activities
pertaining to the treatment of drinking and wastewater, at the

A
t GLV, people are at the heart of its business. Tis great
adventure would not have been so successful without
the confidence and energy of all the peopleemployees,
suppliers, or clientswho have been a part of it.
From the very beginning, Laurent Verreault demonstrated an
unparalleled entrepreneurial mind that he sought to integrate
into all facets of the company. He has also been creative and
innovativequalities he encourages in othersand has always
been proud to be a model for those around him and to inspire
in them a sense of belonging and loyalty.
For his partners and collaborators, it is clear that his innate
business sense and determination have enabled GLV to achieve
the enviable place in the industry that it holds today. For him,
the strategy he has chosen is based frst and foremost on an
essential resource: the people behind the GLV name.
Tat is why, right from the start, the three founders, Laurent
and his partners Louis Laperrire and Jean Desbiens, invited
employees in all the subsidiaries to become shareholders
with them. It was a remarkable step that demonstrated their
entrepreneurial spirit. Six employees out of about twenty were
the frst to agree to join the adventure and bought shares in one
of the L&V subsidiaries.
When, in 1986, L&V merged its subsidiaries to create Groupe
Laperrire & Verreault Inc. and to gain access to the stock
market under the Quebec Stock Savings Plan, seventy-four of
the seventy-six employees in the various subsidiaries acquired
shares in the new public corporation, another example of the
sense of belonging cultivated within the group by Laurent
Verreault and management.
In the same vein, many employees who wished for greater
challenges, both personal and professional, were given the
253 features
GLV and its People

Te ongoing drive for continuous improvement imbues every
aspect of the company and its goal is to satisfy the needs of
clients. Clients, their needs, and their expectations are the
greatest reference in defning the quality sought in the products
and services ofered.
Aiming for total quality means achieving this goal while
constantly improving all processes, internal and external, that
contribute to the product or service.
opportunity thanks to GL&V. Several collaborators experienced
the acquisitions from the inside, that is to say they relocated
to lead the integration strategy favoured by the company.
In so doing, they became true pillars in the new subsidiaries
in addition to benefting from the experience of new cultures
and new ways of thinking. Tey were given a turn at being
company ambassadors.
For Laurent Verreault and his partners, the companys success is
the main objective, provided that it is proftable and maximizes
the value ofered to all shareholders.
Even in the most challenging of times, Laurent Verreault
practices what he preaches. In light of the fnancial uncertainties
experienced by people over the last few years, he decided to
reduce his annual salary to a symbolic amount of one dollar for
2012 and is waiving the future retirement benefts stipulated
in his contract. Te other members of management followed
his lead, agreeing to a freeze in salary for the same period. For
Laurent Verreault, it is unthinkable to ask collaborators to
make sacrifces without doing the same himself. He has said
many times that movement must start at the top.
It was not the frst time Laurent Verreault chose to take it upon
himself to make a sacrifce for the good of the company. Back
in the early 1990s, when the pulp and paper industry had been
hard hit by another period of fnancial instability, Laurent
Verreault, Louis Laperrire, and Jean Desbiens, the three main
investors, cut their salaries for several months. Following their
lead, employees did the same and, together, they got through
that difcult time.
Since Richard Verreault was appointed President, the companys
values have remained the same and people are still proud to be
a part of the broad GLV family.

Client focused
At GLV, clients are at the forefront of employee thinking and actions. Every efort
is made, and employees demonstrate innovation and creativity to ensure customer
satisfaction and gain their loyalty.
Exceptional teamwork
One person makes a diference. Sharing knowledge and working as a team is even
more efective. Working together makes it possible to overcome all limits and meet
industry challenges. At GLV, the motto is: Winning and Succeeding Together.
Company spirit
Everyone has the ability to recognize great opportunities for ensuring value-added
production and customer satisfaction. Every member of the company is responsible
for taking whatever action is needed to always achieve the targeted level of excellence
and quality.
Accountability
All members of the company are responsible for their actions and for efective risk
management. In doing so, they ensure the companys success.
Integrity
Te companys personnel is its most precious asset. Tat is why the workplace
environment in all divisions must be safe and stimulating. Te company places high
value on a culture of transparency and respect. Ethical conduct is the only accepted
standard at GLV, for both its employees and its customers.
Laurent Verreault always felt it was important to give back what he could to his
community. For this reason, he has always been involved with charitable organizations
and with public or para-public organizations, including being a:
Member of the Board of Directors of CDIC (Corporation conomique de
dveloppement industriel et commercial) for the City of Trois-Rivires during the
1980s.
Member, then Chairman of the Board of Directors for the Centre hospitalier
Cloutier, Cap-de-la-Madeleine, 1986 to 1996.
Member of the Board of Directors of the Montreal Exchange from 1999 to
2008 and the Toronto Stock Exchange after the merger of the two exchanges from
2008 to 2011.
Honorary president or member of several fundraising campaigns, including:
Maison Albatros, Trois-Rivires
Centre prvention suicide les Deux Rives, Trois-Rivires
Fondation du Centre de radaptation InterVal, Trois-Rivires
Fondation de lAtaxie Charlevoix-Saguenay
Fondation de lUQTR (Universit du Qubec Trois-Rivires)
Fondation CHRTR (Centre hospitalier rgional de Trois-Rivires)
Carpe Diem - Centre de ressources Alzheimer, Trois-Rivires
Laurent Verreault was also named ambassador for the city of La Tuque during the
municipalitys centennial celebrations in 2011. Tis title is given to people from
La Tuque who have ensured the promotion of the municipality and who have made
their mark at the regional, provincial, national, or international level.
Plaque for Laurent Verreault at the Centre International de Couchage in Trois-Rivires.
Vision and mission Social involvement

1. Maria Robichaud
and Bernard Lemaire
2. Diane LHeureux,
Payroll Manager, and
Andre Giroux,
Assistant Accountant in
the 1990s
3. Bill Saulnier and
administrative
assistants Johanne
Thort, Mlodie
Lazzarra, and Sharon
Newman
4. Bill Saulnier and
Richard Verreault at
the Christmas party in
2000
5. Pierre Lpine and
Pascale MacDonald
6. Laurent Verreault
and Maria Robichaud
at a Halloween party in
the 1980s
7. Nathalie Bouchard,
Laurent Verreaults
Secretary and
Financial Director
8. Ren LHeureux,
Andre Giroux,
Laurent Verreault, and
Bill Saulnier on the golf
course
9. Bill Saulnier,
Alain Rivard, Yvon
LHeureux, and Ren
LHeureux
10. Yvon LHeureux
on a shing trip in
the 1980s
11. Laurent Verreault
being carried by
Bill Saulnier
12. Guy Croteau and
Louis Laperrire
13. Claude Leblanc
259 258
1
2
3
4
5
6
7
8
9
10
12
13
11
features Laurent Verreault and GLV
Good times at GLV

Laurent Verreault always considered he was lucky in life, and often says so. For
this reason, he always tries to give back to people and communities whenever
he can. He has been the honorary president of many beneft events such as the
10
e
journe de golf Centraide Mauricie, which brought in $17,500to the United Way,
or the 24th edition of the Pro-Am Golf Tournament, which raised $108,000for
the Fondation du Centre de radaptation InterVal.
He also encourages the people around him to do the same. GLV employees do it in
their own way: when major disasters hit somewhere in the world, they mobilize to
contribute to the humanitarian aid delivered to people in need.
Te fundraising campaign launched by the employees after Hurricane Katrina
in New Orleans in 2005 raised $20,250. Te company doubled that amount
and $40,500 was donated to Red Cross International and a few other local
organizations to which some employees donated directly.
In 2010, the earthquake that struck Haiti motivated the employees once more and
this time they collected $28,300. Once again, GLV chose to double the amount,
bringing the total donation sent to Red Cross International to $56,600.
GLV Christmas cards using the
winning drawings from a contest
offered to the children of employees
at several of the companys
subsidiaries.
Humanitarian aid at GLV

my meeting with Laurent Verreault
O
n a Monday morning in February 2002, I arrived at the
TVA reception desk on De Maisonneuve Boulevard to
attend my very frst meeting of the TVA Board of Directors.
As I was signing in with the security guard, a man who was
waiting behind me said to me, Your name was in the papers
this morning.
Tis could not be good. Not only had I not had the chance to
read the morning newspapers, I did not know who was this
man who seemed to know me.
Oh, I said. All good I hope?
Classic response.
Teyre saying youll be the future President of TVA. My
name is Laurent Verreault, I sit on the board of directors of
TVA, and we are going to the same meeting.
An informed woman is worth... many. Had it not been for
Laurents presence of mind, I would have walked into that
room for my very frst meeting without knowing that some-
one had written that I would be replacing the current Acting
President and CEO, who clearly wanted the position. In fact,
he was the one who greeted us that morning. To say that I was
walking on eggshells would be putting it mildly. Tanks to
Laurent, I was able to defuse the situation with the President
and CEO of TVA, inform him that I was not interested in the
position, and fully participate in my frst board of directors
meeting chaired by Jean Neveu.
From that moment on, I think that Laurent and I knew we
could trust each other. Over the course of subsequent TVA
263 features
The Boards
of Directors

board meetings, we realized that we had a number of things
in common, the most amusing being Laurent and I were
neighbors in Florida without knowing it.
Laurent is a shrewd observer at board meetings. He knows
how to decode what is making people uncomfortable. Being
a company president himself, he knows how to put himself in
the shoes of the person on the hot seat who has to answer all
the directors questions, including some very delicate ones. I
have watched him do it and have learned from him.
Another area in which Laurent excels is in the art of teasing
women! Tose he likes, anyway. One day I was fabbergasted
to read in the ofcial documentation given to us at the TVA
board of directors that the pollsters measuring TV ratings were
calling women housekeepers and men men. Being the
only woman on the board, I stood up and cried foul over this
chauvinistic attitude! He never forgot my tirade and for years
afterward, I cannot remember how many times Laurent has
made fun of me by asking for my housekeepers opinion.
One thing is certain, he knew that I considered this form of
humor on his part as a sign of afection, and that was indeed
the case.
Sylvie Lalande
1986-1992
Laurent Verreault
Jean-Pierre de Montigny
1

Jean Desbiens
Robert Dorion
1

Louis Laperrire
Bernard Lemaire
Laurent Mimeault
Pierre A. Raymond
Bill Saulnier
1
1993-1994
Laurent Verreault
1

Jean Desbiens
Robert Dorion
1

Louis Laperrire
Bernard Lemaire
Pierre A. Raymond
Bill Saulnier
1
1995
Laurent Verreault
Claude Boivin
1,2

Jean Desbiens
Robert Dorion
1,2

Louis Laperrire
2
Bernard Lemaire
Pierre A. Raymond
Bill Saulnier
1
1996-1998
Laurent Verreault
Claude Boivin
1

1,2

Jean Desbiens
Paule Dor
2
Robert Dorion
1,2

Louis Laperrire
2
Bernard Lemaire
Pierre A. Raymond
Bill Saulnier
1999
Laurent Verreault
Claude Boivin
1,2

1

Jean Desbiens
Robert Dorion
1,2

Louis Laperrire
2
Bernard Lemaire
Pierre A. Raymond
Bill Saulnier
2000
Laurent Verreault
Claude Boivin
1,2

1

Jean Desbiens
Robert Dorion
1,2

Louis Laperrire
2

Bernard Lemaire
Pierre Monahan
Pierre A. Raymond
Bill Saulnier
2001
Laurent Verreault
Claude Boivin
1,2

1

Jean Desbiens
Robert Dorion
1
Louis Laperrire
2
Bernard Lemaire
Pierre Monahan
1
Pierre A. Raymond
Bill Saulnier
Grald Tremblay
2
Richard Verreault
2002
Laurent Verreault
Claude Boivin
1,2

Jean Desbiens

Robert Dorion
1

Louis Laperrire
2

Bernard Lemaire
Pierre Monahan
1
Bill Saulnier
Richard Verreault
2003-2004
Laurent Verreault
Claude Boivin
1,2

Jean Desbiens
Robert Dorion
1( 2003 )

Sylvie Lalande
2

Louis Laperrire
1,2
Bernard Lemaire
Pierre Monahan
1
Bill Saulnier
Richard Verreault
2005-2006
Laurent Verreault
Michel Baril
1,2

Claude Boivin
1,2

Denyse Chicoyne
1

Robert Dorion
Sylvie Lalande
2

Louis Laperrire
2

Pierre Monahan
1

Bill Saulnier
Richard Verreault
2007-2009
Laurent Verreault
Marc Barbeau
Claude Boivin
1,2

Marc Courtois
1

Guy Fortin
2

Sylvie Lalande
2

Pierre Seccareccia
1

Richard Verreault
2010
Laurent Verreault
Marc Barbeau
Claude Boivin
2

Marc Courtois
1
Guy Fortin
2
Sylvie Lalande
2
Jacques Landreville
1
Pierre Seccareccia
1
Richard Verreault
2011
Laurent Verreault
Marc Barbeau
Claude Boivin
2

Marc Courtois
1

Guy Fortin
2

Sylvie Lalande
2

Jacques Landreville
1
Normand Morin
1
The members of the current board of directors: Marc Courtois,
inset; Chantal Blanger, Laurent Verreault, and Sylvie Lalande,
seated; Normand Morin, Claude Boivin, Jacques Landreville,
Marc Barbeau, Pierre Seccareccia, and Richard Verreault,
standing.
Pierre Seccareccia
1
Richard Verreault
2012
Laurent Verreault
Marc Barbeau
Chantal Blanger
2

Claude Boivin
2

Marc Courtois
1

Sylvie Lalande
2

Jacques Landreville
1

Normand Morin
1

Pierre Seccareccia
1
Richard Verreault
1 Members of the Audit Committee
2 Members of the Corporate
Governance and Human Resources
Committee

I
n the spring of 2002, after getting to know one another on
the TVA board of directors, Laurent asked me if I wanted
to sit on the board of directors for Groupe Laperrire &
Verreault. He spoke to me of his company of course, but also
of his frst partners, the difculties they had encountered,
their successes, current challenges, and the makeup of his
board. He introduced me to Claude Boivin, President of the
Corporate Governance and Human Resources Committee,
and the person responsible for recruiting administrators, as
well as his son, Richard Verreault. These men were calm,
poised, tactful, relaxed, but in complete controlreal
gentlemen. Meeting these men went a long way in infuencing
my decision.
Everything went so well that a few hours before the companys
annual general meeting, during which the shareholders were to
decide on the election of new members, the board held a meet-
ing and invited me to sit in as an observer, having not yet been
ofcially elected.
In a small room of a large, beautifully appointed room in which
the annual meeting was to be held, I met the other members of
the board for the frst time. Tis was the frst time I saw them
as a group. Tey were all dressed in their Sunday best, elegant
from head to toe. Tey looked prosperous and conveyed a feel-
ing of serenity. Te door to the meeting room closed.
Big mistake! Tey were f-u-r-i-o-u-s! Nine angry men, very
angry men. Nine angry businessmen I should say, because it
was their courage, their judgment, their vision, their risk man-
agement that was being questioned here. And they were not
taking it well, at all.
Let me begin with Laurent who had not reacted well to the
decision made by Financire Banque Nationale, with whom
he had been negotiating all summer long to fnance their latest
acquisition, EIMCO. Laurent thought he had an agreement
with them, but a few weeks before it was to be signed, there had
been a complete reversal. His bank informed him that a fnan-
cing loan was no longer feasible and that he would have to raise
capital by issuing new shares. Laurent felt like he had been cut
adrift, unjustly treated by his bank, the one that had supported
him so well until then. Tere had been a change of the guard
at FBN, and Laurent had been dealing with new people. Te
previous ofcers would have understood him. Tey trusted him.
To crank up the pressure, Laurent could rely on his long-
standing business partner, Bernard Lemaire, who spoke to him
as a brother.
I told you, Laurent, that these guys have never taken a risk in
their lives. You cant count on them; theyre incapable of seeing
beyond the ends of their own noses. Teyre not businessmen!
Bernard Lemaire got up, took of his jacket, undid his tie, put
his fsts down on the table and, looking at Laurent, added:
Tey wont get us Laurent, they wont make us beg. Tat
wont happen. Well go see other banks! he said, by then
gesticulating wildly with his hands.
Tis was my frst encounter with Bernard Lemaire. I would
never forget it.
Nine angry men

but Laurent would always remember that when he had started
out, FBN had been there for him. Te FBN may not know it,
but it is lucky to have as a client a businessman with his heart
in the right place.
Sylvie Lalande
And that was all it took to get Laurents two other associ-
ates, Jean Desbiens and Louis Laperrire to jump in along the
same lines:
Teyre afraid of the way the wind is blowing, they arent
tough enough, theyve never wagered a damn penny of their
own in their entire lives, those bastards.
We could have switched banks twenty times, but we didnt
because they had been there for us at the very beginning, and
we remembered that. And to thank us, they want to screw us.
It makes me sick.
And the others also had their say. Claude Boivin, Robert
Dorion, Richard Verreault, Pierre Monahan, Marc Barbeau
they were all just as insulted and disappointed. Tere was no
chance to say anything, except maybe to ask a question. Deep
down, I hoped that the walls were soundproof enough so that
the shareholders who had travelled to attend this meeting
would not hear us.
Te storm lasted two hours. I did not know what to think or
how to act. I wondered if all our meetings would be like this.
A few weeks before, these men had seemed so calm, so poised,
so in control. In short, that was some initiation to the board
of directors of Groupe Laperrire & Verreault. It was an initia-
tion to entrepreneurship, the real spirit of it, the one held by
builders. Tese nine angry men were of that breed.
Nine angry men . . . but not bitter men. As a testament to
that, during future fnancing opportunities, they might have
discarded FBN for other fnancial institutions several times,

273
I
n the summer of 2007, GL&V was composed of three
groups: Mineral Process, Pulp and Paper and Water
Treatment, representing 40 percent, 30 percent, and 30 percent,
respectively, of the sales.
In August, a major transaction would change this picture.
On August 10, 2007, the public corporation GL&V and its
Process Group were sold to the Danish company FLSmidth
for $950,000,000. Te Pulp and Paper and Water Treatment
groups along with GL&Vs Manufacturing unit were then
transferred into a new public corporation under the name GLV
Inc., which remained in Quebec and was led by the same team
that ensured the success of GL&V.
Once the transaction was completed, for each GL&V share
they held, shareholders received $33 plus a share in the new
company. According to executives, this was an interesting
premium relative to the share price for GL&V. Shareholders
therefore received an immediate and considerable yield and
were given an opportunity to continue participating in the
companys success as shareholders of the new company. For
Laurent Verreault, this transaction fulflled the companys
primary objective perfectly, namely to maximize the value
ofered to shareholders while providing customers with quality
products and services.
GLV Inc. is one of the largest global suppliers of technological
solutions and processes used in many environmental, municipal,
and industrial applications.
Tese activities are divided into two main groups:
273 features
GLV:
The New Face

*
Branch
GLV
Canada
Head Ofce
Canada
*
Ovivo Division
Canada
*
GL&V Canada
Canada
Christ Water
Technology
Austria
Ovivo
Finland
Finland
Hinke
Hungary
Ovivo GWE
U.S.A.
Ovivo USA
U.S.A.
Ovivo UK
England
and
Wales
Ovivo India
India
Ovivo
Australia
Australia
Ovivo
Singapore
Singapore
Ovivo Spain,
Spain
Geda et Ovivo
Northern
Ireland
MacQuarie
Automation
Australia
Ovivo NZ
New
Zealand
Ovivo
Switzerland
Switzerland
Aqua
Engineering
Austria
Ovivo
Shangai
China
Ovivo
Austria
Austria
Ovivo
Taiwan
Taiwan
Ovivo
France
France
Ovivo
Holland
Netherlands
Ovivo
Deutschland
Germany
EPC Water
Switzerland
Van der
Molen
Germany
Van der Molen
South Africa
Van der Molen
Aseptic
Germany
Ovivo Aqua
South
Africa
Ovivo Aqua
Tunisia
Ovivo Middle
East
U.A.E.
Aqua
Engineering
U.A.E.
*
Ovivo
Hong Kong
Hong Kong
Ovivo Aqua
Africa
South
Africa
Ovivo groups together all of the companys water treatment
activities under the same roof. Te Water Treatment Group
specializes in the design and marketing of municipal and
industrial wastewater treatment solutions used in various
industrial processes. Te group also provides water intake
screening solutions for certain types of power stations, refneries,
and seawater desalination plants.
Te Ovivo Group has been greatly enhanced by its acquisitions,
namely Hinke, Christ Water Technology, and Van der Molen.
With the integration of these acquisitions, the Ovivo Group
benefts from the expertise of a dozen companies, some of
which have been in operation for more than a hundred years,
everywhere around the world. Customers can count on an
impressive technology portfolio ofered to fnd complete
solutions that meet their needs in the areas of water fltration,
treatment, purifcation, or recycling.
In 2010, Ovivo earned 42.5 percent of its revenues in North
America, 27.8 percent in Europe, and 29.7 percent in the
Middle East, China, the Asia-Pacifc region, and Africa.
Te main trademarks for the Water Treatment Group are:
EWT
TM
(EIMCO Water Technologies), Brackett-Green
,
Enviroquip
, COPA
, Jones+Attwood, Caird & Rayner Clark,

AJM
, Cinetik
, Christ Water Technology
, Kennicott
,
Goema
, Aqua Engineering
and Tepro
.
Ovivo
Water Treatment Group
ovivo organizational chart

*
Branch
GLV Inc
Canada
Head Ofce
Canada
*
Pulp and Paper
Division
Canada
*
GL&V
Canada inc
Canada
GL&V Sweden
Sweden
GL&V France
France
GL&V Industrial
Equipement Trading
( Beijing )
China
GL&V India
India
GL&V USA
U.S.A.
GL&V Brasil
Equipamentos
Comercio e services
Brazil
For more than 30 years, GLVs Pulp and Paper Group has
specialized in designing and marketing equipment used in
pulp and paper production, namely chemical pulping, pulp
preparation, and sheet formation. Tis group is recognized
around the world for its rebuilding, upgrading, and optimization
services for existing equipment as well as the sale of replacement
parts.
Ongoing product development eforts coupled with new
technologies obtained through numerous company acquisitions
have enabled the Pulp and Paper Group to gain an enviable
international reputation. Many of its products and processes
have become industry standards in terms of quality, like the
Compact Press

presses, the DUFLO
pumps, the DUALOX

mixers, the SuperBatch cooking process, the Celleco

disk
flters and hydrocyclones, the Beloit
TM
refning, washing,
and screening technologies, and the IMPCO
TM
oxygen
delignifcation systems.
Te Pulp and Paper Group serves the paper industry exclusively
and enjoys an increasingly diversifed international presence.
During the year ended March 31, 2009, 47 percent of this
groups revenues came from North America, 34 percent from
Europe, 12 percent from China, India, and the Asia Pacifc
region, and 7 percent from Latin America, Africa, and the
Middle East.
Te main trademarks for the Pulp and Paper group are: GL&V
,
Celleco
, Compact Press
, BTF
TM
, IMPCO
TM
, SuperBatch
,
DUALOX
, DUFLO
, Beloit-Jones and Beloit-Lenox.

In addition to these two groups, GLV has a manufacturing
unit specialized in the production of large custom-made parts,
named GLV Manufacturing, located in Trois-Rivires, Quebec.
Highly active in the pulp and paper sector, the Manufacturing
division is specialized in the manufacturing and machining of
large parts. GLV Manufacturings workers have taken on many
built-to-order projects both for the GLV Pulp and Paper Group
Pulp and Paper Group
Other divisions
Pulp and Paper organizational chart

Corporate
Governance
Financial Health
Strong Aftermarket
Presence
Competitive and
Flexible Cost Structure
Entrepreneurial
Culture
Manufacturing
Outsourcing
Provider of Comprehensive
Value Added Solutions
Targeted
International Development
Expansion
Trough Acquisitions
and for an external clientele operating mainly in the pulp and
paper and energy sectors.
GLV also has two major subsidiaries that operate in highly
specialized felds.
With more than ffty years of experience in general
manufacturing, Hinke specializes in the development and
production of high-end stainless or carbon steel pressurized
tanks and containers for the chemical, pharmaceutical, and
food industries. Te modern technologies used by Hinke make
it possible to construct large-format containers measuring
up to four meters in diameter and twenty meters in height,
weighing a total of twenty tons, in a variety of fnishes and
with corrosion protection.
As for Van der Molen, it specializes in the design and marketing
of equipment and processes for the beverage industry. For
more than ffty years, food engineers, brewing engineers,
and technicians have been developing efective storage,
transportation, dissolving, dosing, mixing, pasteurization,
control, automation, and cleaning solutions for this industry.
Today, GLVs major objective is to climb even higher among
the worlds major technological solutions providers, whether in
water treatment or pulp and paper production. To that end,
GLV will continue its business strategy that has ensured its
success from the very beginning by pursuing sustained growth
and constant improvement in the companys proftability.
Business Model
growth
profitability
solidity
creator of
long-term value
for
our shareholders
our customers
our employees

3H Mining 245
A
ADDAX Australia 177, 244
AJM
274
AJM Environmental Services
209, 247
Alfa Laval 129, 143, 144
Alfa Laval Celleco 243
Allibe Films 242
Ang, Cynthia 185
Aqua Engineering

274
Arizona, United States 192
Arseneault, Michel 116
Ateliers Allibe 84, 117, 122,
125, 129, 242
Ateliers Fabron 87, 116, 241,
242
Atlanta, Georgia, United States
143, 169
Australia 165, 187, 208, 209,
218, 246
Austria 212, 215, 246
B
Baker Hughes 179, 245
Barbeau, Marc 161, 162, 170, 173,
181, 183, 191, 199, 200, 202,
218, 221, 225, 226, 227, 231,
233, 234, 236, 237, 266, 267,
270
Baril, Michel 203, 266
Beaudet, Raymond 74, 78, 79
Becker, Roger 170
Blanger, Chantal 203, 266, 267
Beloit Australia 177
Beloit Corporation 153, 154,
155, 156, 157, 158, 160, 161,
165, 169, 244
Beloit-Jones 276
Beloit-Lenox 276
Beloit
TM
276
Biloxi, Mississippi, United States
132
Bjorkenus, Birgitta 148
Black Clawson Company 135
Black Clawson-Kennedy 62,
129, 131, 132, 136, 243
Black-Clawson
TM
179
Blanchet, Suzan 101
Boivin, Claude 202, 265, 266,
267, 268, 270
Boivin, Jose 155
Bouchard, Nathalie 155, 258
Brackett Green 187, 246
Brackett-Green
274
Brackett Green USA 246
Brazil 165, 184, 246
Bro-Larsen, Finn 221
Bruyea, Greg 107, 108, 110, 126,
130, 132, 133, 135, 138, 144,
170, 173
BTF
TM
276
C
Cabano, Quebec 59, 62, 67, 70
Caird & Rayner Clark 274
Caisse de dpt et placement
du Qubec 213
Calgary, Alberta 166, 169
Cameron, Anne 134
Canada Iron Co. 84
Canadian International Paper
49, 51, 179
Canron 84, 87, 116, 129, 241
Cap-de-la-Madeleine, Quebec
72
Cascades 97
Cascades Lupel 72, 77
Celleco 129, 143, 144, 145, 146,
151, 165, 179
Celleco
276
Centre International de
Couchage 110, 129, 243, 248
Chatham, New Brunswick 36, 43
Chicoutimi, Quebec 83, 115
Chicoyne, Denyse 203, 266
Chile 246
China 165, 183, 184, 193, 246
Christ Water Technology
212, 213, 215, 216, 217, 218,
234, 248, 274
Christ Water Technology
274
Cinetik
274
Clinton, Ontario 36
Cohen, Marc 118, 124, 125
Coinpasa 162, 163, 244
Compact Press
276
Connecticut, United States 177
Constructions Laperrire &
Verreault 79, 81, 241
Coomes, Robert 173, 174, 203
COPA 187, 246, 247
COPA
274
COPA Water 246
Courtois, Marc 203, 266, 267
Croteau, Guy 74, 79, 81, 97, 258
Croteau, Vic 101
D
De Montigny, Jean-Pierre 265
Denmark 194, 200, 247
Desbiens, Jean 16, 17, 51, 53, 55,
68, 71, 72, 77, 79, 90, 93, 95,
97, 98, 101, 102, 103, 122, 159,
170, 173, 197, 203, 253, 254,
265, 266, 270
Dessureault, Martin 155, 168
Dor, Paule 265
Dorion, Robert 81, 93, 94, 101,
174, 181, 183, 194, 195, 197,
203, 265, 266, 270
Dorr-Oliver Canada 15, 16,
17, 19, 22, 24, 107, 108, 111,
112, 129, 174, 179, 241
Dorr-Oliver Eimco 183
Dorr-Oliver International
129, 132, 137, 138, 145, 174,
177, 244
Dorval, Quebec 131
DUALOX
276
Dub, Marcel 74, 78, 79
DUFLO
276
E
EIMCO 179, 180, 181, 182, 245
Eimco Water Technologies
207, 208, 213, 218, 245, 250
Elite Cameron 245
E.L.P. Products 166, 170, 244
Enersave Fluid Mixers 211,
247
Enertec 162, 244
England 246
Environmental Equipment &
Systems 177, 244, 250
Enviroquip 187, 246
Enviroquip
274
EWT
TM
274
F
Finland 143, 165
FLSmidth 192, 193, 194, 197,
198, 200, 201, 247, 273
Fonds de solidarit des tra-
vailleurs du Qubec (FTQ)
116, 213, 242
Fortier, Luc 75
Fortin, Guy 203, 266
Fortunato, Vincent 117
Fournier, Hlne 161, 203
France 165
Froud, Mike 221
280 281 Laurent Verreault and GLV index
Index

G
Glinas, Michel 84, 85, 86, 116,
117, 122, 124, 161, 170, 173
Glinas, Pierre 132, 133, 160, 169,
170
Georgia, United States 165
Germany 174
Giroux, Andre 258
Global Water & Energy 211,
247
Global Water Engineering
211, 247
GL&V
276
GL&V Allibe 116, 117, 129, 242
GL&V Australia 177
GL&V/Celleco 147, 185
GL&V/Dorr-Oliver 177, 180,
244
GL&V/Dorr-Oliver Eimco
185, 194
GL&V Hydrogen Technolo-
gies 244
GL&V/LaValley 168, 243
GL&V Manufacturing 116,
117, 129, 242, 244
GL&V-Paper Machine Group
243
GL&V Pulp and Paper Group
160
GL&V Pulp and Paper Group
Europe 162, 244
GL&V Trois-Rivires 116
GLV Inc. 202, 206, 273
GLV Manufacturing 277
Goema
274
Groupe Laperrire & Ver-
reault 90, 102, 129, 241
Groupe Laperrire & Ver-
reault Ontario 241
Grner, Klaus-Dieter 173
Guilbert, mile 117, 123
H
Habart, Bernard 118
Hgersten, Sude 149
Harnischfeger Industries 153,
154, 156
Harrison, Bob 160, 173
Hedemora, Sweden 143, 144
Healy, Walter 158
Hinke 274, 278
Hinke Tankbau 248
Hong Kong, China 211, 247
Hoo, Tony 185
Hudson Falls, New York, United
States 136, 137
Huyck Dewatering Equipment
186, 246
Hydro-Mcanique 14, 99, 100,
102, 111, 129, 241, 243
Hydro-Mcanique Construc-
tion 241, 243
Hydro-Qubec 102
I
les-de-la-Madeleine, Quebec
102
IMPCO 154
IMPCO
TM
276
India 143, 165, 184
Ingersoll-Rand 154
Innovation Flotation 245
Irving Pulp & Paper 15, 53
J
J&L Fiber Services 186, 246
J.M. Huber Corporation 110,
243
Jones & Attwood 187, 245
Jones+Attwood 274
Joy family 21, 22
Junnan, Zhang 150
K
KanEng-Deltec 246
KanEng Industries 186, 246
Kennicott
274
Kingsey Falls, Quebec 59, 61,
72, 77
Klees, Gwen 170, 171, 184, 202,
217, 218, 219
Korea 143
Krebs International 192, 246
Kvaerner Pulping Business
186, 246
L
Lacroix, Yves 160
Laimer, Hannes 221
Lakeev, Igor 185
Lalande, Sylvie 202, 266, 267
Landegger, Carl 131, 132
Landegger, Carl Michael 131, 132
Landreville, Jacques 266, 267
Laperrire, Louis 14, 16, 51, 53,
54, 64, 67, 68, 70, 72, 77, 90, 93,
95, 97, 98, 102, 103, 111, 159,
173, 197, 203, 243, 253, 254,
258, 265, 266, 270
Laperrire & Verreault 81, 241
La Tuque, Quebec 29, 44, 49, 51,
257
Lau, Andrew 185
LaValley Construction Com-
pany 243
LaValley Industries 110, 111,
129, 132, 133, 135, 168, 243
Lawes, Graham 174, 202
Lazzarra, Mlodie 258
Leblanc, Claude 258
Lebreton, Hector 53, 55
Lefebvre, Jose 161
Lemaire, Bernard 14, 59, 62, 63,
67, 72, 77, 89, 92, 102, 103,
144, 258, 265, 266, 269
Lemaire, brothers 59
Lenox, Massachusetts, United
States 161, 244
Lpine, Pierre 158, 170, 173, 174,
177, 180, 181, 183, 258
Les Industries Couture 83, 84,
101, 115, 129, 241
Lessard, Gino 155
Lessard, Roger 170, 182
Les Services Maxi-Plus 82, 90,
241
Les Technologies Elcotech
211, 247
LHeureux, Diane 145, 258
LHeureux, Josette 145
LHeureux, Ren 13, 23, 81, 89,
92, 93, 117, 122, 123, 144, 145,
146, 147, 148, 150, 161, 162,
173, 175, 181, 182, 219, 258
LHeureux, Yvon 74, 78, 79, 83,
116, 132, 133, 134, 135, 144,
145, 146, 147, 148, 149, 160,
168, 169, 170, 173, 258
Liau, Ricson 185
M
MacDonald, Pascale 258
Mahoney, Bill 169, 170, 202
Manufacturing Group 108,
110
Manufacturing unit 206, 207
Massachusetts, United States 165
Massicotte & Arcand 83
Matane, Quebec 51, 52
Matveeva, Olga 185
Mlanon, Alain 170
Metso 156, 158, 187, 246
Metso Paper 246
Mimeault, Laurent 265
Mintech Canada 110, 243
Mitsubishi 156
Monahan, Pierre 265, 266, 270
Montreal Exchange 241, 257
Montreal, Quebec 169
Morin, Gilles 116, 148, 150
Morin, Normand 203, 266, 267
Morissette, Valre 116
Munich, Germany 221
N
Nashua, New Hampshire, United
States 154, 155, 160, 161, 166,
244
National Rener Plate 129,
138, 244
Neufchtel, Quebec 100
New Hampshire, United States
165
Newman, Sharon 258
New York, United States 165

O
Oasis 154, 157
Ocean Falls, British Columbia 72
Ontario, province 15
Orillia, Ontario 13, 19, 24, 129,
138, 245
Ormique Micro-informatique
83, 129
Ouellette, Sylvain 173, 174, 191,
203
Ovivo 220, 221
Ovivo Finland 248
Ovivo Group 116
OvivoWater Treatment Group
234, 274
Owen Sound, Ontario 131
P
Pag, Pierre 101
Papier Cascades 15, 59, 60, 61,
62, 64, 67
Ppin, ric 155
Perplas 186, 245
Perrin, Gaetan 101
Philibert, Paul 101
Picard, Andr 155
Piette, Andr 75
Pittsfeld, Massachusetts, United
States 160
Port-Cartier, Quebec 97, 98
Porteous, Jim 221
Portneuf, Quebec 102
Portugal 165
Process Group 107, 108, 110,
137, 173, 182, 185, 193, 202,
273
Pulp and Paper Group 108,
109, 110, 137, 206, 207, 234, 273
Q
Quebec, province 129, 165
R
Rader 157
Raymond, Pierre A. 265
Rebut, Roger 118, 122
Restaurant le Pignon Rouge
44
Rexfor 60, 63, 64
Reynolds, Chris 221
Rivard, Alain 155, 258
Roberge, Gilles 51, 60, 62, 67, 69,
70, 72, 102
Robichaud, Maria 43, 44, 45, 46,
47, 49, 52, 67, 185, 258
Roy, Ghislain 74, 78, 79, 97, 102
Rugby, England 183
Russia 143, 147, 151, 165, 184
S
Saint-Jean-sur-Richelieu, Quebec
35
Saint John, New Brunswick 15
Saint Petersburg, Russia 147, 185
Salt Lake City, Utah, United
States 180
Sandy Hill 129, 136, 137, 243
Saulnier, Bill 13, 74, 77, 78, 80,
82, 90, 91, 93, 94, 101, 117,
121, 122, 124, 134, 135, 144,
145, 146, 147, 148, 149, 168,
169, 170, 173, 180, 181, 191,
203, 216, 258, 265, 266
Seccareccia, Pierre 203, 266, 267
Sherbrooke, Quebec 169
Singapore 185
Sleigher, Simon 78
Smirnov, Peter 185
Socit de Fabrication des
Vieilles Forges 77, 78, 79, 81,
82, 83, 90, 241
South Africa 165, 174, 245, 246
Spain 165, 244
Steilacoom, Washington, United
States 72
St-Raymond Paper 72, 102
Sundqvist, Mikael 146, 148, 174,
175
Sunds Debrator 243
SuperBatch
276
Sweden 129, 143, 165, 174,186,
246
T
TamPulping 248
Teoh, Charlene 185
Tepro
274
Texas, United States 211
Tort, Johanne 258
Terrien, Bernard 74, 75, 78, 79
Toronto Stock Exchange 247,
257
Tremblay, Grald 265
Tremblay, Guy 51, 60
Trenton, Ontario 36
Trepanier, Hlne 145
Trois-Rivires, Quebec 29, 78,
84, 109, 129, 169, 249, 257, 277
Tullins, France 117, 122
Tumba, Sweden 143
U
United Kingdom 186, 187, 247
United States 136, 137, 143, 169,
173, 245
V
Valladolid, Spain 162
Valmet 136, 243
Vancouver, Washington, United
States 169
Van der Molen 234, 274, 278
Verreault, Richard 74, 131, 132,
136, 157, 158, 159, 160, 161,
169, 170, 173, 174, 177, 181,
183, 191, 193, 199, 200, 201,
202, 218, 221, 225, 226, 227,
228, 229, 231, 233, 234, 235,
236, 237, 254, 258, 265, 266,
267, 268, 270
Vinogradova, Svetlana 147, 185
W
Washington, United States 165
Watertown, New York, United
States 132, 135, 243
Water Treatment Group 175,
177, 206, 207, 213, 217, 245,
273
Wetherbee, Douglas 203, 221
Wong, Samuel 185
Woodruf, David 203
X
Xerium Technologies 246
Y
Yong, Jenny 185
Yule, Bart 173, 174
Note:
We hope that all those
whose names do not
appear will see themselves
in the role of Lucky Star.
Tank you!

A
t the start of my career, when I was an instrumen-
tation and controls technician in New Brunswick,
I had been amazed by a power-transmission system
made by Dorr-Oliver; seventeen years later, I bought
the company.
While working at the paper plant in Matane in 1968,
I did some maintenance work on our brand new Black
Clawson, a remarkable paper machine; in 1996,
I acquired that company too.
In 1963, when I was twenty-one years old, I signed on
as an apprentice with the Canadian International Paper
company in La Tuque. There, I learned about the
process of fltering pulp on the Celleco vortex systems;
in 1998, thirty-fve years later, I purchased the company.
For more than twenty years, I lay under machines,
installing, maintaining, or repairing them. Some were
ordinary, others were dream machines, like the ones
manufactured by the one-hundred-year-old EIMCO. In
2002, I bought EIMCO.
In 2007, for the frst time in my thirty-two-year career,
I, who had personally led every transaction to that point,
was prohibited from intervening in the one under way.
And not just any transaction, the most important one of
all: the sale of my own company!
And now, well, things are moving as fast as they ever
were. And full steam ahead! Let me tell you the story.

Laurent Verreault and GLV - Let's Dance!

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Laurent Verreault and GLV - Let's Dance!

Transféré par

Droits d'auteur :

Formats disponibles

Laurent Verreault

, Jones+Attwood, Caird & Rayner Clark,

, Christ Water Technology

pumps, the DUALOX

, Beloit-Jones and Beloit-Lenox.

Vous aimerez peut-être aussi

Laurent Verreault and GLV - Let&#39;s Dance!

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Laurent Verreault and GLV - Let&#39;s Dance!

Transféré par

Droits d'auteur :

Formats disponibles

Laurent Verreault

, Jones+Attwood, Caird & Rayner Clark,

, Christ Water Technology

pumps, the DUALOX

, Beloit-Jones and Beloit-Lenox.

Vous aimerez peut-être aussi

Laurent Verreault and GLV - Let's Dance!

Laurent Verreault and GLV - Let's Dance!