Let's Dance!

Laurent Verreault and GLV
Let's dance!
Laurent Verreault
and GLV
Lets Dance!
Editors note:
There 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 financial 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!
Table of contents
Prologue
Introduction

Golf November Alpha Sierra, were lined up,

zero five

The Quebecers in Ontario
Building a Man

Gods gift to...

Flying solo... in the RCAF
Did you say entrepreneur?
Together, well go farther
Learning to learn, to work, to grow
Seizing the moment

Me?... Im a consultant for Cascades

Itll be called Laperrire & Verreault,

and are we going to work hard!

Watch out Qubec Inc.,

because here come the three musketeers!

Welcome to the big league I:

Groupe Laperrire & Verreault Inc.

Welcome to the big league II:
Hydro-Mcanique Inc.
4 Laurent Verreault and GLV
6
8
12
18
26
28
34
38
42
48
56
58
66
76
88
96
First, we take North America

Groups within the Groupe

The backache years
The Canadians in France
North America, here we come!
Mixing growth with pleasure

Vlkomnen till Sverige!

The chess game
Restructuring for a successful relaunch
A vision as clear as... water!
Then we take the world
Selling it all to keep it all

Putting on our dancing shoes

Selling everything, keeping everything...

rebuilding it all

Pieces for the reconstruction

Ovivo: everyone will like that
Epilogue

Mr. Verreault? Certainly. Which one?

Going with the flow
FEATURES

The Acquisitions
GLV and its People
The Boards of Directors
GLV: The New Face
Index
104
106
114
120
128
140
142
152
164
172
178
188
190
196
204
214
222
224
230
238
240
252
262
272
280
Table of contents 5
Prologue
introduction
celebrated my seventieth birthday in September 2011. Like

so many events in my lifeboard of directors meetings,
shareholder meetings, rounds of golf, conferences, trips, mentoring 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-five 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. There 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 find people who are more true blue than they.
Many other key characters or situations have also played pivotal
roles at different 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 flash moment that provided the solution to a problem.
Prologue 9
These 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.
The 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 five parts, five key
periods, from his first 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 first create
a company that will grow by leaps and bounds and, with it, set
out to conquer North America, Europe, and, finally, the world.
Then we will sell off nearly everything to rebuild on a different,
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!
This 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 offer this story to
everyone who ever collaborated with me in any company that
ever had ties with Groupe Laperrire & Verreault and GLV, in
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.
The 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. The 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 first 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.
Prologue 11
Golf November
Alpha Sierra
were lined up,
zero five
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.
The 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:
Traffic information for Trois-Rivires region. Cessna Golf
November Alpha Sierra, back-taxiing on runway zero five, flying
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 flight plan to the tower.
Lets see, its five oclock... its four hundred miles to Orillia,
at about two hundred miles an hour... Around seven, seven
fifteen. The winds coming in from the northeast, so that will
help. Then, to his invisible interlocutor on the other end of the
microphone: Golf November Alpha Sierra, were lined up for
departure on runway zero five.
With the engines at full throttle, the pilot hurtled the aircraft
down the grey runway tarmac of the little airport in TroisRivires, into the light, northeasterly wind. I settled down to iron
out the last details of our first major acquisition of a company
outside Quebec with those loyal Dependables, my colleagues
Bill Saulnier and Ren LHeureux.
The 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.
Prologue 13
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 takeoff.
Laurent, calm down. Im coming... What time did you get up
at to be so full of beans at, what is it, five 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 first company fifteen 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-five employees to close to five
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 offered 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
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
company that served paper manufacturers. We negotiated our

early contracts shrewdly; Bernard hammered out the first 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.
The 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
clarifier axle. This mammoth steel shaft had fractured from
the exertion of the force generated by a tiny, approximately
Prologue 15
five-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 invention 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 field, as would be all the men and
women who would follow themhad properly identified 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 offered: 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.
This 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 indispensable, 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 mining industry, also opened up the pioneering and burgeoning
sectors of water management and wastewater treatment for 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.
The opportunities our services opened for us would lead us on

an as yet unimaginable series of assorted, and always surprising, 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 company. 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.
The 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.
Prologue 17
The Quebecers
in Ontario
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.
Then, 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 firms, we thrashed out
the final 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 capital investors. The company owed $28 million to its creditors
and was technically bankrupt. The owners and directors were
Prologue 19
helpless to act, and its management personnel were in disarray.

In anticipation of imminent bankruptcy, the banks financial
analysis pegged the companys assets that could be converted
into cash at $11 million.
In spite of everything, the final 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 offices.
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 profitable 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 administration will need a complete overhaul, but that isnt your concern.
You say your analysis shows a cash value of eleven million dollars 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 figure, each
year it produces an annual deficit 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.
You know very well that this company is bankrupt. The 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. The 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 affair. Weve been negotiating with lawyers, tax experts, accountants, and bankers
for close to a week. The 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.
These 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.
That wont be good for your image. Then, youll have to sell its
assets at fire 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 off 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 butterfly spread, in fact, observed the banker.
Precisely. Its uncommon and daring, but, in this case, it will
work!
Prologue 21
The banker left the office for five 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 offer, and the financial
authorities in Ontario approved the transaction. The trustee
filed the bankcruptcy petition and we took over the company.
Following the twenty-one days prescribed by law, with no better offer than ours having been made, GL&V became the
owner of Dorr-Oliver Canada. This reverse butterfly spread, a
somewhat risky trading strategy, was the only, though incredibly bold, way to salvage the extraordinary know-how and
unique technologies of this dying company.
In September 1990, the Quebecers had finally arrived in Ontario.
That 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
difficult 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 fit into GL&V. As part of this
difficult integration, and to earn peoples confidence 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. That 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. Their 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 offices. 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. The papers were all
returned to the controller the next morning, sorted and covered with hundreds of sticky notes on which were scribbled
requests for additional details.
Prologue 23
The accounts payable and receivable were in good hands: in a

single year of operation, we erased the annual deficit; starting
the following year, we were already able to announce a profit.
The 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 confidence 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 infirmary dressed
as a victim of The Texas Chainsaw Massacre, saying, Im not
feeling very well...
Laurent Verreault in front

of Dorr-Oliver Canada
in Orillia, Ontario.
Prologue 25
Building
a Man
Gods
Gift to...
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 first missionaries, the coureurs de
boisthe woodsmenand the fur traders. Since then, a number
of companies had established themselves there. The flow and the
power of the Saint-Mauricie River first attracted loggerswho
floated the wood down the river to Trois-Riviresthen generating 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. Then, as today, the natural environment drew hoards of affluent hunters and fishermen. La Tuque
was a town of men, workers, pioneers, factories, machines,
and trucks. Its magnificent 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 fishing
guides. The 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
building a man
29
existence, and fortune smiled down on them. I grew up in that

milieu. It is hardly surprising that some of the charm rubbed off
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 first born in a family of five 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 finished my rather uneventful primary 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 sacrifices 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 fourteen, I did not know what sacrifice 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 forests of Haute-Mauricie to the confinement 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 off his excess energy,
and discover the ancient and virile game of lacrosse that
the Jesuits were so keen on? There, I would only loaf about
Laurent Verreault and his

childhood friends in La
Tuque. Richard Scarpineau,
Laurent Verreault, Claude
Scarpineau, and Andr
Fortier.
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. The 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
fifteen, 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,
building a man
31
I had plenty of time to chase girls, drink 7UP, hang out, waste
my time, and squander my youth. That was going to have to
come to an end soon.
He wasnt a bad kid; he was just a first-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 fly?
Laurent Secord Verreault

with his father, Georges, and
his sisters Claire, Josette,
and dith during a swimming
competition in La Tuque circa
1955.
building a man
33
Flying solo...
in the RCAF
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. The idea came to me just like that, out of nowhere.
There was no tradition of military service in our family and it
was definitely not a common career choice in La Tuque. There
were no military bases in the region and no war was raging
anywhere. There was just this idea of flying machines, of wanting someday to fly, 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
finally 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 efforts 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 offered 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 five
weeks of training. I was pleased with myself: I was going back
to school.
Teaching methods at a military school are considerably different from those in a civil school. The army tends to attract
young people who grasp things better by seeing and doing, who
building a man
35
crave a different learning environment, and it helps them realize 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 handson instrument training to complement the diagrams and
explanations in a book were, for me, a perfect fit.
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 files.
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
fly solo.
And what was more, the Air Force decided that I had a bright
future in electronic flight instrument systems. They sent me
to Clinton and Trenton in Ontario, where, within six months,
I had become a certified instrumentation technician, specialized in aircraft flight electronics. I was now responsible for
the maintenance of the flight 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 diploma in my pocket along with a five-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 find a more pleasant spot. I was not paid a lot,
The young Laurent Verreault

playing darts on the military
base in the late 1950s.
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.
The base at Chatham was mostly specialized in training
personnel to operate a variety of different aircraft. The Golden
Hawks, the elite aerobatic team that was the forerunner to the
Snowbirds, was founded there during my service. They flew
F-86 Sabre fighter 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! There, under the best conditions possible, was where I truly began my professional career.
building a man
37
did you say

entrepreneur?
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 fifty cents, plus a buck
from last week.
Next Tuesday okay?
No. Tout de suite.
Verreault, my shirts?
But I enjoyed it. The 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. The 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 ignorant. 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 bagging 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 dollars 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.
building a man
39
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. The master
must keep a firm 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 problem, a solution! My iron was already hot from doing my own
shirts, why not take advantage of the situation? Ten cents for a
shirt, fifteen for a pair of pants, and fifty cents to polish a pair
of boots.
Verreault, can you loan me five bucks?
Let us just say this was one of the more discreet services I
offered. These 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 profits 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.
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.
building a man
41
Together, well
go farther
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 finally got around to noticing the
pretty waitress standing by the counter, it was love at first sight!
Oh, it wasnt that he was really better looking than any of the
other 650 men on the basehe was just different. 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.
Then 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 fifty 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 married 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
building a man
43
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 affairs and kept things shipshape: budget,
family, children, grandchildren, house, and everything and everyone connected to our domestic life. I have never poked my nose
into what she does, and she has never interfered in my affairs.
Together, we have always enjoyed the pleasures life has to
offer. 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 first 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-laMadeleinewith 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.
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 minuscule 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
affairs. 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. They received a salary to manage and take
care of their dominion, the home. This was the way we safeguarded our masculine territory from womens opinions and
questions, and avoided having to provide answers... especially
building a man
45
in the bedroom. We protected the often difficult choices and

decisions we were called upon to make, notably concerning the
division of labor and responsibilities, travel, schedules, strategies, and the movement of troops.
Two is truly the sum of one plus one!
These 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 influence, 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.
building a man
47
learning
to learn,
to work,
to grow
n the Air Force, Laurent passed the second major challenge in

his life with flying colors. The first, with the Jesuits in Montreal,
had been a little tougher, a bad fit.
After five 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-five. 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 field, 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 offering
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 off to La Tuque, and
said goodbye to the people I knew in New Brunswick. That
building a man
49
first move was hard, especially as we only had a few weeks to

organize everything.
Even at twenty-one years old, it is difficult to experience a total
transformation in your work environment. There are, of course,
obvious differences between an air force base and a paper factory. 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 private enterprise. This was a whole new ball game. An entirely
different corporate culture was at play. There were different
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, environment... nothing was even remotely the same. An equipment
breakdown in the Air Force? It would have to be validated
and confirmed 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 officer
would give you the tools; the supply officer would inform you
of the timetable... An equipment breakdown in the factory? It
would be fixed immediately by a technician, who would come
up with a solution, in collaboration with an experienced colleague if necessary, to get the machine up and running as soon
as humanly possible, because the company could not afford 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, onsite, in the five departments along the chain, under the wings of
dozens of more experienced technicians than myself who offered
me their expert guidance. Day and night, Sundays included,
constantly checking and adjusting reservoir levels, pipe pressure,
boiler temperature, the flow 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.
The 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 corrugated cardboard. In 1967, twenty young technicians from a variety 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. They 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 off 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
building a man
51
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
That was the problem: things were becoming too easy. Lifes goodness 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 counterproposal, so we would like to offer 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
offered me the position; I had myself suggested I take on the
job because they couldnt find anyone willing to leave La Tuque
to be the instrumentation and controls technician and to supervise 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! The 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 five years in Chatham and close to
another five in La Tuque. It was time to take on new challenges. 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
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.
The problems and solutions in a new facility are completely different 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 diplomas 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 instrumentation, 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
fifteen 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.
Then one day in 1973, my own boss, Hector Lebreton, the
maintenance manager, called me into his office.
building a man
53
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 managing 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. The
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 office:
Laurent, are you satisfied 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 offers you a
promotion? I would be wearing some pretty big shoes, but I knew
I could handle it. The number of people I had to manage jumped
from 15 to 250! The rules of the game were different 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
also afforded me the opportunity to complete my team of specialists. 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 hiring 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 office 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 coffee.
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. The company is offering 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.
building a man
55
Seizing the
moment
Me?... Im a
consultant for
Cascades
t was thanks to a bit of good luck and a few recent events in

the countrys history that Lucky Star was able to find Laurent
this time.
In the province of Quebec, the region of Tmiscouata in the
Appalachian Regions Notre-Dame Mountains was an important source of very high quality wood. In the town of Cabano,
the huge Fraser sawmill had been taking advantage of this valuable resource since 1898. In 1966, the sawmill was destroyed in a
fire; 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 five days in early August
1970, the population of Cabano held loud demonstrations in the
streets and at public meetings. They 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 demonstrators. The population was finally 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. There 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...
Seizing the moment 59
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 finished 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 fishing to working. 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 management at the CIP in La Tuque and Matane, he had founded,
with Guy Tremblay, a small engineering firm 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 demonstrations by the towns residents in 1970 to get things
moving again.
This corrugating medium, its the same product that they

made at the CIP in Matane, where you worked from 1968
to 1971. The 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, clarifiers,
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 finish. I just told my client that you might be
able to meet him to discuss his project and perhaps offer 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 field,
Laurent.
When, where?
Whenever its convenient for you. This week, if you can, seeing as youre here. The company is in Kingsey Falls.
Wheres that?
Close to where youre headed this morning.
Okay, fix 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 office. Great. Didnt they have a receptionist? They sent a worker to come and get me to meet...
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 company. 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.
The representative began his demonstration by sketching diagrams of machines and process systems on the large drawings
of the plant pinned up on the wall of the meeting room. I
listened and reflected. Im visual, so I mostly looked around.
While they were talking, I studied the drawings.
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 floor plan, isnt going to work.
Poor man. With my hands-on experience organizing factories and machines, I think I bewildered the representative. I
drew another diagram on the board: I would place the controls
here, instead, the refiners there. The pulp should go up here,
the washers, in that corner there; what does not go through
the first time goes back down, through here. The wiring, here,
the electrical control room on this floor. The 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 position in the company is, the representative interrupted.
Im a consultant for Cascades.
Bernard Lemaire was hooked.
That day, we went to have lunch together. We hit it off instantly.
It was almost as if each saw himself reflected in the other. We
were both in our thirtieshe was five years my seniorand
both experts in and passionate about the same field, hard workers, decision makers, risk takers, good with our hands, builders.
We were both in our element out in the field.
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 first-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.
Wednesday
At the piano bar of the Auberge des Gouverneurs in SainteFoy, Bernard filled 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 field of expertise was household and industrial waste and, in 1964, with my brothers,
we started making recycled paper. Weve managed to convince Rexfor. The Cabano facility will be equipped with used
machinery wherever possible. Well build it with commitment and pride, not collective agreements and big corporations. Money talks, and thats why its going to cost nine
million dollars instead of the fifty-five the Belgians were proposing 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. The 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. They 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 installation of industrial equipment and to refurbish the used
machines. Thats the one area I know nothing about. Think
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?
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. That evening, 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 finest and highly reputed wines in France.
Sounds perfect! And what is the name of this marvel?
An appellation dorigine contrle, Pommard, sir.
Itll be called
Laperrire &
Verreault, and
are we going to
work hard!
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 fish in water, and Bernard Lemaire was offering
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 discussed it with Gilles Roberge, everyone thinks its a good idea.
Theres 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 offer
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 buildings, 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
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 project. 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 confined, it would cease to grow. And what do
you think would have happened once the Cabano factory was
completed? They would have been thanked for their services and
laid off 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 negotiator. Being independent offers a great deal of freedom, but also
hefty responsibilities: they could handle both. They would find
other contracts, they would be the bosses, their business would grow
and bloom, like a healthy shrub in a garden.
Three months earlier, we had been over at Louis house for
Christmas. Jean was there too. During the year, we had occasionally broached the subject, but it was now time to stop
avoiding the issue and get down to business. The 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 finally. We all
knew he was right, but neither of us had dared state it so plainly.
They started building the Cabano plant last fall, and work is
advancing pretty rapidly. Look, we create a company that
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 contract. 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.
This 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?
That Christmas Eve, we came up with a hundred and one different names; everybody had a suggestion. But, nine months
later, in September, I would finally make the case for the
simplest of all:
Itll be called Laperrire & Verreault. That does sound a bit
immodest, I suppose, but, after all, itll be Louis and Laurent
wholl be running the show!
I arrived in Cabano one evening in early June 1975. The place

was deserted at that hour. I rented a room in a dingy, rundown motel on the shore of Lake Tmiscouata. There, 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. They
borrowed the money to buy a car and Laurent went home to
see Maria every second weekend. They 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 finally tracked him down at his home in
Charlevoix.
Jean! Its Laurent in Cabano. Ive been looking for you everywhere for a week! We need you.
Youre lucky to catch me. Im in between flights. 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?
There, 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 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. They painstakingly waded and picked
their way through the pile, recognizing various parts, figuring
out where they fit, 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.
That 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 technician 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 summer of 1976. It was then that Louis and I knew we had to
find 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, finally 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-laMadeleine to St. Raymond Paper in the county of Portneuf:
Un succs d'entreprise
remarquable (A remarkable
business success) proclaimed
Trois-Rivires local newspaper.
with every new contract, our company grew. Backed by the

new talent, each an expert and each as committed as the
other, Laperrire & Verreault solidified its expertise in the
rehabilitation of paper-making machinery for all kinds of
paper: newsprint, fine paper, recycled, corrugated, molded,
tar paper, bathroom tissue, paperboard, paper towels... the
list went on.
From 1977 on, the pace increased steadily. The musketeers and
their fledgling 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 fit another that was narrower there; assembling one working unit out of four relics...
Laperrire & Verreault was tireless; there was no challenge the
company could not meet.
The names Marcel Dub, Yvon LHeureux, Bernard Therrien,

Raymond Beaudet, and soon Ghislain Roy, Guy Croteau, Bill
Saulnier, and even the very young Richard Verreault appeared
on the company staff 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.
Laurent Verreault
Andr Piette, Engineering

Manager, Luc Fortier, Head of
Research and Development, and
Bernard Therrien, co-founder of
the Socit de Fabrication des
Vieilles Forges.
Watch out Qubec

Inc., because here
come the three
musketeers!
will always remember the day in 1981, when we took possession 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. This is what Id call some pretty
snazzy office space! And with the machine shop in the same
building... this is just fantastic! Freedom from those sardine
cans we called offices 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. That 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 finally
had his own machine shop, which greatly simplified the task of
building machines. His set-up here would be even better.
Here, well finally 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.
Everyone will have their own space. Bill, where do you want
your office to go?
I dont know yet...
Tell me, how much did we pay for this building?
Quite a bit more than what I had offered the seller, actually,
but Bill Saulnier, our eminently trustworthy accounting controller, 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 revenue as we were able to rent out more than half of the floor
area to the residents of Trois-Rivires. After five years of living
in a trailer in Cabano, we finally had suitable living accommodations in the provincial pulp and paper capital. I was giving 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 field, 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
Therrien, 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 The Same Thing 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 fitter 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
fitter and site superintendant
for the Construction division
of Laperrire & Verreault
since 1980.
hat to our pioneers, which included the workers of The Same

Thing 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 first 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 service. They did this repeatedly until they were jokingly dubbed
The Same Thing 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, instrumentation, 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 shareholders in our various companies. In this way, we fostered a sense
of belonging in them. These 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
Therrien together took over 50 percent of Socit de Fabrication
des Vieilles Forges. Guy Croteau became a shareholder in
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. The 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.
The 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.
The 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 subsidiaries, in the acquisition of companiesleaving the nuts and
bolts to his teammatesto make structures more flexible and more
efficient. 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 throughout the province and supported the development of a true entrepreneurial class, which was dubbed Quebec Inc. This development
was highly beneficial to Laurent. In fact, he took advantage of it to
place his pawns strategically around his chessboard.
Sometimes, it would be Robert Dorion who, by urgent request,

would sit down in an empty office 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.
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.
tructions La
s
n
1
8
9
1
ult Inc.
ea
e&
rrir Verr
e
p
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 fix 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 corporate entity thats separate from the others. Laperrire & Verreault
is mostly pulp and paper; Vieilles Forges is component machining; 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 absolutely right about this new company.
Any ideas about how to structure this company?
Thats your specialty, Laurent! I was thinking that a company 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. This 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.
Co
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 TroisRivires. They want to be paid before delivering the work!
What do you think, Bill? Youre the accountant.
I think theyre in financial difficulty 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.
Those 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 firm
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 profitable business. We never found out
exactly why, but perhaps that was the reason that the MaxiPlus offices on Thibeau Boulevard in Cap-de-la-Madeleine
were known as the candy house by every employee in the
company.
Laperrire & Verreault was doing well. Through 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. The 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.
And so we purchased a small machining company in TroisRivires, in the Mauricie region, called Massicotte & Arcand,
which we soon resold, as well as a microcomputer business
called Ormique. The shop was not nearly big enough, but the
administrative and financial exercises of purchasing and reselling 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 profit through the transactions.
They were like young wolves. They 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.
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.
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, suffered a significant 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 off, 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,
which is also a bustling centre of industrial activity. Second,

along with the business, well be acquiring their clients and
order book. There 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. These three
are among the biggest construction sites in the province at
the moment.
We bought Les Industries Couture in 1987. It was a large company 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 fields 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 offering the year before
achieved excellent results and we had the financial 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 first. There 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.
upe Lap
er
Gro
r
Verreau
lt
c.
In
&
re
i
8
19
Laurent Verreault at
3100 Westinghouse Street,
in Trois-Rivires.
CA
us, Canron would complete Les Industries Couture; each would

support the other. We acquired the division in 1989.
ON
R
N
9
8
9
1
The 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 conservative senior management, too many stuffed 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. The plant manager, Michel Glinas, could barely move
a paper clip without first getting authorization from Toronto.
We had never run things like that at Laperrire & Verreault. We
were particularly dynamic entrepreneurs, and they were somewhat 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
the shop floor. One morning, one of the employees came into
his office:
Mr. Glinas, our damn forklift truck is broken again. Its going
to cost four thousand dollars to fix, but we need
authorization.
Can we get by without it for a while? Michel asked him.
Not for too long. There 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, fifteen years old, at least. We invest five 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.
Buy a new forklift. Yes, you understood correctly, a new
forklift.
It took thirty seconds instead of three years, and we werent
even officially 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. That
way it was easier to break bad habits or change procedures
that no longer suited the way the company would now be
managed.
ATELIE
R
Twenty, twenty-two thousand...
BRON INC
FA
.
9
8
9
1
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
efficiency.
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
differently.
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!
welcome to
the big league I:
Groupe
Laperrire &
Verreault Inc.
n spite of our numerous acquisitions, business start-ups, and

the companys growth, the last five 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 profit margins were 30 percent, if we had to
spend nearly 20 percent in interest and 10 percent to 12 percent 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 staff at 3100 to one
essential employee: Ren LHeureux. In 1984 and 1985, during
this financial low, I took the time to do some serious juggling.
He didnt start out as a financial 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 field. He had never earned a degree from a prestigious business 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 listened in silence, attentively. Bernard talked about the governments 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...
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 forward. 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-five employees and the best partners and
shareholders...
Bill, in my office 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 flexible share capital structure that
allowed us to sell the number of shares required to generate
the money we neededno more, no less. The original shareholders, Jean, Louis, and I, decided to retain the option of
selling our part in the company and to not sign the shareholders agreement, even though that was common practice. Each
of the three musketeers could, in this way, break away from
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 difficulty trying to conceive what GL&V should
be because we did not know what the future held. This new
entity was a little like an ugly duckling, in that we had no inkling 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.
Bill Saulnier was VicePresident and Chief Financial

Officer until he left in
December 2004. He joined
the GL&V team when it merged
with Les Services Maxi-Plus.
It certainly guzzled more gas, but we knew what fuel would

make it run best: public investment. The 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 savings plan again. Created in 1979, this tax program allowed individual 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 financing 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 first 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.
The major change in going public was the arrival of a board of
directors. This 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.
The process was a little slower, but underpinned by the flair,
knowledge, and expertise of the directors, we ended up going
much further. The board could also act as a buffer between
the three fighting 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 decisions, these three egos rubbed up against one another, often
causing sparks to fly. Sometimes, an outright fire would break
out!
Ren, come into the office right away.
Louis, Jean, Bill, and Robert Dorion, our lawyer, and I were
meeting with the brokers representatives in a cramped office 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! The broker, Lvesque Beaubien, has just given us a
check for the shares we sold on the market.
Bill Saulnier, Louis Laperrire,
Laurent Verreault and Jean
Desbiens during GL&Vs initial
public offering on July 7, 1986.
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.
See for yourself. As youre the only employee left in

the office, 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 firm, lawyers, and
accountants, that would leave $3,600,000. While, today, these
types of financial 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 confidence
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 offering the possibility of medium- and
long-term profits through an issue of common and multiplevoting shares. As holders of a significant 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 off 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 certificate that I had issued to
commemorate and recognize our first successful foray into the
public market.
welcome to
the big league I :
Hydro-Mcanique
Inc.
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
flew 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 instrumentation technician but also the companys strategic visionary.
As for Louis Laperrire, he was the builder, the leader of workers and of worksites. His views on business management were
very different from mine. Like me, he was a man of action
who performed best in the field, 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
ruffled 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, first 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 fishing trip
with him to an area far north of Natashquan for a little rest
and relaxation.
Laurent, this man will be your guide for the weekend. Jean,
this is yours, and this guide will be mine. The lakes here are
vast, we wont be fishing 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 fish 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 fish 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 five.
No, we eat breakfast at eight. Well go fishing 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 fishing for
brook trout; the trip had been superb, the fishing 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. This is the way its always
been, but it cant go on like this any longer.
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 something to propose?
Summit meeting: Laurent

Verreault and Brian
Mulroney during the prime
ministers official visit to
Trois-Rivires in the early
1990s.
My neighbor in Beaupr might sell me his company. That

would provide me with a functional, permanent team, clients,
a full order book, and engineers. Hydro-Mcanique is specialized in wastewater treatment, a field we havent yet explored
but thats related to pulp and paper. Im proposing acquiring Hydro-Mcanique and merging it with Constructions
Laperrire & Verreault.
Youd move everything to Trois-Rivires? Wed all be located

at 3100?
Not at all. This new company would remain in Neufchtel,
close to me, but with an office 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 different 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
Pas question de quitter

Trois-Rivires (No question of
leaving Trois-Rivires), read
the October 8, 1988 headline
of Le nouvelliste.
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 significance 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.
This 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 afforded us some freedom from the up-anddown profitability 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 profits,
which, from that point on and for a few years to come, truly
turned the tide for GL&V. These enormous cash reserves
allowed us to target acquisitions outside Quebec, launching
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 staff were renowned for the
quality of their service, notably in engineering, with the electrical controls team headed by Ghislain Roy. This 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 eventually chart a different 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 construction, while GL&Vs expansion into the North American and
European paper manufacturing equipment and services, and
liquid/solid separation technologies markets had definitely
taken off.
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 different kind of musketeer too. Louis managed
practical projects and complex, one-off, 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. They had fulfilled 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!
First, we take
North America
Groups within
the Groupe
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.
This 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 separation technologies. The separation principle is simple: once ore
is extracted from soil and crushed, it is washed in water. The
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. That was the challenge of the new technical
field into which we were entering with Dorr-Oliver Canada.
The operations of this new GL&V group, called the Process
Group, were more centered around intellectual property, technologies, 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. This 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
first, we take north america 107
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 find 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.
The challenge for this new general manager was also almost insurmountable! 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 fiery and instinctive Laurent, Greg was a good ally
and helped Laurent to weigh difficult 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 employees confidence with his upright and strong business leadership, but
also with his sensitivity and team spirit.
It was these same qualities that won over Laurents confidence 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. The 1990s
would be firmly 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.
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
to the benefit 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 confidentiality. 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.
That meant, however, that it was necessary to shrink and perhaps eliminate the Manufacturing and Construction groups
altogether. Early enough in GL&Vs history, I understood that
maintaining shops, factories, foundries, and other manufacturing 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.
and marketing our products, but having them built elsewhere.

The decade of the 1990s would see us sell or close our shops,
which were almost all divisions of companies we had bought.
These 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 fit
into the framework of our business development. Our partner in GL&V Construction, Louis Laperrire, had been only
too happy to go his own way, and it suited us to be able to
offer him the chance to pursue his own ambitions. When he
bought out our subsidiary Hydro-Mcanique, acquired in
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 firm. In the months
that followed, he bought, salvaged, and successfully integrated
his sick little outcast company into the rapidly growing
GL&V.
The Pulp and Paper Group was operating at full tilt, supported
with great efficiency 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 experience. 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.
The backache
years
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 employees 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 flexibility in the
collective agreement to make sure the company could remain
competitive and profitable 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.
The 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...
This 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 profitability problems.
Hey, if you cant manage your shop, why not just close it
down?
Yeah? Just watch me...
At noon, I put GL&V Trois-Rivires into bankruptcy. The

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. The
unionized atmosphere along with the months-long conflict 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. That 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. The 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 laborsponsored 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 refinancing in place for GL&V Manufacturing, and were
starting afresh.
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 first office in China
and held the position until
2010. He is now Vice
President, Global Procurement
for the Ovivo Group.
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
difficulties experienced by paper manufactures were behind us.
While thankfully rare, the personnel conflicts 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.
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.
Our strategy failed, most likely due to the enormous and insurmountable differences in the French entrepreneurial culture:
thirteen-month salaries, a tedious social hierarchy, innumerable administrative and legislative technicalities, unfamiliar
banking practices, incomprehensible contractual language, a
fastidious, strict and inflexible style of personnel management,
the administration, the company committee, the former managers, the unions, the holidays, the days off . . . Everything,
absolutely everything was working against us! Thankfully, we
were able to unload it without losing too much money!
Theyll 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
during the negotiations. They have fond memories of wonderful

meals with fine wine; they also remember their French collaborators, 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 compassionate towards his collaborators.
In 1994, Laurent had been a company head for twenty years.
Before that, he had been an employee for fifteen. 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 find out about problems that needed attention, before heading up to his office. 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. This was the same Laurent whod sit
down with them in their office in the morning to share a coffee 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 office
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
nor responsible for themselves or anything else for that matter, well,
that made him blow his top.
The 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 inflation, interest rates approaching 20 percent, unemployment rates of between 15 and 16 percent, the
banking crisis, the stock market crash, the restructuring of the
economy, international competition, privatization, deregulation: it was within this storm that we were building GL&V!
The 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. They 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.
The Canadians
in France
n the branch office, 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 realized 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?
Thats how it is, sir. This 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
filling out multiple copies of his official 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...
Then Ill take back five thousand francs to at least have something to live on during the next three days.
You cant do that, sir. I repeat, your money is frozen. Sign here.
The manager of the Banque Nationale de Paris in TroisRivires called you, in front of me, to provide us an introduction to this bank. We dont come unannounced. We may not
know each other, but Id say thats a fairly good endorsement.
The 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!
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?
Thats not my problem, sir. Your money is frozen. Come back
in three days. Sign here, here, and here. Your receipt, your copies, 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 administrative 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. The 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, clarified much of the jargon. The 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 general 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.
manage and integrate the personnel. I was chosen to learn all

about the way this organization ran and to meet the employees. 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 practices and our way of operating into the company as quickly
as possible. My first 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
sufficiently prepared to take on French society, its antiquated

administrative practices, and the different 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. The
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.
This division was responsible for building machines that produced plastic film 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. The company committee had a
meeting last Thursday 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.
Well, the first of the month is a holiday, and so is the eighth,

the twenty-first, the thirty-first, and the first of the following month. We dont work on Fridays or Mondays. Those are
bridge days.
Pardon?
They bridge the days off, sir. Because Thursday is a holiday,
and nobody will be working in any case, we take another day
off 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?
Marc Cohen joined the
GL&V team following the
acquisition of Ateliers Allibe
France in January 1993.
If youre talking about the weekends, yes, Mr. Glinasse. Four

days off in a row. Thats 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 different society, where they do not attach the same importance to work and family as in Quebec and North America.
At the previous weeks meeting, there had been the organizational chart episode.
We have a problem, Mr. Glinasse.
Please, call me Michel, will you Marc?
Oh, no, sir . . . I wouldnt feel comfortable doing that . . .
The organizational chart you have drawn really doesnt work. I
would go so far as to say it has angered some.
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, finally, 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 carefully, the quality engineer in the column on the left is lower
on the page than the quality technician on the right. That
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 welldefined, 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 profits. We lost quite a bit of money with
flawed 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 unprofitable operations. He reached a verdict
quickly: it was a mess that should be sold as soon as possible!
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 first 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 finally proved too complex for us.
We were lucky enough to quickly find a buyer in Germany,
a European company that was better prepared for a French
adventure. Our purchaser was pleased with the acquisition;
the officers happily signed the simple, four-page, double-spaced
contract we had drawn up ourselves.
On March 31, 1994, we were free of our French fiasco. 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. The administrative practices, social protection, and notions of legality are far too different 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.
North America,
here we come!
hings were definitely cooking at GL&V! Laurent was more

eager than ever and, in his fifties now, had decided to concentrate 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 off 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 off
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 off one of its
divisions, and purchased the specialized manufacturer National
Refiner 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!
The transactions often brought in money and occasionally lost
some, but they always required significant capital. At the start of
the decade, Lucky Star arrived on three fortuitous occasions to

suggest that they issue shares and equivalents.
GL&V also offered an excellent and original product, the convertible 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 offer pleased the
shareholders, because, yes, business was going very well!
Dorr-Oliver Canada had opened the door to access the relatively
lucrative field 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
profitable 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 offered 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
office 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
Clawson-Kennedy, the Canadian company that manufactured

equipment for paper mills, was up for sale.
This 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!
Richard Verreault
currently serves as President
and Chief Executive Officer of
GLV. From 2005 until his
appointment,
he was President and Chief
Operating Officer. 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.
I quickly worked out my game plan. I immediately transferred

Richard Verreault from GL&V Dorr-Oliver in Orillia, where,
for the last five 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 fifteen, 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 corresponding, modern vision of management. They appreciated each
others understanding of the company. For my part, I offered
the father the moon; I talked to him about how our family business 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 significant participation in the profits
in years to come. He was seduced not only by our story, which
reflected 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 negotiations, due diligence review, and contractual arrangements 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. The 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 market 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 specialized filtration 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 profitability through our strict control practices.
Ke
on - nnedy
s
w
1996
e
Lt
To know what we were up against, we devised a strategy

whereby we were able to obtain the details of the offers 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 financial and cash-flow 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!
Black C
la
the goods as promised, or as close to that as possible! I have a

truly amazing team!
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.
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. That 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, profit, costs,
hundreds of day-to-day details, and, most importantly, the people who
made the place run, all at once.
Hello? Laurent? Its Yvon, in Vancouver.

Hey, LHeureux! You vacationing on the Pacific 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 five fifteen here. You think Im calling
you now because its quiet? I have eighty-three checks to sign. I
have to first 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 fire 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.
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 confidence 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. These are your decisions, and were sure that
they are good ones. Were behind you.
Lucky Star, who understood that confidence breeds success, which, in
turn, garners respect, was behind him too. The integration of LaValley
Industries by Yvon LHeureux was an excellent example of this.
The changes that were needed were made quickly, but correctly,
as was customary with GL&V, to signal the arrival of the new
Quebecois corporate culture. The next step was to build confidence and earn respect at every level of the company.
Confidence between the new managers and the employees; confidence
between the local, experienced managers and the parent company;
confidence in the old methods but also in the new practices; confidence
in the decisions being made and in the future. Lucky Star knew that
confidence 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 cylinders that would evaporate the moisture in the paper sheets.
Our cylinders were finished and coated by Black ClawsonKennedy, but we first 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 foundry in Hudson Falls in the state of New York, which gave it a
significant 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 advantage that the technology we used allowed for greater steam
pressure. The acquisition of this highly specialized foundry
also gave us the chance to divest ourselves of Black ClawsonKennedys 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.
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 replacement parts market was going well. These 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.
They exposed their weak spot in the middle of 1999, and
GL&V pounced! Their attitude had led them to grow too
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
affiliate 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 profitability.
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 Refiner Plate, a small company
specialized in manufacturing refiner plates used in the preparation 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...
Nation
al
quickly during the recent boom years. Once their market 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.
finer Plate
Re
9
19
Photo by Pierre Roussel
Laurent Verreault at the Les

Nouveaux Performants
gala.
Mixing growth
with pleasure
Vlkomnen
till Sverige!
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 fluids used in food and beverage processing, such as cream separation, milk sterilization, and soup packaging. Celleco had only a few hundred employees, concentrated
in Sweden and the United States, who designed, built, assembled, and sold hydrocyclones, the centrifugal purifiers used to
separate and remove impurities from paper pulp.
It had offices 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 offices 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.
Mixing growth with pleasure 143
But we needed to understand who we were up against in this

acquisition contest to be able to adjust our strategy and our final
offer. I knew we were among three potential buyers; I also knew
that one had recently pulled out, and I needed to find out who
the third one was.
I have an idea! Bill announced as we were pulling into the
Stockholm train station following the first negotiation meeting.
Stay an extra week? Hire a detective? What is it?
Swedish companies traditionally fly the national flag of visitors
to welcome their delegates. During our trip to Hedemora,
Celleco flew the Maple Leaf on our behalf; if we could discover
which flag 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 firm in
Stockholm. They have an office in Hedemora: ask him to send
someone to look at the flag flying 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 offer and negotiation strategy accordingly. First, we reduced our opening offer
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
profits 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.
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 offer!
With Celleco and its proprietary pulp filtration equipment, we
established GL&V Pulp and Paper as a leader in Europe, the
Americas, and Southeast Asia. Our main products were hydrocyclones, which cleans paper pulp using vortex and gravity, and
disc filters. We had access to a vast global market for our models
of every size and flow 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 corporation in Sweden, a country that was vastly different from Quebec.
While we had certainly experienced our share of troubles due

to cultural differences 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 first months
of administrative and financial integration, and Ren LHeureux
for human resources matters, and all this on a global scale.
Alfa Laval had accepted to house the offices and administration
of GL&V/Celleco for a few months only...
We needed enough time to find a permanent location in Sweden
and relocate all the staff; 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 different cultures.
We also had to modify all the working procedures for all the employees in the offices in six countries, including translating all the documentation, 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 profitability. 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 consensus. This 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
office in 1999.
Svetlana Vinogradova,
GL&V/Celleco Russias office
manager, and Diane
LHeureux in Saint
Petersburg in 1999.
preparation. In Sweden, quality of life is often considered to be

as important as work, and their notion of profit is quite different
from ours.
... but, compared to my personal efficiency criteria, I found
the Swedes a bit slow. Thanks 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 integration. You should go home, youre in our way.
That 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.
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
file? Tell me where we are with...
Laurent, youre in our way. Go back to Trois-Rivires and find
some other projects. Let us finish 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. The 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! This 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 find ways not to ruffle them so much.
Were all different; were as different to them as they are to us.
Laurent, Bill Saulnier also says to tell you, Go back to TroisRivires. Im handling the bankers, and Im able to charm
them... even while I insult them!
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 officepeople 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
Cellecos offices in Hgersten,

Sweden, in 1999.
understood the situation. In fact, they really enjoyed their visit.

The 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; finding 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!
Gilles Morin, Director, Human
Resources, Zhang Junnan,
Manager, Engineering in
China, on an internship with
GL&V, and Ren LHeureux.
Laurent Verreault in front

of the purifiers at the Celleco
plant during his visit
to Russia in 1999.
... and everything had to be done fast and well so that we could
finalize this European integration and move on to another
hugely important North American acquisition I could see looming on the horizon. Back in 1997, our Pulp and Paper Groups
main competitor had engaged GL&V in a game of chess.
The chess
game
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 profit.
One of GL&Vs major acquisitions in the early 2000s demonstrates 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 chessboard, 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
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 profit to be made, Mitsubishi became
a 20-percent partner. The powerful centenarian Beloit, the
most profitable 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 five
companiestwo in Europe and three in the United States
consolidating its offer 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.
The 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
offer 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 office team in 2000:
Martin Dessureault, Andr
Picard, ric Ppin, Gino
Lessard, Nathalie Bouchard,
Alain Rivard, and Jose
Boivin.
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 offered us the world.
I was not ready to sell; I was enjoying growing the company.
We declined the invitation.
Laurent nearly accepted; the offer 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 offer to Beloit to buy its
Chemical Pulp division in Nashua for $60 million. It was a
trial move: they had bought this game piece three years earlier
for more than twice what we were offering. No one was surprised that they refused!
The third move

The 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 difficult and cooling Asian market. He lost this gamble
in June 1999: the company filed a petition for protection
with the U.S. Bankruptcy Court to undertake a financial
restructuring.
The 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 affected by Harnischfegers refinancing difficulties.
Business was being conducted as usual, strategic decisions
continued to be made. But when queen Beloit was sacrificed to
save king Harnischfeger, the rumor mill kicked into high gear.
In November 1999, the news broke: the grand Beloit would be
taken off the game board, shut down, and put on the auction
block to cover the kings debts. It was time for another move.
The bidding was on.
checkmate
By the end of December, only a few buyers had submitted offers
for the various divisions of Beloit. The 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 commitments 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 off 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 first 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 potential competitors, both big and small, in one or the other of the
parts we were looking to acquire: chemical pulp, winders, and
specialized services.
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 different package than
our stalking horse bid. The unique configuration of our offer
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 offers in,
its four oclock. What are we waiting for? Richard was starting to get impatient.
Another bid could come in. Were hoping that will happen:
your offer is too low for our clients, answered the lawyer representing Beloit. Metso, for instance. We know they are interested, and they will raise the bidding.
The lawyer was playing the game too, but mostly he was playing 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 offer 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.
158 Laurent Verreault et GLV
Pierre Lpine was

Vice President, Corporate
Development from December
1998 to December 2005.
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.
Thank you. Thats what I thought.

At six oclock, Richard had run out of patience:
Go and get an auction officer, now. We have an announcement to make.
As soon as the official 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 offer. 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. Thats all.
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 technologies, along with its thousands of pieces of equipment for making pulp and winding paper around the world. Beloit was the
last critical piece we had to acquire to definitively consolidate
Groupe Laperrire & Verreaults worldwide presence as a major
player in the pulp and paper sector: equipment design, technology 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. The facilities were located in Nashua in
New Hampshire, and in Pittsfield 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 TroisRivires, 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 specialized products; the one in Nashua served no purpose, as we
could subcontract out to GL&V Manufacturing or elsewhere.
The decision was made to auction off some of Nashuas tools and
equipment. In that operation alone, we recovered approximately
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.
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.
two thirds of what we had paid for Beloit. In 2002, the factory was closed permanently, the building was sold, and the
remaining manufacturing operations were transferred to
Trois-Rivires. The same would happen with the research
laboratory in Pittsfield.
In 2002, once the integration and restructuring of the Beloit
acquisitions had been completed, all that was left was the
engineering office in Nashua, New Hampshire, and our
finishing 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 off what was of little value to them for a sizeable profit. The
resale had paid for the purchase.
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 information... 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 office, 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. This partner, they said, did not have
the money needed to move forward.
Yet, it seemed to be an easy and profitable 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 scheming 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 fiasco, in spite of Rens efforts, whom I
had transferred from Sweden to Spain to direct the project. He
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 Officer
since 2006. He was appointed
President of the Water
Treatment Group on June 7,
2012.
battled until the final 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.
Restructuring
for a successful
relaunch
ith the foothold we had gained in North America

between1996 and 1999, along with our major acquisitions 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!
The 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.
The 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 significant
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.
We had bought numerous companies in this sector in North

America and other parts of the world. The strategy had achieved
excellent results in terms of commercial positioning. GL&V was
now the owner of a vast quantity of highly renowned technologies and brand names. Many of these technological solutions
could be found in an impressive quantity of installed equipment
throughout the world. This guaranteed positive results for aftermarket 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. The price of
pulp and of paper of all kinds plummeted, and major investments by paper mills were drastically reduced.
To counter these sagging market prices, the industry elected to
modernize and upgrade existing equipment to reduce their production costs. New and more efficient 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 activities, such as those in Nashua, to concentrate them at GL&V
Manufacturing in Trois-Rivires.
In North America, especially, results were poor, and this is where

GL&V carried out the most radical reorganization of its business. In some of our production units, the troughs followed peak
periods at such a dizzying rate that it was impossible to keep up;
cts Lt
d
odu
r
P
E.L.P
.
Asia and the Southern Hemisphere were largely feeling the

effects of weak prices somewhat less than the West. In fact, substantial investments were being made in Europe and Asia, and
sales there generally remained healthy.
Laurent Verreault
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 difficult 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 office 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, effectively, 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...
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 find and apply solutions. The situation 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. This three-million-dollar contract with a
client we barely knew nearly cost us a part of our engineering staff. These are our experts, in whom we have invested
heavily for many years and who are indispensable. In the end,
we pulled it off, but our profits 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 off 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 offer? 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.
They 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 entrepreneurship: close Nashua rather than LaValley, where they are
Martin Dessureault has

been Chief Controller for
the Pulp and Paper Group
since he started at GL&V in
August 1996.
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?
There are other plans for Richard, I answered.
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.
If we were to apply our usual cost-effectiveness 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 profitable. 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. That would give us some office 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. This restructuring saved us between $6 million and
$8 million dollars a year over the next several years.
We were especially pleased, along with Bill Saulnier, our controller, 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 effects 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 finally 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 retirement 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.
The energy of the Blues and the Dependables was being
reoriented anyway, due to all the major additions and shuffling
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 April2001. 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 difficult episode of the Pulp and Paper restructuring, we once again turned our sights to expanding, but in
other, more promising, directions.
A vision as clear
as... water!
n the early 2000s, while our Pulp and Paper Group was being
redefined 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 difficulties. The mining sector,
targeted by our Process Group with its liquid/solid separation
technologies solutions, was also experiencing its share of boomand-bust cycles. GL&V was able to adapt its activities to these
roller coaster rides, but it was definitely far from the most satisfactory situation.
As for me, Im a pulp and paper guy. I was trained and grew up
in a paper mill. That 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 different backgrounds and had different 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
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 talking 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. This field 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 field, and theres
no end in sight. Where will we be in ten or fifteen years if we
stay in these far too cyclical fields of paper and mining? The
Bart Yule joined GL&V

following the acquisition
of Dorr-Oliver Canada in
September 1990. He was
Sales Manager and then
General Manager of DorrOliver Canada under GL&V
until he left in October 2004.
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 Officer
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.
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 practices, 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. They have
seen much, traveled much, reflected much, and made countless
An example of two pieces

of equipment among
thousands produced by
the group.
ADDAX Au
Ltd
alia
str
20
00
*
decisions along the way. Getting a top executive or, in particular, a

leader of men, to see things differently 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. The 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
first 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 flagship company GL&V/Dorr-Oliver. We had
just bought Dorr-Oliver International the year before,
Environmental Equipment & Systems was located fifteen
kilometers away, in the neighboring city, and the two operations complemented each other.
There, we already possessed a first-class portfolio of filtration
technologies and equipment and, more importantly, the personnel who knew how to use them.
Three 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.
The water group was taking shape. We were learning about and
advancing cautiously in this field we had little experience in.
We had other fish 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.
Then we take
the world
t this juncture, history repeats itself somewhat, but it

gives me enormous pride and pleasure to recall the
events. These were key stages in GL&Vs growth.
At the beginning of my career, when I was an instrumentation 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 filtering pulp
on the Celleco vortex systems. In 1998, thirty-five 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 oilfield services company
Baker Hughes was selling off its specialized mining sector
liquid and solid separation division, including a small unit in
the water sector. They 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 profitable venture.
There was no Mergers and Acquisitions department at GL&V.
I always relied on the operators, sales representatives, and
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 buying 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.
That was how the people in the field in GL&V/DorrOlivers Process Group let us know that a quality competitor
was for sale. Its head office was in Salt Lake City, and it
had subsidiaries throughout the world. The company generated 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!
This company of my dreams was active in three areas, one of
which was not immediately obvious to us. It offered the same
expertise and technologies as GL&V/Dorr-Oliver in mine
water treatment processes and provided liquid/solid separation services to a few paper makers. These were the two sectors
which were of greatest interest to us.
However, what we discovered while conducting our due diligence 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
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.
Laurent Verreault featured in
the Personnalit daffaires
(Business personality) section
of the newspaper Mauricie
affaires, April/May 2003.
GL&V sinstalle en Europe
(GL&V sets up in Europe)
announced the April/May
2003 edition of the newspaper
Mauricie affaires.
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 development, 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 worldwide integration was difficult in the extreme. The 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.
Doubled its yearly sales, doubled its staff, doubled its global
presence, and doubled its areas of activity. Doubled everything in
one action, and, what was more, during a difficult period caused
by a slumping pulp and paper market, when mines had depreciated in value and banks were spooked and excessively cautious.
Laurent Verreault was a true long-term risk investor, a charismatic visionary, a hard-headed decision-maker. He wanted this
company and he got it!
Despite GL&Vs excellent financial results, the bank didnt want
to extend them a loan for this money-losing business. That didnt
faze Laurent; he would simply raise $30million through private
investments. Lucky Star would watch over things...
With its sales of $250 million plus its $15 million annual deficit, 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 profitability, first
by divesting ourselves of the manufacturing plant and a few
marginal operations. Then, under the sensitive and balanced
intervention of Ren LHeureux and Roger Lessard, we brought
the number of employees in all of EIMCOs offices 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 insignificant event.
Roger Lessard has been

the General Manager of the
Pulp and Paper Group Brazil
since November 2001.
Dorr-Oliver Eimcos offices in

Rugby, England, in 2002.
A business lunch with the DorrOliver Eimco team in China,
in 2002.
The glut of work that the Trois-Rivires head office 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 particular. 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. The last step in
the hiring process was for this person to meet Laurent to obtain
his approval.
Laurents first words to the new hire were: Why should we meet? I
dont need a lawyer; I already have Robert Dorion. The rare pearl
answered, firmly 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 difficult for us to work together.
Laurent paused for a long time to reflect 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. This is a male-dominated organization, a bloody boys club, and your life is going to be very difficult,
Madam.
The subsidiary began to turn a profit in 2003. Supported by

a marked upturn in the global mining market, it had even
generated profits in China, India, Russia, Brazil, and other
emerging countries.
kett Gre
e
rac
td
nL
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 colleagues. I always said to all the employees: work hard, we will
support you; fall and we will help you up. Be your own builders, the artisans of your own futures. I like entrepreneurs.
The most constructive part of the integration was, in this one

as it had been in every integration in our history, the establishment of GL&Vs entrepreneurial culture.
e Came
Elit
r
Ltd
on
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!
Olga Matveeva, Peter Smirnov,

Laurent Verreault, Svetlana
Vinogradova, and Igor Lakeev
at the GL&V/Celleco Russia
office 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.
And it certainly did not hurt that GL&V also had a presence
throughout the world!
The 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. DorrOliver 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
Laperrire & Verreault during the time of Quebec Inc., Laurent

had created, bought, or sold a company every fifth quarter.
The 1990s served to consolidate the various groups
Manufacturing, Process, and Pulp and Paperand Laurent
completed a major transaction every fourth quarter. With the consolidation 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 definitive 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 complementary to Perplas, in the United Kingdom, as well as a division
of Kvaerner Pulping Business in Sweden, all three being specialized 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 mechanical or biological filtration technologies. We had to assemble
2006
a well-balanced portfolio of high-technology screening, membrane, and biofilter 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 firm Enviroquip,
and finally, COPA, with operations in the United Kingdom
and Australia.
Contrary to the early 2000s, when financial establishments had
been skittish, these years were easy and conducive to our acquisition 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 profits for four consecutive quarters, and an annual profit 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.
METSO
L
PER TD
PA
PA
LTD
LTD
PA
O
C
LTD C
O
PA
O
This 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!
PA
LTD CO
.
nc
iroquip I
nv
Selling it all
to keep it all
Putting on our
dancing shoes
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. These 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
Officer, the senior officer in charge of field operations; Marc
held, jointly with Sylvain Ouellette, one of the positions of
Vice President and Co-Chief Financial Officer. 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 flown to
Orillia to buy Dorr-Oliver, to embark on a new beginning.
That 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.
selling it all to keep it all 191
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
off his seat.
To consolidate this group, in early December only, I had
concluded the biggest transaction ever undertaken in the history 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. This Arizona-based company was in excellent
financial health, and acquiring it effectively filled in the few
missing pieces in the services we offered the mining industry
by rounding out our customers process flowsheets.
Above all, Krebs positioned us globally very comfortably in
the highly lucrative aftermarket service business for highperformance 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. Then 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.
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 acquisition, 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 office.
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. There
had been all the legal and financial 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 offensive. He put on his best dancing shoes.
Thats his style.
In January 2007, I went to visit FLSmidth to discuss the broad

terms of the sale of our Process Group, the entire GL&V/DorrOliver Eimco division.
The Danes had a problem: their business was mainly active
in the cement industry, which was on the decline. Their
strategy had been to diversify and develop in the mining sector.
Our technologies, trademarks, and expertise would be a huge
benefit to them.
They 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 five 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! Theyve accepted everything!
Offer, price, conditions, timetable, everything!
You were really able to sell them only Process? They 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
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 five 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... Think 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 five in the morning on his birthday,
and he still offers me his congratulations. He has been there
during all the major decisions of the company, almost from our
very first acquisitions. What incredibly good fortune to have
this strategic-consultant-advisor all rolled into one, available at
any hour of the day!
Selling
everything,
keeping
everything...
rebuilding
it all
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 commercial law, international and national corporate legislation, corporate 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 shareholders 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.
The 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. The 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. The preliminary negotiations for the sale of the flagship company had
happened so quickly that no one was even aware of them.
The 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.
The board of directors had to create an independent committee, supported by external advisors to negotiate with the buyersFLSmidth 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 first time in my entire thirty-two-year career as an
entrepreneur since 1975, I, who had personally led every transaction 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 practically day and night, and under the most extreme conditions,
earning the Distinguished Lucky Star badge in the process.
Laurent was entirely disqualified 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.
There 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 international 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 everpresent precipice of laws, regulations, taxation, administration,
bureaucracy, and complications... uncharted territory and grey

areas to wade through with the experts, most of whom had themselves 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 confidence
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 benefit 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. That was what we
would do.
From that moment on, we were able to build togetheralbeit
with enormous difficulty because it was so complexa new
public company into which these groups would be transferred.
The 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. The 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!
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
profit. 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 acquisition 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 final
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 finalized soon so that we may continue and conclude this sale,
Richard argued.
His well-founded concern was that the buyer would try to

squeeze us at the last minute to try to turn some of the arrangements 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
finalized 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
office. 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. The 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 office.
FLSmidth would be caught in its own trap; time was on our side.
A few days before their annual general meeting, these final
details still hadnt been settled. The 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...
We timed our conference callfive 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. They 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 filing 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 signing 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 benefited from the stock savings plan and acquired
these shares when they were first 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 profitability
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
Fournier, and Douglas Wetherbee. Others arrived in 2007,

bringing different 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 Woodruff.
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.
There was surely some business worth acquiring waiting for
him somewhere on earth.
Or on water...
Pieces for the

reconstruction
t is common, following a long period of labor or intense

creation, to feel an emptiness, a sort of calm after the
storm. This is usually a very difficult 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 reflect
on what has been and what will be.
The atmosphere is hushed; the clock ticks slower; there are no
pressing matters to attend to, but life still continues to hum
around him. There is a combination both of new birth and of
mourning in his soul; it is a time for him to reflect on the past
and start planning for the future. He is conscious of old habits
and well-entrenched reflexes 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.
That morning, the Arrangement came into effect. By virtue of
this Arrangement with FLSmidth, after eight totally frenzied
months in all our offices, 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.
Together, we had brought GLV Inc. into the world.
I had succeeded. Or, rather, we had succeeded.

Yes, I could have pocketed my share of the profit from the sale
and gone fishing or taken a well-deserved retirement. I could
finally have played golf in Florida all winter long and gone
skiing around the world the rest of the time. But, at sixty-five
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 something 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
fiddling 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 fledgling Water Treatment Group,
and our small Manufacturing unit.
V
L
G
20
Inc.
This morning, every last step in the transaction had finally

been concluded. Trading activities, the lifeblood of the
company, would begin in Toronto in a few hours, under our
new identity, GLV.
V Inc.
007
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 finishing. With seven hundred
employees, the group enjoyed a presence in thirty countries,
chiefly 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. The 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 five
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 office 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 significant costs, which reduced its profits and lowered
GLVs overall net earnings.
That would change, of course: there were many nonrecurring expenses linked to the Arrangement, and we would
V
GL
all work together to energize our waterthe commodity of

the futuresector.
The 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. The remaining quarter was
generated in the industrial sector, from process water and
wastewater treatment technologies and fish-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 ultrapurification, 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 different 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!
There was, indeed, much to do, but with less personnel and reduced
financial means. The Process Group had been extremely profitable
and had also generated the cash needed for both everyday operations
and acquisitions, which were needed for the company to grow.
In selling off 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! The companys structure was as complex
as it ever was, with offices 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.
J ENVIR
M
O
A
VICES INC
ER
ENTAL S
NM
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. The 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 objectives. 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.
We had bought good expertise and good products, which would

benefit 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. They 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. The first objective of Eimco Water Technologies
was to find or invent new technologies in order to offer
comprehensive solutions. The fundamental activity was still
to separate liquids from solids, but on an increasingly smaller
and microscopic scale. The technologies were sometime
mechanical, especially for the larger particlesvortex, screening, filtrationbut were becoming more and more advanced
and biologically basedmoving bed bio-reactors, submerged
aerated filters, submerged membrane bioreactors, and aerobic
and anaerobic digestion.
The filtration residues then had to be eliminated. Properly
treated, with its odors removed and pathogens destroyed, this
residual sludge could then be recovered and sold at a profit 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 difficult, but it was fair to say that
we had a lot of experience with recessions!
The year 2009 was then devoted to both less costly consolidation and the acquisition of new companies.
In January, we created a joint venture with the Hong Kongbased Global Water Engineering. We wanted to stimulate
the introduction onto the market of some of their state-of-theart 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 effective 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.
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 offering. We were the leaders in water intake
filtration technologies and wastewater treatment and recycling, in other words, we had a presence at both the front and
back ends of the process, but in order to be able to offer 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? The 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 floor, 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 firm: this acquisition will be easier to finance, especially in
the highly promising water sector.
Theyre not returning your calls? Because they think youre too small?
Be patient; send along your dance invitations with a broker...
The multinational Christ Water Technology, based in Austria,
had exactly the technologies we needed, but they were tough.
However, between the time we made our first advances to them
in the fall of 2008 and the time they accepted our invitation to
dance in March, their business took a turn for the worse. They
found themselves in a precarious financial position and were
unable to refuse our offer. In only a few months, their market
capitalization had dropped from $350 million to $105 million.
The 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!
Thus 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.
The acquisition of Christ Water Technology immediately
doubled the staff of Eimco Water Technologies and boosted
the industrial portion of our sales, exceeding our targeted earnings in industrial water by one half. It positioned us as one of
the worlds leading suppliers of comprehensive water treatment
services, including ultrapurification 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.
OVIVO:
everyone will
like that
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. Their main shareholders were nitpicky,
and the corporate practices, complicated. But, as a public company ourselves, and seasoned in the finer 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.
The 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 offer. The 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 offer.
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 affairs were going so badly
that they were heading straight for insolvency.
At twenty minutes to zero hour, 50 percent of the shares were

submitted all at once. They had likely understood that we
would not budge!
Hunting is, first and foremost, a matter of patience and keeping control of ones nerves.
But we were bringing home a catch that was sicker than had
been revealed in our due diligence review. Suffice 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.
The 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-offs 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. This opened up the very exciting markets of microelectronics, energy and petrochemicals, food and beverage
transformation, and seawater desalination.
These last two years had been quite a challenge for both GLV and
Lucky Star.
In 2006, our Executive Vice President and Chief Financial
Officer, Bill Saulnier, had been very proud of the fact that in
twenty years, since GL&V went public, every quarterly report he
had filed 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.
The pressure on senior management was crushing; the economic
crisis had been dragging on too long in industrialized countries.
Lucky Star was working like a fiend, without any substantial
results to show for any of it. We were fortunate that many of

our shareholders had remained supportive for several years. They
understood the situation and were able to read into the financial
statements to appreciate the long-term potential they contained.
There were, however, two positive results, which were not identifiable on the financial 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 concluded and its integration had begun, we realized that GLV was
approaching a major turning point in its very young history.
The 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. These 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 Affairs, the first 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 evaluate and calculate objectively. Women take a different approach.
And what makes you think we wont be able to pull it off
again this time? Weve always been successful. Is this your
feminine instinct talking?
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. There 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 entrepreneurial flair, 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 different corporate cultures now coexist within
the group, Gwen explained. The 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. Theyve 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
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 efforts will never succeed in bridging all
these cultural divides if we dont formally mark this acquisition.
The Water Treatment Group goes by the commercial name of
Eimco, thereby retaining its American roots. This 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 changeover to new management to be done quickly but properly.
Gwen, are you going to propose a solution or are you just providing 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 floor 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.
The 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. The
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-five years, I have surrounded myself with men and
women who have helped me build a company that was, first, a
very personal endeavor, which then blossomed into a regional,
provincial, national and North American, and, finally, multinational 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 BroLarsen, Chris Reynolds, Richard
Verreault, and Jim Porteous.
are the best in our fieldspulp and paper, water treatment,

machining and making our products, and managing our
company. The best.
Throughout 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 offering them innovative 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 definitively not done, but I now have an important
announcement to make..
epilogue
Mr. Verreault?
Certainly.
Which one?
am sitting comfortably in my office, finishing up a few

things while waiting for Richard and Marc to finish their
interminable paperwork, their teleconferences with analysts
around the globe, strategic planning sessions and heaven
knows what else. I understand; the stock market and financial
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 Officer over to Richard, who had, up until
then, been Chief Operating Officer. He was now the big boss
of GLV. They have asked me to remain as Executive Chairman
of the Board
The announcement that day came as a great surprise to everyone. 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
offered 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 difficult, this is the dream of every entrepreneur, the best thing that can happen. Yet, it is not impossible:
EPILOGUE 225
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 difficulty lies in the fact that, first, 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 firm 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 Officer, who are working hard to
make a name for themselves, to be appreciated and respected
in the business world.
They really remind me of the three musketeers at the beginning
of the story.
Laurent Verreault, Marc

Barbeau, and Richard
Verreault in the GLV office
overlooking downtown
Montreal.
I come here nearly every month, but not much more than that.
I am kept abreast of whats happening. They know where to find
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 office, I work
according to my pace, and I keep in touch with all my people.
Really though, an office is not important for an entrepreneur. A
company thrives and grows in the field, not in an office.
Everyone understood that Laurent was at his best out in the field.
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
EPILOGUE 227
to a change in direction out in the field. 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 individually, 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 different 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.
They 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 qualifications, but they have the same operational reflexes and the same entrepreneurial flair.
GLVs employees, under the watchful eye of Lucky Star, werent
completely disoriented by the change in leadership. That was essential, 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
Richard Verreault and Laurent

Verreault in conversation in the
entrance hall of the Les Cours
Mont-Royal in Montreal, where
GL&V had its offices in 2006.
care of a little business, visit, and, when he could, spend a few

moments with the people in the shops and the offices, just as he had
always done.
My office door is wide open, as it has always been at GLV.
The telephone rings, snapping me out of my thoughts. The
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?
EPILOGUE 229
Going with
the flow
have been waiting for only a few minutes as the boys

arrive for our rendezvous, smiling, good friends. Its Friday,
noon. The 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
office, 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. Theres 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
first 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.
EPILOGUE 231
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.
The 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.
The importance of having Dependables and Blues in a company of 2,300 employees spread across more than thirty
countries cannot be overstated. Its impressive to think that a
GLV office is always open somewhere on earth, and that business is conducted twenty-four hours a day.
Things are constantly on the move. In contrast, I very much
enjoy these relaxing interludeslike lunchtime today
in the different atmosphere of a restaurant. I use the opportunity 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. They
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.
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
EPILOGUE 233
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 structure, 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.
Theyre 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 manufacturing 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 finding or
generating work for all our employees and that we were able to
pay them. Thats 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 everybody pulling together, and in spite of the 2008 economic
recession, GLV is gaining ground. Were moving forward in
small, well-calculated steps. That billion-dollar target will be
within reach in just a few years.
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.
Theyre very conscious of all the entrepreneurial flexibility 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 different offer. This is the major advantage we have over our stronger,
bigger, but also slower moving, competitors. In the field, we take
full advantage of this fact.
Were also positioned between the very large and very small
companies. The 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 flexibility
of action that can only be found in a small company. Thats
what makes us different.
So, to sum up, GLV isnt the biggest, but its the best by
a mile.
Exactly, Lucky Star! Youve got it! Richard congratulates me.
EPILOGUE 235
To be the best, we need to make sure we have local entrepreneurs in place in our offices around the world, because our
management team cant be everywhere at once, making every
local decision! Marc adds with energy. Weve gained footholds 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 first and foremost by becoming
firmly anchored in our new territories. That 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.
Thats 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, finding and offering
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 firmly rooted in water, adds:
The worlds population will reach ten billion by the year 2050.
All these people are going to have to eat and drink. The food
industry consumes more water, Lucky Star, than you can
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 efficiently as
possible to be competitive and to ensure its accessible to everyone. 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. Thats what we want to be able to offer and
sell to our clients. We even provide ZLD services to some.
Whats that?
ZLD, Zero Liquid Discharge, simply means that theres no
effluent, 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 starting to think about...
The conversation is off to a good start again. Richard and Marc
are on the right track and going with the flow of the future.
With them at the helm, GLV will be sourcing its energy from
the fountain of youth.
The 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...)
EPILOGUE 237
features
The Acquisitions
Timeline of events

June 1975
Founding of Laperrire & Verreault (L&V).
1978
The 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 offering (Montreal Exchange) with an issue of

1,000,000 common shares at $4.00 per share.
March 1987
October 1988
Acquisition of Hydro-Mcanique and its subsidiaries, including

Hydro-Mcanique Construction.
December 6, 1989
Acquisition of the assets of Canrons mechanical division. This

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
The company divests itself of its service and distribution of

refrigeration and air conditioning parts and control equipment
activities. $1,650,000
Acquisition of Les Industries Couture.
features 241
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
February 1993
GL&V withdraws financially from its subsidiary Ateliers

Fabron.
September 1993
Creation of GL&V Manufacturing with Fonds de solidarit

des travailleurs du Qubec (FTQ).
September 17, 1993
Through 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 subordinate shares in exchange for $12,000,000 worth of funding.
March 17, 1994
Issue of additional capital worth $2,075,000in subordinated

convertible debenture bonds following the year of the special
warrants outstanding.
March 31, 1994
The company divests itself of the manufacturing activities of

its French subsidiary GL&V Allibe, while maintaining insider
access to its technology. $230,000
Termination of Les Industries Couture Limited activities.
March 15, 1996
The subsidiary GL&V Paper Machine Group acquires certain

assets from the American multinational The 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 Defibrator, 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
December 4, 1997
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 products 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
Sale of certain assets of GL&V/LaValley.$5,600,000

GL&V transfers its welding and machining shop to a manufacturing company.
GL&V transfers all the shares of its wholly-owned

subsidiary Hydro-Mcanique and its subsidiary HydroMcanique Construction to a company solely owned by
Louis Laperrire. $1,500,000 in cash and $1,500,000 in
preferred shares
features 243
September 15, 1999
Acquisition of all Dorr-Oliver Groups shares.$33,800,000
December 20, 1999
Acquisition of the assets of National Refiner 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
October 22, 2001
Acquisition of the assets of E.L.P. Products.$900,000

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
Closing of the Process Groups foundry in Orillia.
May 2003
November 2003
Acquisition of Elite Cameron, United States.$350,000
December 2003
Acquisition of Innovation Flotation, South Africa.$300,000
January 2004
2004
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 3H Mining, Unites States.$225,000

Major restructuring of the Pulp and Paper Group.
Acquisition of the intellectual property rights of the BTF

automatic dilution system technology through the Pulp and
Paper Group.$2,000,000
features 245
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

refiner 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 relating to the Swedish company Kvaerner Pulpings activities in
pulp-washing, oxygen delignification, and bleaching.
$4,700,000
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 cuttingedge digester sludge mixing technology.
April 14, 2009
Acquisition of certain assets of Les Technologies Elcotech.

$500,000
features 247
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 financial liabilities.
Transactions in foreign currency converted into Canadian dollars
on May 16, 2012.
a Bit of History
At the time of GL&Vs first public offering in 1986, the
company was specialized in designing, manufacturing, and
installing equipment for pulp and paper companies. GL&V
had specific 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. The goal was to diversify sector and geographic
markets and to modernize infrastructure. That 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 machinetools and total quality training.
Thanks to all these investments, made for the most part between
1987 and 1992, GL&V climbed to the top of its industry.
features 249
GL&Vs strategy for sector diversification, notably into

environmental and energy niches, first 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 diversification, 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 efforts 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 flexibility 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. The 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.
The creation of a separate entity that included all activities
pertaining to the treatment of drinking and wastewater, at the
municipal and industrial level, was therefore justified. This

group holds intellectual property rights for an imposing array
of equipment for chemical, mechanical, and biological water
treatment processes. In the first year after being created, the
Water Treatment Group generated sales of $74,800,000, or
12.4 percent of the companys consolidated revenues.
features 251
GLV and its People
t GLV, people are at the heart of its business. This 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 first and foremost on an
essential resource: the people behind the GLV name.
That 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 first 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
features 253
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 benefiting from the experience of new cultures
and new ways of thinking. They 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 profitable and maximizes
the value offered to all shareholders.
Even in the most challenging of times, Laurent Verreault
practices what he preaches. In light of the financial 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 benefits stipulated
in his contract. The 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 sacrifices without doing the same himself. He has said
many times that movement must start at the top.
It was not the first time Laurent Verreault chose to take it upon
himself to make a sacrifice 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 financial 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 difficult 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.
The 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 defining the quality sought in the products
and services offered.
Aiming for total quality means achieving this goal while
constantly improving all processes, internal and external, that
contribute to the product or service.
features 255
Vision and mission

Client focused
At GLV, clients are at the forefront of employee thinking and actions. Every effort
is made, and employees demonstrate innovation and creativity to ensure customer
satisfaction and gain their loyalty.
Exceptional teamwork
One person makes a difference. Sharing knowledge and working as a team is even
more effective. 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 effective risk
management. In doing so, they ensure the companys success.
Integrity
The companys personnel is its most precious asset. That is why the workplace
environment in all divisions must be safe and stimulating. The 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.
Social involvement
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. This 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.
features 257
Good times at GLV

4
5
1
2
6
7
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 fishing trip in
the 1980s
11. Laurent Verreault
being carried by
Bill Saulnier
12. Guy Croteau and
Louis Laperrire
13. Claude Leblanc
11
8
9
12
13
10
features 259
Humanitarian aid 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 benefit events such as the
10e 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.
The fundraising campaign launched by the employees after Hurricane Katrina
in New Orleans in 2005 raised $20,250. The 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.
features 261
The Boards
of Directors
my meeting with Laurent Verreault
n a Monday morning in February 2002, I arrived at the

TVA reception desk on De Maisonneuve Boulevard to
attend my very first 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.
This 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.
Theyre 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 first meeting without knowing that someone 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. Thanks 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 first 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
features 263
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! Those he likes, anyway. One day I was flabbergasted
to read in the official 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 affection, and that was indeed
the case.
Sylvie Lalande
1986-1992
Laurent Verreault
Jean-Pierre de Montigny1
Jean Desbiens
Robert Dorion1
Louis Laperrire
Bernard Lemaire
Laurent Mimeault
Pierre A. Raymond
Bill Saulnier1
1993-1994
Laurent Verreault
Jean Desbiens
Robert Dorion1
Louis Laperrire
Bernard Lemaire
Pierre A. Raymond
Bill Saulnier1
1995
Laurent Verreault
Claude Boivin
Jean-Pierre de Montigny1,2
Jean Desbiens
Robert Dorion1,2
Louis Laperrire2
Bernard Lemaire
Pierre A. Raymond
Bill Saulnier1
1996-1998
Laurent Verreault
Claude Boivin1
Jean-Pierre de Montigny1,2
Jean Desbiens
Paule Dor2
Robert Dorion1,2
Louis Laperrire2
Bernard Lemaire
Pierre A. Raymond
Bill Saulnier
1999
Laurent Verreault
Claude Boivin1,2
Jean Desbiens
Robert Dorion1,2
Louis Laperrire2
Bernard Lemaire
Pierre A. Raymond
Bill Saulnier
2000
Laurent Verreault
Claude Boivin1,2
Jean Desbiens
Robert Dorion1,2
Louis Laperrire2
Bernard Lemaire
Pierre Monahan
Pierre A. Raymond
Bill Saulnier
2001
Laurent Verreault
Claude Boivin1,2
Jean Desbiens
Robert Dorion1
Louis Laperrire2
Bernard Lemaire
Pierre Monahan1
Pierre A. Raymond
Bill Saulnier
Grald Tremblay2
Richard Verreault
2002
Laurent Verreault
Claude Boivin1,2
Jean Desbiens
features 265
Robert Dorion1
Louis Laperrire2
Bernard Lemaire
Pierre Monahan1
Bill Saulnier
Richard Verreault
2003-2004
Laurent Verreault
Claude Boivin1,2
Jean Desbiens
Robert Dorion1(2003)
Sylvie Lalande2
Louis Laperrire1,2
Bernard Lemaire
Pierre Monahan1
Bill Saulnier
Richard Verreault
2005-2006
Laurent Verreault
Michel Baril1,2
Claude Boivin1,2
Denyse Chicoyne1
Robert Dorion
Sylvie Lalande2
Louis Laperrire2
Pierre Monahan1
Bill Saulnier
Richard Verreault
2007-2009
Laurent Verreault
Marc Barbeau
Claude Boivin1,2
Marc Courtois1
Guy Fortin2
Sylvie Lalande2
Pierre Seccareccia1
Richard Verreault
2010
Laurent Verreault
Marc Barbeau
Claude Boivin2
Marc Courtois1
Guy Fortin2
Sylvie Lalande2
Jacques Landreville1
Pierre Seccareccia1
Richard Verreault
Pierre Seccareccia1
Richard Verreault
2012
Laurent Verreault
Marc Barbeau
Chantal Blanger2
Claude Boivin2
Marc Courtois1
Sylvie Lalande2
Normand Morin1
Pierre Seccareccia1
Richard Verreault
2011
Laurent Verreault
Marc Barbeau
Claude Boivin2
Marc Courtois1
Guy Fortin2
Sylvie Lalande2
Normand Morin1
1 Members of the Audit Committee

2 Members of the Corporate
Governance and Human Resources
Committee
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.
features 267
Nine angry men
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 first partners, the difficulties 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 influencing
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 meeting and invited me to sit in as an observer, having not yet been
officially elected.
In a small room off a large, beautifully appointed room in which
the annual meeting was to be held, I met the other members of
the board for the first time. This was the first time I saw them
as a group. They were all dressed in their Sunday best, elegant
from head to toe. They looked prosperous and conveyed a feeling of serenity. The door to the meeting room closed.
Big mistake! They 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 management 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 finance 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 financing 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. There had been a change of the guard
at FBN, and Laurent had been dealing with new people. The
previous officers would have understood him. They 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. Theyre not businessmen!
Bernard Lemaire got up, took off his jacket, undid his tie, put
his fists down on the table and, looking at Laurent, added:
They wont get us Laurent, they wont make us beg. That
wont happen. Well go see other banks! he said, by then
gesticulating wildly with his hands.
This was my first encounter with Bernard Lemaire. I would
never forget it.
features 269
And that was all it took to get Laurents two other associates, Jean Desbiens and Louis Laperrire to jump in along the
same lines:
Theyre 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. There 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.
The 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 initiation to entrepreneurship, the real spirit of it, the one held by
builders. These nine angry men were of that breed.
Nine angry men . . . but not bitter men. As a testament to
that, during future financing opportunities, they might have
discarded FBN for other financial institutions several times,
but Laurent would always remember that when he had started

out, FBN had been there for him. The 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
features 271
GLV:
The New Face
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. The 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 fulfilled the companys
primary objective perfectly, namely to maximize the value
offered 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.
These activities are divided into two main groups:
features 273
Water Treatment Group
Ovivo
Ovivo groups together all of the companys water treatment

activities under the same roof. The Water Treatment Group
specializes in the design and marketing of municipal and
industrial wastewater treatment solutions used in various
industrial processes. The group also provides water intake
screening solutions for certain types of power stations, refineries,
and seawater desalination plants.
The 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
benefits 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 offered to find complete
solutions that meet their needs in the areas of water filtration,
treatment, purification, 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-Pacific region, and Africa.
The 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 organizational chart
GLV
Canada
Head Office
Canada
GL&V Canada
Canada
Christ Water
Technology
Austria
Ovivo
Finland
Finland
Hinke
Hungary
* Branch
Ovivo GWE
U.S.A.
Ovivo USA
U.S.A.
Ovivo Division
Canada
Ovivo UK
England
and
Wales
Ovivo Spain,
Spain
Van der EPC Water

Ovivo
Molen Switzerland Deutschland
Germany
Germany
Van der Molen

South Africa
Van der Molen

Aseptic
Germany
Ovivo
Holland
Netherlands
Ovivo
France
France
Ovivo Aqua
South
Africa
Ovivo
Taiwan
Taiwan
Ovivo India
India
Ovivo
Australia
Australia
Ovivo
Singapore
Singapore
Geda et Ovivo
Northern
Ireland
MacQuarie
Automation
Australia
Ovivo NZ
New
Zealand
Ovivo
Austria
Austria
Ovivo Aqua
Tunisia
Ovivo
Shangai
China
Ovivo Middle
East
U.A.E.
Ovivo
Aqua
Engineering Switzerland
Austria Switzerland
Aqua
Engineering
U.A.E.
Ovivo
Hong Kong
Hong Kong
Ovivo Aqua
Africa
South
Africa
features 275
Pulp and Paper Group

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. This 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 efforts 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
filters and hydrocyclones, the BeloitTM refining, washing,
and screening technologies, and the IMPCOTM oxygen
delignification systems.
The Pulp and Paper Group serves the paper industry exclusively
and enjoys an increasingly diversified 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 Pacific
region, and 7 percent from Latin America, Africa, and the
Middle East.
The main trademarks for the Pulp and Paper group are: GL&V,
Celleco, Compact Press, BTFTM, IMPCOTM, SuperBatch,
DUALOX, DUFLO, Beloit-Jones and Beloit-Lenox.
Pulp and Paper organizational chart

* Branch
GLV Inc
Canada
Head Office
Canada
GL&V Sweden
Sweden
GL&V France
France
GL&V
Canada inc
Canada
GL&V Industrial
Equipement Trading
(Beijing)
China
GL&V India
India
Pulp and Paper

Division
Canada
GL&V USA
U.S.A.
GL&V Brasil
Equipamentos
Comercio e services
Brazil
Other divisions
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
features 277
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 fields.
With more than fifty 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. The 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 finishes 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 fifty years, food engineers, brewing engineers,
and technicians have been developing effective 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 profitability.
Business Model
Expansion
Through Acquisitions
Targeted
International Development
growth
Provider of Comprehensive
Value Added Solutions
creator of
long-term value
Manufacturing
Outsourcing
Entrepreneurial
Culture
profitability
Competitive and
Flexible Cost Structure
for
our shareholders
our customers
our employees
Strong Aftermarket
Presence
Financial Health
Corporate
Governance
solidity
features 279
Index
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
BeloitTM 276
Biloxi, Mississippi, United States
132
Bjorkenus, Birgitta 148
Black Clawson Company 135
Black Clawson-Kennedy 62,
129, 131, 132, 136, 243
Black-ClawsonTM 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
BTFTM 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
EWTTM 274
F
Finland 143, 165
FLSmidth 192, 193, 194, 197,
198, 200, 201, 247, 273
Fonds de solidarit des travailleurs 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
index 281
GLV Manufacturing 277

Goema 274
Groupe Laperrire & Verreault 90, 102, 129, 241
Groupe Laperrire & Verreault Ontario 241
Grner, Klaus-Dieter 173
Guilbert, mile 117, 123
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 Technologies 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
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 Construction 241, 243
Hydro-Qubec 102
I
les-de-la-Madeleine, Quebec
102
IMPCO 154
IMPCOTM 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 Company 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 Refiner Plate 129,
138, 244
Neufchtel, Quebec 100
New Hampshire, United States
165
Newman, Sharon 258
New York, United States 165
index 283
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
Pittsfield, 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 Defibrator 243
SuperBatch 276
Sweden 129, 143, 165, 174,186,
246
T
TamPulping 248
Teoh, Charlene 185
Tepro 274
Texas, United States 211
Thort, Johanne 258
Therrien, 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
Woodruff, David 203
Note:
We hope that all those
whose names do not
appear will see themselves
in the role of Lucky Star.
Thank you!
Xerium Technologies 246
Y
Yong, Jenny 185
Yule, Bart 173, 174
index 285
This book was set in Garamond and Astaire typefaces.

Design and layout by Evelyne Deshaies.
Printed on September 4, 2012 by Friesens, Altona, Canada,
for IQ Press.
t the start of my career, when I was an instrumentation 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 filtering pulp on the Celleco vortex systems; in 1998, thirty-five 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 first 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.

Let's Dance!

Transféré par

Informations du document

Titre original

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

Let's Dance!

Transféré par

Droits d'auteur :

Formats disponibles

Laurent Verreault and GLV

Gods gift to...

Seizing the moment

First, we take North America

Groups within the Groupe

Mixing growth with pleasure

Vlkomnen till Sverige!

Selling it all to keep it all

Mr. Verreault? Certainly. Which one?

celebrated my seventieth birthday in September 2011. Like

These characters or moments of illumination often go by any

every country, throughout the course of this story. Some of you

hat morning, I was completely absorbed, making sure I

Ren! Quick, quick! Come and take a photo! Look how

Louis Laperrire was one

company that served paper manufacturers. We negotiated our

five-horsepower motor, a masterpiece of power-transmission

This is how, before the structure was formally constituted,

Jean Desbiens was one

The opportunities our services opened for us would lead us on

o properly appreciate the nuances of this acquisition,

During recent purchase-resale transactions in previous years,

helpless to act, and its management personnel were in disarray.

difficult integration, and to earn peoples confidence and foster

The accounts payable and receivable were in good hands: in a

24 Laurent Verreault and GLV

Laurent Verreault in front

have to start somewhere, I suppose. When it comes to talking

existence, and fortune smiled down on them. I grew up in that

Laurent Verreault and his

with other youngsters, getting bored and wishing the holidays

32 Laurent Verreault and GLV

Laurent Secord Verreault

t was just before my seventeenth birthday, and I was still

One morning, I woke up with the idea of enrolling in the Air

The young Laurent Verreault

did you say

n addition to my work as a technician, I took on more than

Verreault, did you do my boots?

Properly managed, the beast will grow bigger. A wise master

Below, right, Laurent

Youll owe me seven bucks on Tuesday, dont forget.

would never have admitted to anyone there that I missed

a balance between work and family, because I come from a

Laurent Verreault and

enormous risk presented by Laperrire & Verreault without

in the bedroom. We protected the often difficult choices and

46 Laurent Verreault and GLV

Laurent Verreault and

n the Air Force, Laurent passed the second major challenge in

Headed for La Tuque in Mauricie

first move was hard, especially as we only had a few weeks to

boiler temperature, the flow rate in the tanks, everywhere, all

about. I was enjoying working here, my colleagues were great to

more old methods and old procedures for old machines, no

Saint John, New Brunswick

Laurent, we think you have too much work.

t was thanks to a bit of good luck and a few recent events in

Following research and negotiations, the best reconstruction

This corrugating medium, its the same product that they

Mr. Verreault? He held out his hand. Bernard Lemaire, the

I have a question. May I? Where are you going to locate the

Because Ive got to be in North Carolina on Saturday and