Petrochemical manufacturer Petromont & Co, a joint venture of Dow Chemical Co and an arm of the Quebec provincial government, plans to suspend operations on April 30. The shutdown of its operations could be for an undetermined period. The strength of the Canadian dollar, which has risen to parity with its U.S. counterpart, and persistent difficulty in obtaining petroleum-based feedstock at competitive prices have majorly impacted the Company's profitability. These factors, coupled by equally unfavourable conditions affecting the petrochemical sector across North America have led to suspension of operations. The facilities will be kept intact to be enable functioning when market conditions change or an expression of outside interest is received.
Pétromont is a Québec petrochemical company with average annual sales of US$750 mln. It operates two plants in the Montréal region. The first, in Varennes, manufactures basic petrochemicals, while the plant in Montréal East produces polyethylene resins sold mainly on the North American markets.