Prince Rupert, December 13, 2012
2012-163

Archived - Harper Government Announces Intention to Sell Ridley Terminals Inc.

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Our Government will guarantee the terminal continues to operate on an open-access, commercial basis

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The Government of Canada today announced that it intends to sell Ridley Terminals Inc.

Ridley Terminals Inc. is a Crown corporation that operates a bulk-handling terminal for the efficient and reliable movement of commodities, on land leased from the Prince Rupert Port Authority in British Columbia.

“The Government of Canada regularly reviews its corporate assets to ensure the rationale for continued public ownership is still relevant and tax dollars are being spent wisely,” said the Honourable Ted Menzies, Minister of State (Finance). “Ridley Terminals once operated at a loss requiring millions in government support, but now is an asset of considerable value. Private ownership could allow the terminal to maximize its contribution to economic growth, jobs and new investments.”

“Moving away from public ownership of Ridley Terminals would align it with other major marine terminals in Canada, which are owned and operated by private companies,” said the Honourable Steven Fletcher, Minister of State (Transport). “Our Government will seek the best value from a buyer that will operate Ridley Terminals with open access on a long-term, sustainable basis.”

The Canada Development Investment Corporation (CDIC) will serve as the Government’s agent to ensure that any sale process is conducted using best commercial practices. A federal Crown corporation reporting to the Minister of Finance, CDIC’s mandate is to manage selected commercial interests of the Government of Canada.

The sales process will commence in the coming weeks with a market sounding. Parties interested in participating in the sales process should contact CDIC for further information at RTI_info@cdiccei.ca.

For further information, media may contact:

Bram Sepers
Communications
Office of the Minister of State (Finance)
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

Media Relations
Transport Canada, Ottawa
613-993-0055

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