Press release from Marketwire
The Jean Coutu Group Announces an Investment of 190 Million Dollars for the Relocation of Its Longueuil Operations in Varennes
Wednesday, May 29, 2013
The Jean Coutu Group Announces an Investment of 190 Million Dollars for the Relocation of Its Longueuil Operations in Varennes07:00 EDT Wednesday, May 29, 2013
LONGUEUIL, QUÉBEC--(Marketwired - May 29, 2013) - The Jean Coutu Group (PJC) Inc. (the "Corporation" or the "Jean Coutu Group") (TSX:PJC.A) announced today its intention to consolidate its operations presently located in Longueuil, including the headquarters and distribution centre, on a 3 million square feet land strategically located near Autoroute 30 in Varennes, on the south shore of Montreal. Construction of the new facilities, more modern and enlarged, will begin in 2014. The project represents a total investment of nearly 190 million dollars.
The space currently used by the Jean Coutu Group operations, located in Longueuil's industrial park since 1976, can no longer support the needs of the Corporation's growing network. The new facilities, totaling 800,000 square feet, will allow the Corporation to be more efficient and to better serve its network of affiliated drugstores.
"In a context of continued growth, it became essential for us to expand our facilities, which was impossible on the site we presently occupy because of the lack of space", stated François J. Coutu, President and Chief Executive Officer of the Jean Coutu Group. "The facilities in Varennes will be at the cutting edge of technology, guarantying high standards of productivity and enhanced performance. This project also confirms our determination to pursue our efforts to grow while offering a pleasant and secure working environment to all our employees".
The transfer of the Corporation's activities is expected to begin in early 2016. The 1,023 employees of the Jean Coutu Group and its Information Technology Center (Rx Center) will then be able to move gradually to the new facilities.
About The Jean Coutu Group
The Jean Coutu Group is one of the most trusted names in Canadian pharmacy retailing. The Corporation operates a network of 407 franchised stores located in the provinces of Québec, New Brunswick and Ontario under the banners of PJC Jean Coutu, PJC Clinique, PJC Santé and PJC Santé Beauté, and employs more than 19,000 people. Furthermore, the Jean Coutu Group owns Pro Doc Ltd ("Pro Doc"), a Québec-based subsidiary and manufacturer of generic drugs. The Corporation also holds an investment in Rite Aid Corporation ("Rite Aid") a national chain of drugstores in the United States with more than 4,600 drugstores in 31 states and the District of Columbia.
FOR FURTHER INFORMATION PLEASE CONTACT:
The Jean Coutu Group (PJC) Inc.
Executive Vice President, Finances and Corporate Affairs
Vice President, Communications
450 646-9611, ext. 1165