Valeant to spend $27.5 million to upgrade Canadian manufacturing plants

LAVAL, Que. – Valeant Pharmaceuticals says it will expand its Canadian manufacturing and export capacity by spending a total of $27.5 million on plants in Manitoba and Quebec.

The plant in Steinbach, Man., will receive $15 million by the end of this year.

Valeant will also spend $12.5 million on its plant in Laval, Que., where the company’s headquarters is located.

Its new chairman and CEO said earlier this week that he hopes to revive the battered drug manufacturer following a year of “major distractions.”

Joseph Papa took on the leadership role at Valeant about six weeks ago and told the company’s annual shareholder meeting on Tuesday that he hopes it will one day once again be ranked among Canada’s most valuable companies.

Its shares closed Thursday at $29.05, down about 90 per cent below the current 52-week high of about $348.