Increasing Productivity $12M In Investments To Support Soucy Techno's Growth
SHERBROOK QC , January 11, 2023 /CNW Telbec/ - Canada Economic Development (CED) for Quebec regions
The Canadian and Quebec governments and Investissement Québec are providing $12 million in funding to Soucy Techno Inc. This support will enable the company to purchase new specialized equipment, including a new rubber blending line; extension of existing building; and increase the power of your electric cabin.
On behalf of the Honorable Marie-Claude Bibaud, Congresswoman for Compton-Stansted and Minister of Agriculture and Rural Affairs, Congresswoman for Brome-Missiscois, Minister of Sports and Minister in Charge of Economic Development (CED) in the Quebec regions of Canada, the honorable Pascal Saint-Onge, Minister of Economy, against racism He made a statement on behalf of his minister and minister of the Laval region Christopher Skeet together with the deputy of Richmond André Bachan. Today.
The purpose of this $15 million investment is to enable the company, which specializes primarily in the development of rubber compounds used in the manufacture of rails, hoses, gaskets, tubing and wearing parts, to scale up its production. capacity. especially to meet the demand in the agricultural sector.
Under this project, the Government of Canada is providing a $2 million repayable grant through CED's Regional Economic Development Through Innovation program. For its part, the Quebec government is providing a $5 million loan through the ESSOR program, managed by Investissement Québec as government representative. Equivalent credit is also provided through Investissement Québec's capital funds under the Productivite innovation initiative.
Quotes:
“With CED's support, Soucy will continue to grow! In addition to the building expansion, this leading raw material producer will receive a new rubber production line, which will allow it to expand its market share, especially in the agricultural sector.
