Increasing Productivity $12M In Investments To Support Soucy Techno's Growth

Increasing Productivity  $12M In Investments To Support Soucy Techno's Growth

SHERBROOKE, Quebec , January 11, 2023 /CNW Telbec/ - Canada Economic Development (CED) for Quebec regions

The governments of Canada and Quebec and Investissement Québec grant Soucy Techno Inc. total funding of $12 million. Thanks to this support, the company will be able to purchase new specialized equipment, including a new line for mixing rubber; extension of existing buildings; and increase the capacity of your electrical room.

The Honorable Marie-Claude Bibeau, Member of Parliament for Compton-Stansted and Minister of Agriculture and Food, on behalf of the Member of Parliament for Brome-Missisqua, Minister of Sport and Minister of Economic Development of the Regions of Quebec (DEC), Pascal St. Onge, along with Richmond MP Andre Bashand, made the announcement today on behalf of the Minister of Affairs, Anti-Racism and Laval Regional Minister Christopher Skeet.

This investment project, worth more than 15 million dollars, aims to increase the production capacity of the company, which specializes in the development of rubber compounds used in the production of chains, hoses, gaskets, pipe covers and anti-wear parts. to meet the demand, especially in agriculture.

As part of this project, the Government of Canada is providing a $2 million grant under the CED program for regional economic growth through innovation. In turn, the Quebec government is providing a $5 million loan under the ESSOR program, which is managed by Investissement Quebec as the government's agent. It also provides an equivalent loan as part of the Productivité innovation initiative of Investissement Québec capital funds.

Rating:

“Thanks to CED's support, Soucy will continue to grow! In addition to the expansion of the building, the producer of the main raw material acquires a new line for the production of rubber, with the help of which he can increase his share in the market, especially in the agricultural sector.

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