Premier Tech and Canada Economic Development team up for Research and Development Projects
RIVIÈRE-DU-LOUP, QC, Feb. 28, 2013 /CNW Telbec/ - Premier Tech announced today, in the presence of the Prime Minister of Canada, the Right Honourable Stephen Harper, and of the Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, the Honourable Denis Lebel, the support of a long-time partner of the company, Canada Economic Development (EDC), for its program IPSO: Innovation, Products-Processes, Services and commercial Offers. The announcement is made following the signing of a financial partnership agreement totalling CA $9.2M.
Officially launched last May 7, IPSO aims to accelerate Premier Tech's technological and commercial leadership in its markets. The company also receives the support of the Government of Québec through Investissement Québec for the purpose of this program.
IPSO represents a global investment of CA $80M and will be deployed over a period of five years, the first three years being supported by EDC. This important strategic initiative of Premier Tech will have considerable impacts on the development of the regions in which it is active. At the end of the investment period, IPSO will have led to the creation of 100 new jobs over five years in Québec, the consolidation of 1000 others, including 700 in Rivière-du-Loup, and the launch of over 100 new products and technological platforms during over five years.
In the form of a repayable loan, this success-sharing approach between Premier Tech and EDC calls for the reimbursement of the amounts invested by EDC and aims to ensure the company's technological and competitive positioning on the long term.
"This financing agreement for the program IPSO will secure the perennity of Premier Tech's Innovation activities, thus increasing its level of excellence. Altogether, it will support the company's growth in the various markets where it is present," explained Bernard Bélanger, Premier Tech's Chairman of the Board and Chief Executive Officer.
For 90 years, Premier Tech has been building its know-how and reputation on the expertise and synergy of its three groups - Horticulture and Agriculture, Industrial Equipment and Environmental Technologies. They have one mission: to become technological and commercial leaders in their respective industries. Driven by a multidisciplinary team of over 2 300 people located in the Americas, Europe and Asia, Premier Tech focuses on the development of its team members, on Innovation, and on the introduction of value-added products and services to support its long-term growth.
SOURCE: Premier TechFor further information:
France Bégin Parent
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Phone: 418 867-8883 ext. 6059