Sigma Industries announces an important job creation at its Beauce facilities
SAINT-ÉPHREM-DE-BEAUCE, QC, March 17, 2014 /CNW Telbec/ - Sigma Industries Inc. (TSX-V: SSG), a manufacturing company specializing in the production of composite components, announces the creation of approximately 50 direct jobs and about 15 indirect jobs at the René Composites Materials Ltd. ("René") facilities located in Saint-Éphrem-de-Beauce and Sainte-Clotilde-de-Beauce.
These new jobs result from the Company's decision to further specialize its operations in the production of components using the closed mould manufacturing process given a favourable market outlook in this domain. This process facilitates the production of higher quality composite components, while reducing cycle times and raw material losses.
Given this specialization, the production of certain heavy-duty truck components will be transferred to René's facilities. The Company estimates the sales of the transferred production at approximately $8.0 million on an annual basis and this increased activity will allow René to show its innovation capabilities. The transferred production was previously carried out at Sigma's U.S. facilities in Ohio. The transfer of operations will progressively take place during the spring. Thereafter, the Company intends to shut down its U.S.-based operations.
"Sigma Industries is proud to create new jobs in a promising sector. René's proven reputation with regards to quality and innovation was a determining factor in our decision to concentrate a greater proportion of our fabrication at its facilities. In addition, we believe we will be able to leverage this expertise to further develop our presence in our strategic markets," said Denis Bertrand, President and Chief Executive Officer of Sigma Industries.
ABOUT SIGMA INDUSTRIES
Sigma Industries Inc. (TSX-V: SSG), a manufacturing company specializing in the production of composite components, has four operating subsidiaries and employs 400 people. The Company is active in the heavy-duty truck, coach, transit, machinery and wind energy markets. Sigma sells its products to original equipment manufacturers and distributors in the United States, Canada and Europe.
This press release contains certain forward-looking statements about the Company. Such forward-looking statements are dependent on a number of factors and are subject to risks and uncertainties. Actual results may differ from those expected. The information contained in this press release is dated March 17, 2014, the date on which management approved the press release. Management does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information or future events, except as required by law.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Sigma Industries Inc.
President and Chief Executive Officer