LAVAL, QC, Sept. 22, 2014 /CNW Telbec/ - The Fonds de solidarité FTQ has invested in Groupe MEP, allowing the company to proceed with the acquisition of St-Laurent-based Artmetco and to continue growing in the metal products industry.
"This strategic acquisition by MEP solidifies its position as the leading specialist in complex and fully integrated high-quality metal fabrication. The MEP-Artmetco tandem offer a turnkey approach, from design to final execution, for the manufacture of high-precision products," said MEP President and CEO Armand Afilalo.
"By focusing on high-quality, value-added products, MEP has continued to grow despite a strong dollar and competition from developing countries. This investment shows the Fonds' willingness to support the growth of Québec manufacturers like MEP that set their sights on international markets," said Jean Wilhemy, Senior Vice-President, Aerospace, Construction, Services and Transportation at the Fonds.
The MEP-Artmetco tandem can now count on the expertise of more than 350 highly skilled employees, working in 4 plants in Laval and Saint-Laurent, whose ultra-modern facilities, with a total area of more than 250,000 square feet, operate 24/7. It bears mentioning that more than 85% of its output is intended for multinationals and exported mainly to the United States.
"Thanks to the professionalism and know-how of the Fonds de solidarité FTQ's team, MEP has found a top-notch financial partner to back its growth," concluded Mr. Afilalo.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $10.1 billion as of May 31, 2014, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec's development. The Fonds is a partner, either directly or through its network members, in more than 2,450 companies. With 613,958 shareholder-savers, the Fonds helps create, maintain and protect more than 172,000 jobs. For more information, visit www.FondsFTQ.com.
About MEP Group
MEP Group will celebrate the 55th anniversary of its founding this year. MEP Technologies is a manufacturer of high precision metal products in highly automated industrial facilities using the state-of-the-art technological innovations. It employs 200 workers, has three production sites in Laval, with more than 150,000 square feet of fabrication space, in addition to another assembly unit in China. The MEP Group has become a leader in its industry because of its turnkey approach to the fully integrated production of complex and high precision metal products.
With 25 years of industry experience, Artmetco, with 150 employees at its 100,000 square foot plant located in Saint-Laurent, has a reputation for producing high quality and high precision products backed by excellent service and support for world-class clients in myriad industries across North America. A tradition of innovation, expertise, and a passion for engineering permeates every aspect of Artmetco's state-of-the-art facilities in both Canada and China.
Image with caption: "Armand Afilalo, MEP President and CEO (CNW Group/MEP Group)". Image available at: http://photos.newswire.ca/images/download/20140926_C1609_PHOTO_EN_5724.jpg
SOURCE: Fonds de solidarité FTQ
For further information: For media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Phone: 514 850-4835, Mobile : 514 703-5587, Email: email@example.com ; Armand Afilalo, President and CEO, MEP Group, Phone : 450 682-0804, Email : AAfilalo@MEPTEC.com; For Fonds de solidarité FTQ shareholders: Shareholder Services, Fonds de solidarité FTQ, Montréal: 514 383-3663, Québec: 418 628-3663, Toll Free: 1 800 567-3663