MONTREAL, June 8 /CNW Telbec/ - Société Générale de financement du Québec
(SGF) today announced a loan of $ 50M to an affiliate of BRP's controlling
shareholders. The proceeds of this five year loan will be used by the
controlling shareholders and their affiliate to invest in BRP in order to
support its operations.
Investments made in BRP using proceeds provided by SGF will allow BRP to
maintain an optimal level of activities, including more than 3,000 jobs in
Québec. "We are pleased to be associated with a company strongly entrenched in
Québec and an undisputed leader in the industry", stated Pierre Shedleur,
President and General Manager of SGF.
The Government of Québec has modified SGF's mandate by empowering it to
assist companies that have the solid development prospects needed to weather
the crisis affecting every level of the economy, particularly the
manufacturing sector. Today, SGF is in an excellent position to help BRP
through this crisis and enable it to prepare for a renewal of the recreational
products market and continue to design high-end sporting goods. "BRP stood out
through the launch of new technological concepts, quality designs, and its
efforts to manufacture more environmentally-friendly products," added Mr.
As part of its new mandate, SGF is authorized to expand its traditional
role as a share capital investor by offering complementary solutions, such as
loans, debentures, or preferred share capital investments.
BRP, a strong symbol of Québec's economy
In Valcourt, in 1942, as the recipient of the first patent for
snow-tractor development, Mr. Joseph-Armand Bombardier founded the company
that would manufacture tracked vehicles designed for snow travel, popularized
under the name "Ski-Doo". While snowmobiles were the backbone of the company's
initial growth, BRP soon expanded its product line.
Société générale de financement du Québec (www.sgfqc.com) is an
industrial and financial holding company. Its mission is to carry out economic
development projects, especially in the industrial sector, in cooperation with
partners and in accordance with accepted requirements for profitability and
the Government of Québec's economic development policy.
For further information:
For further information: Sophie Alarie, Senior Adviser, Communications
and Media Relations, Société générale de financement du Québec, (514)