MONTREAL, Oct. 19 /CNW Telbec/ - With an investment of $1.8 million, the
Solidarity Fund QFL (the "Fund") is pleased to be involved in the turnaround
of Camoguid, a manufacturer of machined steel and alloy parts for
transportation equipment that will be relaunched as Camoguid Evolution Inc.
This newly created company will allow 65 employees to keep their jobs in the
Montérégie region of Acton Vale.
A turnaround team comprised of regional stakeholders and Fund
representatives, and the return of Claude Mayer as CEO and shareholder were
key elements that enabled Camoguid Evolution to implement an action plan aimed
at growth in the medium term.
"This is an important investment for the Fund because it allows us to
turn around a manufacturing company and preserve jobs, which benefits the
region, its workers and their families. We are particularly pleased to see
Claude Mayer return to the helm and are confident that his extensive knowledge
of the industry and his entrepreneurial skills will be good for the future of
Camoguid Evolution," stated the Fund's Gaétan Morin, Executive Vice-President,
Camoguid Evolution's offer is unique in Québec in terms of its automated
equipment and integrated complex parts. Indeed, from the outset, the company
built its reputation on superior service, excellent delivery lead times, and
highly specialized equipment that includes an electrostatic paint line. Chief
executive Claude Mayer plans to leverage these assets to position the company
in new markets.
About the Solidarity Fund QFL
With net assets of over $7.2 billion as at May 31, 2007, the Solidarity
Fund QFL is a development capital company that through its RRSP channels the
savings of Quebecers into investments in all sectors of the economy to help
create and maintain jobs and to further Québec's economic growth. The Fund is
a partner, either directly or through its network members, in 1,696 companies.
It currently has nearly 575,000 shareholders and has helped, on its own or
with other financial partners, to create, maintain and protect over
122,000 jobs. For more information, visit www.fondsftq.com.
For further information:
For further information: Note: The telephone number provided below is
for the exclusive use of journalists and other media representatives: Josée
Lagacé Senior Advisor, Press Relations and Communications, Fonds de solidarité
FTQ, (514) 850-4835, firstname.lastname@example.org