GRANBY, QC, July 6, 2018 /CNW Telbec/ - The Fonds de solidarité FTQ and the Fonds régionaux de solidarité FTQ – Estrie today announced a $5 million investment in Belt-Tech Products Inc., a Granby-based manufacturer of seat belt webbing for the automotive, industrial and aviation markets.
The funds will be used to purchase equipment, increase working capital to support expanding operations, automate its plant and improve productivity by making the innovation shift to industry 4.0. A second innovation project is also underway to automate the dyeing process.
Belt-Tech is positioning itself as a leader in the $100 million North-American automotive and aviation seatbelt market.
"In this highly niche industry, Belt-Tech is a Canadian leader that knows how to innovate in the textile industry, known to be traditional. By focusing on diversification to drive growth and consolidate its leadership, the Belt-Tech team is demonstrating a long-term vision that will enable them to seize new opportunities and develop new markets."
Jean Wilhelmy, Senior Vice-President – Natural Resources, Manufacturing and Services, Fonds de solidarité FTQ
"We have several innovation projects such equipment automation and the introduction of novel products. The Fonds' financial support will allow us to take this next step in our growth. We are also considering acquisitions in the U.S. in order to diversify within the industrial and military markets. We are also looking to expand geographically in the European and Asian automotive market, which is very favorable to us."
Robert Bélanger, President, Belt-Tech Products Inc.
"To support its growth, Bell-Tech has added 50 employees in the past three years, clearly demonstrating its contribution to our economy. We believe in the potential of this innovative company that has succeeded in standing out in what is considered a traditional sector."
Charles Lahaye, Regional Vice-President, Fonds régional de solidarité FTQ – Estrie
About Belt-Tech Products Inc.
Belt-Tech is a private company created in 2005. Its 220,000 sq. ft. headquarters and plant are located in Granby, Québec, and employ 200 people. Belt-Tech specializes in the manufacture of seat belt webbing for the automotive and aircraft markets, as well as webbing for lifting slings, safety harnesses and other applications in the industrial sector.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2018, the organization had $14.3 billion in net assets, and through its current portfolio of investments has helped create and protect 194,746 jobs. The Fonds is a partner in 2,839 companies and has 667,417 shareholder-savers.
SOURCE Fonds de solidarité FTQ
For further information: 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 protected]