Investment in the innovative manufacturing sector - Quebec and Ottawa approve over $18M in loans for Armoires Fabritec
Jul 04, 2017, 16:46 ET
BROMONT, QC, July 4, 2017 /CNW/ - [Canada Economic Development for Quebec Regions (CED)] The Government of Quebec and the Government of Canada have announced loans of over $18M to Armoires Fabritec, to help the business increase production capacity at its Bromont plant. This highly strategic project will allow the enterprise to respond to a significant anticipated increase in orders and will result in the creation of more than 530 jobs over five years.
Funding for this project, evaluated at $50M, includes a $10M loan under the ministère de l'Économie, de la Science et de l'Innovation's ESSOR program, a $3.3M loan from Investissement Québec's own funds, a repayable contribution of $2M from Canada Economic Development for Quebec Regions (CED) and a $3.3M commercial financing loan from Export Development Canada (EDC).
The announcement was made today by Dominique Anglade, Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy, and the Honourable Denis Paradis, Member of Parliament for Brome-Missisquoi.
Armoires Fabritec, which targets the U.S. market, uses leading-edge automated production equipment that makes it competitive on the North American market. The business is aiming to become a Quebec manufacturing industry leader in the digital revolution.
Quotes
"Quebec businesses are conquerors, and Armoires Fabritec is a very good example of this. The company has won some major contracts from the U.S., notably with Home Depot, which will considerably increase its U.S. exports. Armoires Fabritec stands out from the competition because of the quality of its products, which is attributable to the work of its employees and its leading-edge production equipment. Quebec's economic development rests on three key pillars: entrepreneurship, innovative manufacturing and exports. Armoires Fabritec has clearly understood the benefits of this combination for continued growth."
Dominique Anglade, Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy
"New technologies are changing modern manufacturing by reducing production costs, increasing productivity and allowing for the creation of innovative products. Government of Canada initiatives like the Innovation and Skills Plan are helping shape existing markets and create new ones, thus opening new opportunities for Canadian businesses. Together we are creating well-paid jobs for the future and strengthening the middle class."
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED
"We believe that the manufacturing industry has to focus on innovation and adopt new technologies to become more competitive and increase exports, and this is what Armoires Fabritec is doing. By encouraging enterprises to innovate, we are stimulating economic growth and enabling all Canadians to improve their skills, obtain better jobs and benefit from more opportunities. That is why the Government of Canada is proud to support this large-scale project, which will have a positive impact on Bromont and on Quebec as a whole."
The Honourable Denis Paradis, Member of Parliament for Brome-Missisquoi
"The manufacturing sector has a substantial impact on Quebec's economic vitality, and global competition is fierce. To keep abreast of, and even surpass, their competitors, our manufacturing enterprises need to increase their competitiveness and productivity. Armoires Fabritec is a company that has clearly understood the importance of going digital, and its investments are eloquent proof of this. At Investissement Québec, we welcome projects like this with open arms, especially those that showcase Quebec's expertise on the world stage."
Pierre Gabriel Côté, President and Chief Executive Officer, Investissement Québec
"Supporting Armoires Fabritec with commercial financing goes to the heart of what EDC does to help small companies go, grow and succeed abroad. EDC's role is to support Canadian companies of all shapes and sizes so that they can seize exporting opportunities that help create Canadian jobs and economic growth. This is what Armoires Fabritec does, and we are honoured to be a part of its current and future success."
Alexandre Faria, Regional Vice-President, Quebec Region, for EDC
Highlights
- Founded in 1983 in Saint-Jean-sur-Richelieu, Armoires Fabritec is a second-generation family business that today is one of Canada's largest suppliers of kitchen and bathroom cabinets. The enterprise has a plant in Bromont and another in Mont-Joli. Armoires Fabritec's Canadian business network is well established, enabling it to gain a foothold in the US market.
- The ESSOR program (website in French only) is intended to support investment projects in Quebec, with a view to increased competitiveness and productivity, job creation and sustainable development.
- With an envelope of $200M over five years, the Plan d'action en économie numérique (website in French only) is one of the pillars of Quebec's future digital strategy, which will set out a consistent government vision enabling Quebec to become a digital society.
- Through the Stratégie québécoise de l'exportation 2016‑2020, the Government of Quebec is providing a tangible vision for economic development, supporting the ambitions of businesses and propelling Quebec toward international markets.
- On June 14, 2016, the Government of Canada launched the Innovation and Skills Plan to promote business innovation and competitiveness and encourage leading-edge, advanced manufacturing. Key programs that support innovation and the diversification of Quebec's economy include CED's Quebec Economic Development Program.
- To learn more about CED's broad directions through 2021, consult Strategic Plan 2021 or visit www.dec-ced.gc.ca.
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SOURCE Canada Economic Development for Quebec Regions
For further information: Source: Gabrielle Tellier, Press Secretary, Office of the Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy, Tel.: 418-691-5650; Information: Jean-Pierre D'Auteuil, Media Relations Officer, Communications Directorate, Ministère de l'Économie, de la Science et de l'Innovation, Tel.: 418-691-5698, extension 4868, Cell: 418-559-0710; Chantal Corbeil, Spokesperson, Investissement Québec, Tel.: 514 873-7161; Media Relations, Canada Economic Development for Quebec Regions, Tel.: 514 283-7443, Email: [email protected]; Shelley Maclean, Export Development Canada, 613 291-3689, [email protected]
