Increasing productivity - $12M in Investments to Support Soucy Techno's Growth

SHERBROOKE, QC, Jan. 11, 2023 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

The governments of Canada and Quebec and Investissement Québec are granting a total of $12 million in financial assistance to Soucy Techno inc. This support will enable the business to acquire new specialized equipment, including a new rubber mixing line; expand its existing building; and increase the capacity of its electrical room.

The Member of Parliament for Compton‍‒Stanstead and Minister of Agriculture and Agri–Food, the Honourable Marie–Claude Bibeau, on behalf of the Member of Parliament for Brome‍–Missisquoi, Minister of Sport and Minister responsible for Canada Economic Development for Quebec Regions (CED), the Honourable Pascale St–Onge, along with the Member for Richmond, André Bachand, on behalf of the Minister for the Economy, Minister Responsible for the Fight Against Racism and Minister Responsible for the Laval Region, Christopher Skeete, made the announcement today.

The aim of this investment project, valued at over $15 million, is to enable the business—which specializes in developing rubber mixtures used mainly to manufacture caterpillar tracks, hosing, seals, pipe coverings, and wear-resistant parts—to increase its production capacity to meet demand, in particular in the agricultural sector.

As part of this project, the Government of Canada is granting a repayable contribution of $2 million under CED's Regional Economic Growth through Innovation program. For its part, the Government of Quebec is granting a $5 million loan through the ESSOR program, managed by Investissement Québec as the government's representative. An equivalent loan is also being provided through Investissement Québec's capital funds under the Productivité innovation initiative.

Quotes:

"Thanks to CED's support, Soucy will continue to grow! In addition to expanding its building, this leader in raw material manufacturing will acquire a new rubber production line, which will enable it to expand its market share, particularly in the agricultural sector."

The Honourable Marie-Claude Bibeau, Member of Parliament for Compton‍‒Stanstead and Minister of Agriculture and Agri–Food

"Our government has adopted concrete measures to help businesses leveraging automation to ensure their growth and competitiveness. That is why we are providing our assistance to Soucy Techno, whose innovation and success are raising the profile of the Cantons-de-l'Est region. We are here to support workers and Quebec and Canadian SMEs. By helping businesses equip themselves with what they need, we are all working together to contribute to a stronger, more resilient, and more sustainable economy."

The Honourable Pascale St–Onge, Member of Parliament for Brome‍‒Missisquoi, Minister of Sport and Minister responsible for CED

"The Government of Quebec is here to support businesses that wish to modernize their facilities and increase their productivity. Thanks to this investment, Soucy Techno will reinforce its position in the market and respond even better to its clients' requests as they grow. I salute the spirit of innovation of this flagship business, whose success is felt throughout the region and across Quebec."

André Bachand, Member for Richmond

"Given today's economic reality, innovation and process automation represent key solutions for our businesses. Soucy Techno has understood this well and is taking the steps needed to remain a leader in its field!"

Christopher Skeete, Minister for the Economy, Minister Responsible for the Fight Against Racism and Minister Responsible for the Laval Region Laval

"Through the Productivité innovation initiative, our experts in the Estrie region are supporting entrepreneurs and business leaders there who choose to focus on expanding their production capacity to ensure growth and competitiveness. Investissement Québec is proud to assist Soucy Techno in this project, which will enable the business to enhance its productivity."

Guy LeBlanc, President and CEO, Investissement Québec

"This major investment supports the development of a key link in our supply chain given the next phase of growth for Soucy's businesses. It will enable Soucy Techno to increase its rubber production capacity by 50%, while incorporating advanced automated technologies to make gains in productivity. This additional production volume will make it possible to meet the ever-growing demand for our track systems and rubber tracks in the agricultural and industrial sectors. We firmly believe that this kind of strategic investment allows us to grow our businesses right here in Quebec and to remain very competitive on our markets."

Jasmin Villeneuve, General Manager, Soucy

Quick facts:

• Founded in 1983, Sherbrooke-based Soucy Techno inc. specializes in developing and preparing mixtures of rubber and colour concentrates made from polyethylene for the manufacture of caterpillar tracks, hosing, seals, pipe coverings, and wear-resistant components.
• CED is a key federal player in Quebec in promoting economic development in the regions and among small and medium-sized enterprises (SMEs).
• CED's Regional Economic Growth through Innovation program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
• With a view to enhancing competitiveness and productivity, creating jobs, and fostering sustainable development, the ESSOR program (webpage in French only), managed by Investissement Québec as the government's representative, supports investment projects in Quebec.
• Investissement Québec's Productivité innovation initiative aims to boost the competitiveness and accelerate the growth of Quebec businesses.

CED on social media:

Twitter: https://twitter.com/CanEconDev
LinkedIn: https://www.linkedin.com/company/dec-ced
YouTube: https://www.youtube.com/channel/UCuGx3HuidfI7gTHobNrctJA

Ministère de l'Économie, de l'Innovation et de l'Énergie on social media:

• twitter.com/economie_quebec
• facebook.com/EconomieQc
• linkedin.com/company/économie-québec
• youtube.com/c/ÉconomieQuébec
• instagram.com/economieqc

SOURCE Canada Economic Development for Quebec Regions

Sources: Ariane Joazard-Bélizaire, Press Secretary, Office of the Minister of Sport and Minister responsible for Canada Economic Development for Quebec Regions, Email: [email protected]; Dominique Samson-Desrochers, Office Director and Policy Advisor, Riding Office of the Member for Richmond, Tel.: [phone]; Rosalie Tremblay-Cloutier, Policy Advisory, Office of the Minister for the Economy, Minister Responsible for the Fight Against Racism and Minister Responsible for the Laval Region, Cell: 438-777-3777; Dominik Boudreault Lapierre, Advisor, Media and Government Affairs, Investissement Québec, Tel: [phone]; Information: Media Relations: Canada Economic Development for Quebec Regions, Tel.: [phone], Email: [email protected]; Jean-Pierre D'Auteuil, Head of Media Relations, Communications Branch, Ministère de l'Économie, de l'Innovation, et de l'Énergie, Tel.: [phone], ext. 4868, Cell: 418-559-0710