SRTX SECURES $25M USD INVESTMENT FROM INVESTISSEMENT QUÉBEC TO SUPPORT GROWTH AND STRENGTHEN LOCAL MANUFACTURING
MONTREAL, Dec. 3, 2024 /CNW/ - SRTX has announced a $25 million USD investment from Investissement Québec as a lead participant in its current fundraising round. This funding will support the company's efforts to expand and solidify its position as a leader in the textile sector, while continuing to grow its vertical manufacturing operations in Quebec.
This latest round of fundraising is supporting SRTX' drive to scale its manufacturing capacity and strengthen its research and development capabilities as it grows across all its distribution channels and innovates new materials. In 2023, the company expanded its operations into a new 300,000-square-foot, state-of-the-art facility in Pointe Claire (Montreal) where it has established a highly automated, vertically integrated manufacturing plant within a building that has room to expand to meet its growth. This new facility is unique, converting UHMWPE powder into finished products, and will enable SRTX to continue to drive its costs down as it expands the market leading position of its tights product, Sheertex.
The partnership with Investissement Québec reflects a shared vision for economic growth and innovation. Together, they are demonstrating that Quebec is a global hub for advanced manufacturing, fostering sustainability and creating high-quality jobs.
STATEMENTS:
"The investment from Investissement Québec represents a major milestone for SRTX. IQ's support provides additional resources to continue to scale our operations and boost production capacity to meet the increasing global demand for our innovative products. At SRTX, we are convinced that, with partners like IQ, our decision to invest in vertical manufacturing in Québec will prove to be a key component for the success of the company." Katherine Homuth - CEO, Founder, CEO & Chair, SRTX.
"Sheertex offers a sustainable product thanks to its patented technology and the use of one of the most resistant polymers in the world, which gives it an undeniable competitive advantage in the market. Investissement Québec is proud to support a company like Sheertex that is always looking to innovate, increase productivity and develop its international potential." Bicha Ngo, President, and CEO of Investissement Québec
ABOUT SRTX:
SRTX is the holding company of Sheertex Inc., the manufacturer and leading brand of rip-resist tights. Established in 2017 by Katherine Homuth, SRTX moved to its first facility in Montreal in 2019. Employing over 300, SRTX has invested in the capability to produce apparel-grade UHMWPE yarns and materials that are at the heart of its innovative products. The company has grown through the financial support of leading investors and strategic partners including H&M, EDC, BDC and ArcTern.
ABOUT INVESTISSEMENT QUÉBEC:
Investissement Québec's mission is to play an active role in Quebec's economic development by stimulating business innovation, entrepreneurship, and business acquisitions, as well as growth in investment and exports. Operating in all the province's administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec Innovation. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Quebec businesses with export activities.
SOURCE SRTX
SOURCE: Sam Colby, EVP & Chief of Staff SRTX, [email protected]; INFORMATION: Isabelle Fontaine, Principal Director - Media and government affairs Investissement Québec, Tél.: 514 876-9359; Katrine Joncas, Communication, Advisor, Investissement Québec, Tél : 514 873-1461
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