Canada invests $12M to support Soucy Techno’s growth
by CM staff
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.
SHERBROOKE —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.
“This major investment supports the development of a key link in our supply chain given the next phase of growth for Soucy’s businesses,” said Jasmin Villeneuve, General Manager, Soucy. “It will enable Soucy Techno to increase its rubber production capacity by 50 per cent, 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.”
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—is 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.
