Montreal, January 16, 2007 – The Solidarity Fund QFL has announced a $35 million investment in Mecachrome International Inc., a group of companies specialized in the machining and assembly of parts for the aeronautics and automobile industries. This investment will contribute to faster growth for the company here in Québec and, at the same time, develop the company’s position as an integrator in the North American aerospace industry.
Gaétan Morin, Senior Vice-President of Investments at the Solidarity Fund QFL, says that this investment is an excellent opportunity for the Fund to support a partner that is fast becoming an aeronautics integrator. “Our role is to support our best companies as they move into new growth phases. The Québec aerospace industry needs integrators like Mecachrome if it is to meet the needs of large prime manufacturers, which require that their suppliers play a significant role in the financing of new aircraft construction.” Mr. Morin also pointed out that the Solidarity Fund QFL has invested a total of $50 million in Mecachrome since its association with the company began, in July 2005, for a participation of 13.2%.
Guillaume Casella, President and CEO of Mecachrome, agrees. “Mecachrome’s development in Québec depends on its ability to become a recognized aerospace integrator, a role that we already play brilliantly in France for Airbus. In addition, Mecachrome has expertise in the automotive industry that is hard to come by in Québec. Our group helps create many jobs in Québec, and in so doing, provides excellent opportunities for small businesses that would otherwise be hard pressed to work directly with prime manufacturers.”
Mr. Casella added that some 240 SMEs, the industrial fibre of the Québec aerospace industry, need integrators like Mecachrome if they are to gain access to the rewards available in the aerospace recovery. “We have already created 147 jobs since we arrived in Québec, and we expect to create another 100 new jobs in the next year, mainly at Mirabel for the Boeing 787 program,” continued Mr. Casella.
About Mecachrome
Mecachrome is a leading designer, manufacturer and assembler of precision-engineered industrial components and systems, including aircraft engine components and structural components, automobile engine components and motor racing engines. Since being formed in 1937, Mecachrome has established a significant presence and a global reputation in certain high-precision sectors of the aerospace, automotive and industrial equipment industries, providing services primarily to original equipment manufacturers. For more information on the company, visit www.mecachrome.com
About the Solidarity Fund QFL
With assets of $6.9 billion, the Solidarity Fund QFL is a development capital fund that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and contribute to Québec’s economic development. The organization is a partner, either directly or through its network members, in 1,681 companies. The Fund currently has over 550,000 shareholders and has helped, on its own or with other financial partners, create, maintain and support over 116,000 jobs. For more information, visit www.fondsftq.com
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Source: Daniel Fortier
Communications and Marketing Advisor
Solidarity Fund QFL
Telephone: 514 850-4890
Cell: 514 378-1490
Email: dfortier@fondsftq.com