Montréal, October 19, 2007 – With an investment of $1.8 million, the Solidarity Fund QFL (the “Fund”) is pleased to be involved in the turnaround of Camoguid, a manufacturer of machined steel and alloy parts for transportation equipment that will be relaunched as Camoguid Évolution Inc. This newly created company will allow 65 employees to keep their jobs in the Montérégie region of Acton Vale.
A turnaround team comprised of regional stakeholders and Fund representatives, and the return of Claude Mayer as CEO and shareholder were key elements that enabled Camoguid Évolution to implement an action plan aimed at growth in the medium term.
“This is an important investment for the Fund because it allows us to turn around a manufacturing company and preserve jobs, which benefits the region, its workers and their families. We are particularly pleased to see Claude Mayer return to the helm and are confident that his extensive knowledge of the industry and his entrepreneurial skills will be good for the future of Camoguid Évolution,” stated the Fund’s Gaétan Morin, Executive Vice-President, Investments.
Camoguid Évolution’s offer is unique in Québec in terms of its automated equipment and integrated complex parts. Indeed, from the outset, the company built its reputation on superior service, excellent delivery lead times, and highly specialized equipment that includes an electrostatic paint line. Chief executive Claude Mayer plans to leverage these assets to position the company in new markets.
About the Solidarity Fund QFL With net assets of over $7.2 billion as at May 31, 2007, the Solidarity Fund QFL is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 1,696 companies. It currently has nearly 575,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect over 122,000 jobs. For more information, visit
www.fondsftq.com.
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Note: The telephone number provided below is for the exclusive use of journalists and other media representatives.
Source : Josée Lagacé
Senior Advisor, Press Relations and Communications
Fonds de solidarité FTQ
Telephone : 514 850-4835
Email : jlagace@fondsftq.com