Fonds régionaux de solidarité FTQ Gaspésie-Îles-de-la-Madeleine Inject $2.25 Million in the Local Economy
The Fonds régionaux de solidarité FTQ Gaspésie-Îles-de-la-Madeleine reinvest in Rail GD Inc. of New Richmond
Highlights
• In fiscal 2018-2019, the Fonds régionaux de solidarité FTQ Gaspésie-Îles-de-la-Madeleine invested $2,250,000 in two regional companies, Gaspésie Diesel and Rail GD.
• The current FRS Gaspésie—Îles-de-la-Madeleine portfolio contains 12 partner companies.
• Since its creation in 1996, the Fonds régionaux de solidarité FTQ Gaspésie—Îles-de-la-Madeleine have invested $22.8 million in the region.
New Richmond, June 12, 2019 – The Fonds régionaux de solidarité FTQ Gaspésie-Îles-de-la-Madeleine have invested in Rail GD, a company specializing in the repair and maintenance of railway rolling stock. This investment is one of two made during the past year, bringing the total to $2.25 million for the FRS Gaspésie–Îles-de-la-Madeleine.
Founded in 2012, Rail GD restores and repairs passenger cars, refurbishes locomotives and designs and manufactures flat wagons. Its client base includes, among others, Via Rail Canada, Rio Tinto, ArcelorMittal, Bombardier and Systra. The investment of the FRS Gaspésie-Îles-de-la-Madeleine is intended to support the development of the company, which is aiming to position itself as a key player in the maintenance and repair of rail cars and locomotives thanks to its state-of-the-art facilities and qualified personnel.
“For us, the FRS Gaspésie-Îles-de-la-Madeleine is more than a financial partner. We view them as a business partner that shares our vision, offers useful consulting services and guides us to help us achieve our goals. We’ve had the FRS by our side for a few years now and are happy to be able to count on their expertise and financial support,” said Rail GD president Gilles Babin.
“With dynamic entrepreneurs like Gilles Babin, we have significantly increased our annual investment volume,” said in turn Frédéric Bernier, Regional Vice-President, Fonds de solidarité FTQ, Gaspésie-Îles-de-la-Madeleine and Bas-Saint-Laurent regions. “In order to further support the region’s economic development and help our entrepreneurs better face the challenges before them, I look forward to further increasing our investments in the coming year.”
A well-entrenched and healthy FRS network
In fiscal 2018-2019, the Fonds régionaux de solidarité FTQ invested a total of $120,662,030 in 117 Québec businesses. This was an exceptionally strong year in terms of investments and number of files handled since the creation of the Fonds régionaux in 1996.
“Thanks to the Fonds régionaux, we’ve been able to develop a strong network on the ground and boost our presence in every region of Québec. Our investment teams and board members are very close to the business communities they serve. They are therefore well placed to understand local issues and propose financing solutions that meet the needs of the region’s entrepreneurs. These solid results attest to the strength of our network and our contribution to the vitality of the regional economy,” said Luc Pinard, President and CEO of the Fonds régionaux de solidarité FTQ.
About the Fonds régionaux de solidarité FTQ
The Fonds régionaux de solidarité FTQ have been participating in the economic development of Québec’s regions for over 23 years. An integral part of the Fonds de solidarité FTQ network, the Fonds régionaux have invested $918 million in 1,434 projects since their inception in 1996, helping to create, maintain or protect 51,846 jobs.
About Rail GD
Founded in New Richmond, Québec, Rail GD specializes in the repair and refurbishment of railway rolling stock. Rail GD’s refurbishment work adds about 25 years of useful life to rail vehicles and their related components. The company has a 2,230-square-foot, state-of-the-art workshop with three, 65-metre long rails that can accommodate six cars. One of the most competitive in the field, its team has delivered several refurbishment and modernization mandates for railway companies across Canada. Rail GD also specializes in the maintenance and repair of freight train cars.
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