Drummondville business receives $5M in financial assistance from CED.
DRUMMONDVILLE, QC, Feb. 2, 2024 /CNW/ – Canada Economic Development for Quebec Regions (CED)
Supporting manufacturing businesses contributes to economic development in Quebec’s regions. That is why the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, today announced a repayable contribution of $5M for Soucy International. This CED support will enable it to manufacture and acquire production equipment to improve its productivity and enhance its production capacity.
Created in 1967, Soucy International Inc. specializes in the manufacture and development of track systems and high-performance components and accessories for off-road vehicles. The business is recognized for its rubber traction equipment, which it markets under the name “Soucy.” Its many products are destined for the recreational vehicle, agricultural, industrial, and defence sectors. Its project involves manufacturing and acquiring strategic equipment, including circular presses, extrusion equipment, and press cells.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec’s economic vitality relies on organizations with strong roots in the regional economy. They are major contributors to growth, as well as key assets in rebuilding a stronger, more resilient, greener, and more just economy for all.
“SMEs are at the core of community development and are part of our government’s economic growth plan. That’s why I’m delighted and proud of CED’s support for Soucy International’s project. Thanks to our support, we are helping our workers and Quebec and Canadian SMEs to be well equipped to rebuild our economy.”
The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED
“This major investment aligns with our long-term growth plan for the production of our tracks and track systems for the agricultural and industrial sectors. It will help increase Soucy International’s production capacity, while also improving our productivity by integrating automation and robotics. The investment CED provided to Soucy Techno last year also enabled us to increase our volume of rubber production to supply Soucy International with raw materials. For us, this is a strategic investment making it possible to expand our businesses right here in Quebec and to remain competitive in our markets.”
Jasmin Villeneuve, Chief Operating Officer, Soucy
Quick facts
- The funds have been granted under CED’s Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- In Quebec, SMEs account for 99.7% of the province’s businesses and 50% of its GDP.
- CED is the key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.
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SOURCE Canada Economic Development for Quebec Regions
