Published by: Ministry of Economy and Innovation
In collaboration with: Office of the Minister of Economy and Innovation
SAINT-GEORGES, QC, May 13, 2021 /CNW Telbec/ – The Government of Quebec and Investissement Québec are pleased to announce $18 million in financial support to Canam Bridges for the modernization of its facilities and equipment.
This technology transformation project, valued at nearly $36 million, will allow the company to increase its market share in Canada and the United States and lead to the creation of more than 125 jobs. It aims to meet the growing demand in the construction industry for steel bridges, support devices and expansion joints, and to keep Canam Bridges in a favourable position in the face of local and international competition.
The financial assistance, granted in the form of loans, comes in equal parts from the Economic Development Fund, managed by Investissement Québec as an agent of the Quebec government, and from the equity of Investissement Québec under the Productivity Innovation initiative.
“With this investment in Canam Bridges, our government is supporting a project that will not only create jobs in the region, but also contribute to the technological shift and the conquest of new markets outside Quebec. This is exactly the kind of initiative we are focusing on to increase the productivity of our businesses and make our economy more prosperous. »
Pierre Fitzgibbon, Minister of Economy and Innovation
“We are pleased to be part of this important transformation project that the Canam Bridges team is undertaking. In addition to actively contributing to the development of our regional and national expertise, the company is a compelling example of a manufacturer that is proactive in focusing on the digital and technological shift to ensure its productivity and develop new markets. Thanks to its Productivity Innovation initiative and its enhanced service offering, the Investment Québec team has everything in hand to support and support Canam Bridges in achieving its ambitious international goals. »
Alexandre Sieber, Senior Executive Vice President, Corporate Finance, Investment Quebec
“This investment will enable Canam Bridges Canada to carry out a major project to modernize its manufacturing equipment, which will include automation and robotics, among other things. This will allow us to increase our efficiency and production capacity, while continuing the digital transformation associated with Industry 4.0. Canam Bridges’ plants in Laval, Shawinigan and Quebec City will all benefit from this investment, which will significantly increase manufacturing hours, maintain more than 500 jobs and create more than 125 more value-added jobs. This initiative will strengthen our market position by allowing us to compete locally and internationally. It will also position us to manufacture components here in Quebec for major projects, such as the Gordie-Howe International Bridge between Windsor, Ontario, and Detroit, Michigan. »
Richard Laliberté, President and CEO of Canam Bridges Canada
- Canam Group specializes in the design of integrated solutions and the manufacture of customized products for the construction industry in North America and operates in the building and infrastructure sectors.
- The company, which operates 11 plants in Canada and the United States as well as engineering and design offices in Romania, India and the Philippines, employs more than 3,300 people.
- Investissement Québec’s mission is to actively participate in Quebec’s economic development by stimulating innovation in business, entrepreneurship and takeover, as well as the growth of investment and exports.
- Present in all administrative regions, the Company supports the creation and development of companies of all sizes through investments and appropriate financial solutions.
- It also offers numerous consulting services, including technology support offered by Investissement Québec-Centre for Industrial Research of Quebec (CRIQ).
- Through Investissement Québec International, it also supports Quebec companies in exporting while conducting the prospecting of talent and foreign investment in Quebec.