Creation of 56 jobs in Sherbrooke - SOPREMA receives $8.5 million in government assistance for a new plant in the Estrie region

SHERBROOKE, QC, Sept. 25, 2017 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

The governments of Quebec and Canada have granted a total of $8.5 million in financial assistance to SOPREMA for a new plant in Sherbrooke, in the Estrie region, that will produce extruded polystyrene insulation panels. This investment project is worth an estimated $42.8 million.

The Quebec government funding, allocated under the ESSOR program, includes a $5 million loan and a non-repayable financial contribution of $1.5 million. As for the federal government, Canada Economic Development for Quebec Regions (CED) has granted $2 million to SOPREMA, in the form of a repayable contribution.

The announcement of this initiative, which will create 56 jobs in the Estrie region, was made today by Luc Fortin, MNA for Sherbrooke and Minister Responsible for the Estrie Region, acting on behalf of Dominique Anglade, Minister of Economy, Science and Innovation and Minister Responsible for the Digital Strategy; and Pierre Breton, Member of Parliament for Shefford, acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister Responsible for CED. They were accompanied by Karine Vallières, MNA for Richmond and Parliamentary Assistant to the Premier of Quebec (Youth component).

Quotes
"This project once again highlights the capacity of businesses to set themselves apart from the competition and think outside the box. The opening of this new plant is great news in terms of the growth and vitality of Sherbrooke and the Estrie region. It will undoubtedly help our region make a name for itself as a recognized leader in insulation product manufacturing, an emerging field around the world."

Luc Fortin, MNA for Sherbrooke and Minister Responsible for the Estrie Region

"I am pleased with the Government of Canada's financial support for a company that is known for its vitality, audacity and sense of innovation. These contributions will allow SOPREMA to establish itself in the Estrie region and generate economic growth, as evidenced by the 56 new high-quality jobs that will be created as part of this project."

Pierre Breton, MP for Shefford

"We are thrilled to be supporting, through the ESSOR program, the construction of SOPREMA's new plant, in the Rock Forest–Saint-Élie–Deauville borough. It will help ensure the ongoing diversification and enhancement of the regional economy. The ESSOR program is just one of the tools available to businesses to help them enhance Quebec's competitiveness and create high-quality jobs in our various regions, including the Estrie region."

Karine Vallières, MNA for Richmond and Parliamentary Assistant to the Premier of Quebec (Youth component)

"This is the first plant in North America to manufacture extruded polystyrene panels, and we are proud that the company has chosen Quebec, and the Estrie region, to carry out this major project. The initiative will likely have positive economic benefits, specifically as part of exports and job creation, and as concerns the global reach of Quebec's expertise in the production of insulation products."

Dominique Anglade, Minister of the Economy, Science and Innovation and Minister Responsible for the Digital Strategy

"By investing in SOPREMA's production capacity, the Government of Canada is standing by its commitment to help businesses expand, innovate, and export their products in order to create high-quality jobs, thus ensuring a prosperous Canadian economy."

The Honourable Navdeep Bains, Minister responsible for CED

Highlights

• Founded in 1908 in Strasbourg, France, SOPREMA specializes in the production of waterproofing, insulation, soundproofing and revegetation products for the construction and civil engineering sectors. Its North American head office and research centre are located in Drummondville, in the Centre–du–Québec region. The company also has four plants: in Drummondville, Quebec City, Richmond, and the one to be built in Sherbrooke under this project.
  
  
• In 2014, SOPREMA acquired Spanish firm Topox, which specializes in the production of extruded polystyrene, a product considered to be one of the best thermal insulators on the market.
  
  
• The goal of the Essor program is to support investment projects in Quebec with a view to enhancing competitiveness and productivity, creating jobs and ensuring sustainable development.
  
  
• The Economic Development Fund is a special government vehicle for growth‑generating interventions that promote Quebec's economic development. The goal of the Fund is to help Quebec businesses address the challenges they are facing, while ensuring maximum economic spinoff from the various activities.
  
  
• CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
  
  
• For more information on CED's key directions until 2021, consult Strategic Plan 2021 or visit www.dec-ced.gc.ca/.

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SOURCE Canada Economic Development for Quebec Regions