The Member for Rivière-du-Loup-Témiscouata-Les Basques, Amélie Dionne, on behalf of the Minister of Economy, Innovation and Energy and Minister Responsible for Regional Economic Development, Christine Fréchette, the Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions (CED), the Honourable Mélanie Joly, as well as Investissement Québec announce that a total of $8,440,000 in investments have been made in Cotech, a manufacturer specializing in agricultural, snow removal and excavation equipment. This funding has enabled the business to expand its plant in L'Isle-Verte and acquire automated equipment to increase its productivity.
In addition to creating jobs, this project, valued at approximately $18 million, will help Cotech increase its efficiency and continue to thrive. In the current geopolitical context, it is more necessary than ever to invest in the growth and productivity of businesses to make them more attractive and competitive in strategic sectors such as manufacturing.
"Thanks to its innovative products, Cotech has been recognized as a leader in its field for over 25 years. I am proud it set up shop in L'Isle-Verte, right here in our riding of Rivière‑du-Loup-Témiscouata-Les Basques, thereby creating wealth and jobs to the benefit of our community. Congratulations to the team on this visionary project to expand, which will help to further dynamize our region!"
Amélie Dionne, Member for Rivière-du-Loup-Témiscouata-Les Basques
"A priority of the Government of Canada is to ensure our communities prosper and, with this in mind, SMEs are essential to the country's economic growth. That is why CED is proud to invest in this project, which will help increase Cotech's productivity and production capacity and have positive spin-offs for the entire Bas-Saint-Laurent region."
The Honourable Mélanie Joly, Minister of Industry and Minister responsible for CED
"Fostering productivity is an effective way to protect our SMEs and our economy. These investments will enable Cotech to accelerate its shift to automation to enhance its performance even further in its line of business. With these kinds of forward-looking projects, we can consolidate the presence of our SMEs and Quebec as a whole on the North American market."
Christine Fréchette, Minister of Economy, Innovation and Energy and Minister Responsible for Regional Economic Development
"By placing automation at the heart of its strategic priorities, Cotech is able to pursue growth and deepen its roots in the Bas-Saint-Laurent region. Investissement Québec, as a frontline player in supporting this kind of initiative, salutes this new milestone, which will enable the business to increase its production capacity while remaining at the cutting edge of technology."
Bicha Ngo, President and CEO, Investissement Québec
"This project is a direct response to the sustained increase in the demand for our products and reflects our willingness to better serve our clients, while also maintaining the highest quality standards. This investment ensures our competitiveness on the North American market. It is also a strong gesture that demonstrates our long-term commitment to our region, our employees and the future of our sector."
Etienne Côté, President, Cotech
Quick facts
- For over 25 years, Cotech has been manufacturing agricultural, snow removal and excavation equipment. The business designs and manufactures innovative accessories of superior quality adapted to small and medium capacity equipment such as snowplows, excavator and wheel loader buckets, and pallet and agricultural forks.
- The funding includes a loan of $4,500,000 through the ESSOR program, administered by Investissement Québec as the government's representative; a loan of $2,440,000 provided from Investissement Québec capital funds; and a repayable contribution of $1,500,000 from CED granted under the Regional Economic Growth through Innovation program.
- The ESSOR program aims to support investment projects in Quebec with a view to increasing competitiveness and productivity, creating jobs and boosting sustainable development.
- CED's Regional Economic Growth through Innovation 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.
