Quebec’s Manac to enhance production facilities with $170-million investment
The financing will help in the expansion and modernization the company's manufacturing plant and the deployment of new sales and service centres.
July 1, 2024 | By MRO Staff
Quebec-based commercial trailers manufacturer Manac has closed a $170-million financing round with Investissement Québec, BDC, and Desjardins.
This financing, which includes a $30 million refinancing operation, will help in the expansion and modernization of its manufacturing plant in Saint-Georges, Quebec and the deployment of new sales and service centres in Quebec and elsewhere in Canada.
The company has secured loans totalling $170 million, including $40 million from the Gouvernement du Québec ESSOR program, through its agent Investissement Québec, and $30 million directly from Investissement Québec funds. Desjardins and BDC are contributing with loans of $50 million each.
“Maintaining an efficient, competitive manufacturing site for over 55 years in a highly cyclical industry is quite a challenge and requires the commitment of many partners,” said Charles Dutil, president and chief executive officer of Manac. “The project we have just initiated is designed to enhance our competitiveness and maintain the trust of our customers and partners for many years to come.”
“Our financial support will allow Manac to modernize its facilities and ensure the growth of its operations throughout Québec and North America,” said Pierre Fitzgibbon, Minister of Economy, Innovation and Energy.
