Québec invests $5M in CVTCORP Transmission to maximize production capacity

Sainte-Julie, Québec, January 24, 2020 – The Québec government is granting $5 million in financial assistance in the form of an equity investment in CVTCORP Transmission Inc. (CVTCORP) so the company can finish developing certain products and bolster its production capacity. The amount contributed to support this project, worth $11.3 million, was granted under the ESSOR Program, more specifically, its Support for Investment Projects component. Ultimately, this project is expected to create 27 well-paying jobs.

The Minister Responsible for Government Administration, Chair of the Conseil du trésor and Minister Responsible for the Montérégie Region, Christian Dubé, along with the MNA for Verchères, Suzanne Dansereau, made the announcement today on behalf of the Minister of the Economy and Innovation and Minister Responsible for the Lanaudière Region, Pierre Fitzgibbon.

CVTCORP is a leader in the design and development of mechanical continuously variable transmissions (mCVT) for high-power agricultural and construction vehicles. Thanks to mCVT, equipment manufacturers can reduce engine size yet still deliver unparalleled operational ease and a 20% to 30% improvement in general vehicle performance — an innovation that took engineers at CVTCORP more than 15 years to develop. With mCVT, vehicles burn less fuel and produce fewer GHG emissions.

Quotes

“One of our government’s priorities is to revitalize the province’s regions and make them even more prosperous. That’s why a number of programs, tools and financial levers are available to manufacturing companies so they can maximize their performance. Montérégie is a productive region with several sectors of activity, and CVTCORP stands as proof of this with the investment announced today. We’re proud to have a hand in a project that will lead to this many quality jobs.”

Christian Dubé, Minister Responsible for Government Administration, Chair of the Conseil du trésor and Minister Responsible for the Montérégie Region

“The Québec manufacturing sector is among the sectors that generates the most wealth. Our government wishes to make industrial Québec even more innovative, productive and competitive at the regional, national and international levels. To achieve this objective, we need to foster innovation, increase investment and strengthen the production capacity of SMEs. Business growth goes hand in hand with the integration of new technology. This innovative and promising project is a way for CVTCORP to lock in its long-term growth.”

Pierre Fitzgibbon, Minister of Economy and Innovation and Minister Responsible for the Lanaudière Region

“By completing its project, CVTCORP is bolstering the region’s vitality, which benefits the entire community and workers in particular. The province has enormous economic potential, which needs to be optimized and put to best use. Companies that focus on research and development, incorporate new technology, and adapt rapidly to market demand will be quicker to seize the business opportunities that arise.”

Suzanne Dansereau, MNA for Verchères

“In our area, we have a lot of highly skilled, specialized workers. This investment is intended to put those skills to good use and will enable us to integrate vertically by purchasing state-of-the-art manufacturing equipment. This equipment will reduce our manufacturing costs and, especially, production lead times, in addition to speeding up the development of new products. The flexibility this vertical integration affords is a major advantage over our competitors.”

Daniel Girard, President and Founder of CVTCORP

Highlights:

  • CVTCORP was founded in 2001. The Sainte-Julie facility currently has 50 employees, 25 of whom focus on research and development. The current plant can produce approximately 1,000 units per year.
  • The ESSOR Program supports investment projects in Québec. One program objective is to support companies, particularly manufacturing businesses, that are looking to invest in cutting-edge equipment and technology so they can become more competitive. The program also supports digital projects by Québec businesses with value-added activities that operate in a sector undergoing a transformation associated with technological advancements.

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Sources :

Myrian Marotte Media Relations Officer Cabinet of the Minister Responsible for Government Administration, Chair of the Conseil du trésor and Minister Responsible for the Montérégie Region Tel.: 418-643-5926

Mathieu St-Amand Media Relations Officer Cabinet of the Minister of the Economy and Innovation and Minister Responsible for the Lanaudière Region Tel.: 418-691-5650

Sarah Leclerc Media Relations Officer Office of the MNA for Verchères Tel.: 450-652-4419 Information:

Jean-Pierre D’Auteuil Media Relations Manager Communications Branch Ministère de l’Économie et de l’Innovation Tel.: 418-691-5698, ext. 4868 Cell: 418-559-0710