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FINANCIAL SUPPORT FOR MAGOTTEAUX 

Date: November 2, 2011  Region: Memphremagog 

Financial Aid for Magotteaux

Deputy Pierre Reid (Orford) recently announced, in the name of Sam Hamad - Minister of Economic Development, Innovation and Export and Member of the National Assembly, the sum of $370,000 in non-refundable financial support for Magotteaux Ltée to modernize its equipment and thereby enable the company to increase its production in order to better answer the demand. The project requires a total investment of more than $4.5 M. 

“Magotteaux Ltée is a strategic manufacturing company for Estrie and the Magog-Orford region. The modernization of its equipment is the key element which will enable the company to increase its production and thus ensure its competitiveness within the industrial scheme of things. As this financial support comes to the assistance of the only manufacturer of crushed ore balls in Quebec, it will also have a positive effect on suppliers and subcontractors”, indicated Deputy Reid.

Magotteaux Ltée specializes in the manufacture of crushed ore balls of various kinds of ore and in the production of castings which are resistant to abrasion, use and high temperatures. This project will make it possible to increase the output of the company and to answer the keen demand of the mines on the North Shore and in Northern Quebec. Thanks to this investment, Magotteaux Ltée will be able to guarantee the jobs of the current 140 employees. 

“In Quebec, working mines are on the rise which offers an excellent potential for development. This investment is in line to make it possible to seize business opportunities related to the growth of the Québécois mining sector, particularly in the context of the Northern Plan. This project will also permit the company to Financial support for Magotteauxbetter position itself in relation to international competition which is increasingly present in Quebec”, noted Minister Hamad..

Established in Magog in 1980, the company is the Québécois subsidiary of the Belgian multi-national Magotteaux Group, which recently became a part of a Chilean conglomerate. The industrial complex includes a foundry, a laboratory as well as administrative and sales offices. In the world market, the Magotteaux Group employs more than 2,400 people, in 14 specialized manufacturing units and 27 sales offices.

“Our products are recognized within both the national and international markets. The modernization of the fusion sector is essential to ensure the growth and improvement of the productivity of our factory in Magog. Following the realization of this project, we envisage an increase of 15% to 20% in sales”, specified Jean Gaudet, Director of Operations at Magotteaux Ltée.

For more information on the programs and services offered by the Ministry for the Economic Development, Innovation and Export, refer to www.mdeie.gouv.qc.ca/programmes.



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