Auto Service World
News   November 28, 2001   by Auto Service World

Canadian Remanufacturer Gets $250,000 Infusion

C.V. Tech, a company that specializes in remanufacturing CV shafts and rack& pinion steering racks for the automotive aftermarket, has been awarded a 250,000 investment from the Fonds rgional de solidarit FTQ Outaouais (Outaouais Regional Solidarity Fund QFL).
The investments is part of a project totaling $650,000 by the funds. The investment will help the company extend its services to international firms and expand its distribution network into the US.
“We’re very happy to have been able to count on the involvement of the Fonds rgional de solidarit FTQ Outaouais to back our ongoing development,” said C.V. Tech president Franois Desmarais. “Our firm has an outstanding growth record, and this investment fits in with our plans to restructure our production line and inventory management, both for higher output and better quality.”
“The automotive industry is one of the pillars of the Canadian economy and directly or indirectly generates one out of every seven jobs in Canada,” explained Michel Parent, general manager of the Fonds rgional de solidarit FTQ Outaouais. “This investment allows us to keep the current number of jobs at 45, and management is looking at the possibility of opening an extra shift, which would create an additional 30 full-time positions. That’s good news for the region. The Fonds rgional de solidarit FTQ Outaouais is very happy to be able to partner with C.V. Tech and to contribute, through this investment, to the good of the Outaouais area,” he added.
The Fonds rgional de solidarit FTQ Outaouais is a development capital fund whose mission is to invest in regionally based companies that offer solid potential for growth and job creation. It acts as a complement to traditional financing instruments offered through financial institutions and government agencies.