SAINT-HYACINTHE, QUEBEC – Olymel LP and the Quebec government announced on May 18 that the meat processor would accept a C$150 million investment to support developments in the Canadian province.
The Ministry of Economy and Innovation granted C$74 million through its Fund for the Growth of Quebec Enterprises, with another C$76 million coming from Investissement Quebec.
“The assistance from the Government of Quebec and Investissement Quebec supports our efforts in recent years and supports concrete development projects, not only to maintain our competitive capacity, but to continue our growth and always improve our ways of doing things,” said Réjean Nadeau, president and chief executive officer of Olymel. “This major investment will also have beneficial effects on the vitality of Olymel establishments in the region, on employment as well as on the pork and poultry sectors.”
Olymel plans to use the money from the government to help with various projects that have currently been assessed at C$315 million. The meat processor wants to improve efficiency of its processes and operational equipment throughout its plants while also upgrading IT management systems and set up two existing poultry slaughterhouses to pre-pack on site. Finally, Olymel is looking to add a second shift at its Ange-Gardien pork plant.
“With this fund, our government is giving itself another tool to strengthen the position of Quebec head offices,” said Pierre Fitzgibbon, Minster of Economy and Innovation for Quebec. “Olymel's project fits exactly with this vision by consolidating 10,000 jobs here, in addition to taking this leader to a higher technological level.”