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Raufoss Group to invest C$60 million in new manufacturing facility
Montréal, January 18, 2001 – General Motors announced today the award of a contract to the Raufoss Group to manufacture lightweight aluminum suspension components for use in a number of future GM vehicles.
“The Raufoss Group is delighted to announce a C$60 million (350 million Norwegian Kroner) investment to build a new manufacturing facility to be located in Québec that will create approximately 60 high‑skill jobs,” said Leif Bronken, executive vice president for Raufoss Group. “With our ongoing relationship with GM Europe and this new contract with GM North America, we have established a platform for being one of the leading suppliers of aluminum suspension components to the global automotive industry.”
Bronken said, “Raufoss is strengthening its position as an attractive partner within the automotive industry. Unique material competence, a majority of complementing process technologies, as well as knowledge of product functionality form the basis of Raufoss’ core competence. This, in combination with unique and innovative aluminum forming processes, has led to the development of competitive solutions in collaboration with our clients.”
President and general manager of General Motors of Canada Limited, Maureen Kempston Darkes said, “The Raufoss contract builds on GM’s already significant commitment to the automotive supply community in Quebec. In 2000, GM purchased $850 million from Quebec‑based suppliers, with fully 95% of the components destined for use in GM’s facilities outside the province of Quebec.”
“The project we are announcing today is great news for Quebec” said Bernard Landry, Québec deputy premier and minister of state for the economy and finance. “In fact, this investment in the aluminum industry is positive in a number of ways. First, SGF’s new partner is a European investor which increases foreign investment in Québec. Second, it involves an aluminum transforming project, and third because a large company such as GM is part of this contract. Furthermore, the Raufoss project will create high‑skill jobs in Québec and build on our leadership in lightweight materials. Québec continues to be a good place to do business in North America and a very attractive location for further investment.”
The Société générale de financement du Québec (SGF) is a partner in the new venture with a 20% interest in the new plant that will produce suspension components. Chairman, president and chief executive officer of SGF, Claude Blanchet said, “The collaboration between SGF and Raufoss demonstrates the value that SGF can provide in attracting new industrial players to Quebec. We are thrilled to build upon the experience in Québec in transforming lightweight materials for a wide variety of commercial applications, particularly for high-volume automotive components.”
Raufoss ASA has 2300 employees and an annual turnover of 2 billion Norwegian Kroner. The group has subsidiaries in Europe and North America and produces components for all the major automotive manufacturers. For more information, please visit www. raufoss.com.
General Motors of Canada has 26,000 employees, nine manufacturing facilities in Canada and is a wholly owned subsidiary of General Motors Corporation. For more information, please visit www.gmcanada.com.
The mission of Société générale de financement du Québec is to realize economic development projects meeting normal profitability requirements, in collaboration with business partners. Since it was restructured in 1998, SGF has generated investments of about $2 billion, leading to the creation of over 9,000 direct and indirect jobs in the operating phase, not counting the thousands of jobs created during the construction phase. As of December 31, 1999, SGF’s consolidated assets totalled close to $2 billion. SGF has 40 international partners operating in Québec.
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For more information, please contact:
General Motors of Canada:
Stew Low
Faye Roberts
Raufoss:
Leif Bronken
SGF
Sylvie Brousseau
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