SGF signs agreement in principle with Asco Industries
Farnborough, July 24, 2002 - Québec Deputy Premier and Minister of State Economy and Finance, Pauline Marois, attended the annoucement made by Roger Boas, President of Asco Industries, Christian Boas, CEO of Asco Industries and François Chagnon, Vice‑President, Development, Transportation Material, of the Société générale de financement du Québec (SGF), regarding the signing of an agreement in principle between their two companies. Asco, a major Belgian company, and SGF are already holding discussions with a view to establish in Québec a world‑class aircraft structure integrator. This estimated $50 million project will create about one hundred high‑tech jobs over four to five years.
Asco Industries (www.asco.be) was founded in 1954 and is now one of the leading manufacturers of slat tracks and flap tracks for the aeronautical industry.
"The arrival of Asco, explained the Deputy Premier, will help to increase Québec content in the supply chain for the aeronautical sector."
With this undertaking, SGF and Asco plan to create a leader in the design and manufacturing of complex components, the integration of sub-systems and after‑market service for these products for the world aeronautical industry. This new international partner will help to strengthen one of the weakest points in the supply chain in the aeronautical sector in Québec, i.e., the role of integrator. In addition, the capabilities developed by Asco in Québec will complement those of Québec companies in the aeronautical sector. Therefore, it is very conceivable that future partnerships could develop.
Planning also includes possible acquisitions by Asco outside Québec in order to meet customer needs and/or acquire technologies or know-how that complement its North American operations. This positioning in North America is part of Asco’s strategy to locate nearer to its customers in order to be able to offer turnkey solutions (design to just-in‑time delivery of complex systems).
SGF’s mission is to carry out economic development projects in cooperation with partners and in accordance with accepted requirements for profitability. Since it was restructured in 1998, SGF has generated investments of nearly $7.5 billion and created more than 43,000 direct and indirect jobs. As of December 31, 2001, SGF’s consolidated assets totaled over $3 billion. SGF has 57 international partners operating in Québec. (sgfqc.com)
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