A $16 million investment project for Industrie Bodco Inc.; 150 jobs in St-François-Xavier de Brompton
Société générale de financement du Québec invests $5 million, Fondaction, $ 1 million, Investissement Québec $1 million and Amisk $ 1 million
St-François-Xavier de Brompton, October 1, 2002 - The Société générale de financement du Québec, through its machinery division, has invested $5 million in Industrie Bodco Inc., a farm equipment manufacturer specialized in the handling of manure used as organic fertilizer. The total investment amounts to $16 million and draws upon Investissement Québec’s partners acting through its subsidiary La Financière du Québec, the CSN’s Fondaction and Amisk, each investing $1 million.
Bodco will thus be able to acquire the assets and the distribution network of its main U.S. distributor, located in Fort Atkinson, Wisconsin. Moreover, the manufacturing area of its plant in St-François‑Xavier de Brompton will be doubled so as to incorporate J‑Star’s equipment and instruments. This investment will make it possible to operate the J‑Star distribution network by using a segment of the Fort Atkinson installations as a service centre. The project will create 150 new jobs by 2004.
“Here is a positive example of government involvement in stimulating the vitality of our regions. This $7 million investment from Quebec City, committed through the SGF and its partners, will enable a well‑established Estrie industry to expand its expertise and create new jobs,” asserted Mr. Claude Boucher, Secretary of State for Infrastructures and regional delegate for Estrie.
“We are pleased to take part in this round of financing. It will allow Bodco to become the North American leader of agricultural equipment in addition to helping structure development in the Estrie region,” said Mr. Sylvain Bouchard, Vice‑President, machinery development with the Société générale de financement du Québec.
Company management, said Bodco Inc. President René Couture, “is proud of the confidence that the SGF has shown in Bodco’s winning team. This investment will enable us to enter a new growth phase in a highly specialized market, agriculture.”
Founded in 1978, Bodco prospered through the efforts of the company’s management to develop new products and conquer new markets. Bodco’s current plant, 90,000 sq. ft in area, employs 125 workers in Estrie. Following the acquisition of J‑Star, Bodco management began construction of a new building of 120,000 sq. ft. on land adjacent to the current facility in order to complete the transfer of equipment and machinery.
About Investissement Québec
Investissement Québec was founded in 1998. Its mission is to assist Quebec’s economic development by fostering private investment and job creation throughout all of Quebec’s regions. In Estrie, in 2001–2002, it invested about $23 million in 52 projects, and thereby permitted the creation of 903 jobs. The corporation is currently staffed by 378 employees and administers 13 offices in Quebec, including the Sherbrooke office. For further information, please visit the Web site: www.investquebec.com.
About the SGF
The mission of the SGF is to implement economic development projects in collaboration with partners under normal profitability circumstances. Over the past four years, from 1998 to 2001, the SGF generated investments of $7.5 billion and created more than 43,000 direct and indirect operational and construction phase jobs. At December 31, 2001, the SGF’s consolidated assets surpassed $3 billion. The SGF has 57 international partners operating facilities in Quebec (sgfqc.com).
Société générale de Financement
Industrie Bodco inc.