The Fonds de solidarité des travailleurs du Québec (FTQ) has provided up to $12 million in unsecured subordinated funding to AJW Technique, a subsidiary of U.K.-based A J Walter Aviation Ltd. The Fonds de solidarité’s investment is part of a $30 million deal intended to help relaunch facilities for the repair and maintenance of aircraft components formerly associated with Aveos Fleet Performance Inc. The other funders are the Saint-Laurent-based AJW itself and the Québec government.
Fonds de solidarité FTQ helps create 300 jobs by investing $12 million in AJW Technique
Montreal, April 4, 2013 – The Fonds de solidarité FTQ is pleased to announce an unsecured, subordinated investment of up to $12 million in AJW Technique to relaunch the facilities for the repair and maintenance of aircraft components, thus contributing 300 jobs in the aerospace sector between now and 2015. The announcement was made this morning by Fonds de solidarité FTQ President and CEO Yvon Bolduc at a press conference held at AJW Technique’s Saint-Laurent offices and attended by representatives of the company and of the Québec government.
“This investment is a prime example of the Fonds de solidarité FTQ’s role in the Québec economy,” said Mr. Bolduc. “This unsecured investment will create jobs, a fundamental aspect of our mission for the last 30 years. Thanks to the tax credits they receive for contributing to the Fonds RRSP, 600,000 Quebecers have helped create 300 jobs today.”
“Incidentally, the Québec National Assembly last week passed a motion endorsing labour funds, thus recognizing that the Fonds de solidarité FTQ strikes a good balance between mission and return and job creation and saving for retirement. This balance has been working for 30 years and in turn has kept Québec’s financial ecosystem in balance. Three hundred families will be benefitting directly from the Fonds’ investment,” concluded the CEO.
About the Fonds de solidarité FTQ
Created in 1983, the Fonds de solidarité FTQ has been driving the Québec economy for 30 years. With net assets of $8.8 billion as at November 30, 2012, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds is a partner, either directly or through its network members, in more than 2,000 companies. With over 600,000 owner-shareholders, the Fonds has helped create, maintain or protect almost 170,000 jobs. For more information, visit www.fondsftq.com.
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