Return to search

Fonds de solidarité FTQ invests $20 mln in tanker manufacturer Tremcar

The Fonds de solidarité des travailleurs du Québec FTQ has invested $20 million in Tremcar Inc, a manufacturer and seller of aluminium and stainless steel tanker cars for food, chemicals, dry products and petroleum products industries in North America. Tremcar said that proceeds of the deal will be used to support its growth strategy, which includes construction, equipment purchases and the acquisition of sales and service centres in the United States. Concurrent with the funding announcement, the business indicated that it will be hiring new employees. With its headquarters in Saint-Jean-sur-Richelieu, Québec, the family-owned Tremcar was founded in 1962.

PRESS RELEASE

Acquisition, Plant Expansion and Job Creation: Fonds de solidarité FTQ Backs Tremcar’s Growth

Saint-Jean-sur-Richelieu, October 23, 2014 – The Fonds de solidarité FTQ (the “Fonds”) is pleased to confirm a new $20 million investment in Tremcar to support its growth and expansion in the North American market. Founded in 1962, the Montérégie-based company manufactures and sells aluminium and stainless steel tanker cars for the food, chemical, dry product (cement, lime) and petroleum products industries.

“Tremcar is the Canadian leader in the tanker sector and one of North America’s top manufacturers. With a team of 25 engineers and technicians, multiple patents and eight manufacturing facilities on both sides of the border, the company is poised to continue growing under the direction of Jacques and Daniel Tremblay,” said Jean Wilhelmy, Senior Vice-president, Aerospace, Construction and Services at the Fonds.

“The Fonds’ financial support will allow Tremcar to continue growing. Over the next three years, we will invest $30 million here in Québec. The funds will be used for construction, equipment purchases and the acquisition of sales and service centres in the U.S.,” said in turn Tremcar president and CEO Jacques Tremblay.

Tremcar operates three facilities in Québec, three in the U.S. and two in Ontario. Each one has its own specialization since tanker cars are custom-manufactured according to technical specifications and exacting regulations, which vary by province or state depending on the tanker’s intended use. The company also has five service centres – one in Ontario, three in Western Canada and one in Québec – and offers its customers financing through its sister leasing companies.

Tremcar is hiring

“In addition to our future plans, a number of projects are already underway, including an office expansion and the purchase of millions of dollars of new equipment for our plants,” continued Mr. Tremblay. “In the short term, we need 35 employees for the Saint-Césaire and Saint-Jean-sur-Richelieu plants and 40 more for the coming summer. Beyond the some $20 million paid in salaries every year in Québec, these new positions are the direct result of Tremcar’s expansion outside Québec.”

About the Fonds de solidarité FTQ

The Fonds de solidarité FTQ helps drive our economy. With net assets of $10.1 billion as of May 31, 2014, 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 2,450 companies. With 613,958 shareholder-savers, the Fonds helps create, maintain and protect more than 172,000 jobs. For more information, visit www.FondsFTQ.com.

Information

For media representatives only:

Patrick McQuilken

Senior Advisor, Media Relations and Communications

Fonds de solidarité FTQ

Phone: 514 850-4835

Mobile : 514 703-5587

Email: pmcquilken@fondsftq.com

For Fonds de solidarité FTQ shareholders:

Shareholder Services
Fonds de solidarité FTQ
Montréal: 514 383-3663
Québec: 418 628-3663 Toll Free: 1 800 567-3663

Photo courtesy of Shutterstock