Economy Minister Pierre Fitzgibbon estimates that Quebec taxpayers will “make money” by investing $ 150 million of public funds in the giant Olympiad.
“I am completely confident that the government and the people of Quebec will profit from the investment,” said Pierre Fitzgibbon, Minister of the Economy, during the announcement at the Olimel head office in Saint-Hyacinthe.
On Tuesday, Olimel’s CEO, Regene Nadu, received a $ 150 million investment from Pierre Fitzgibbon and Minister of Agriculture, André Lamontani, to further his activities here.
Of the $ 150 million in Quebec, $ 74 million comes from the New Quebec Business Growth Fund (FCEQ) of the Ministry of Economy and $ 76 million from Investissement Québec (IQ).
Basically, the state wants to help Olimel in implementing fourth gear investment projects with a total value of $ 315 million.
Pig and poultry production, slaughter, processing and distribution … Olimel aims to improve operations and equipment of its factories to continue its momentum.
The Quebec giant especially wants to improve its computer systems, improve two slaughterhouses, do prepacking and add a second shift at the Ange-Gardien plant, in Montérégie.
‘Non-defensive’
While the Legault government makes maintenance of main offices in Quebec its combat horse, the Economy Minister stressed Tuesday that it is essential to better bolster the Olimel government, even if it is not threatened.
“Losing it wasn’t defensive, but reinforcing it offensively. Pierre Fitzgibbon summed it up as we generally do in companies.
“Often times when it’s defensive, it’s too late,” added Regen Nadu, CEO of Olimel, who emphasized that he has not had any discussions about an outside acquisition that has the effect of socially moving the head office.
when Newspaper Asked if Olimel, which has a turnover of $ 4.5 billion, needed the money, Pierre Fitzgibbon answered without hesitation.
“It is important for the government to put the cost of companies’ batteries in order to make them more productive, “he said, noting the need to reduce the productivity gap with our foreign competitors.
Union “extends flexibility”
Additionally, Olymel CEO responded to the public outing of Vallée-Jonction union members who have been on strike for three weeks and who consider the employer’s latest offer “an insult.”
According to him, the union members are extending the rubber band with their demands.
Réjean Nadeau concluded, “If we accept the union request, we will not only be more than 21.7% of our competitors, but will be in the range of 65% more than our Canadian competitors.”
On Tuesday, Minister of Agriculture, Fisheries and Food, André Lamontani, said the investment will help increase food self-sufficiency in Quebec.
Olimel in Few Characters
- Exports: 65 countries
- Employees: 15,000
- Revenue: $ 4.5 billion
- Factories and centers: 35
Source: Olimel
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Sophie Laurent is a contributor to Vaughantoday.ca, covering a wide range of topics including local news, politics, business, technology, sports, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting that helps readers stay informed about current events and issues that matter to their communities. Sophie is committed to presenting accurate information, practical insights, and relevant stories in a straightforward and reader-friendly manner, making complex topics accessible to a broad audience.