Jyco Earns $6-million Investment Quebec Boost
Jyco Sealing Technologies has qualified for a $6-million loan from Investment Quebec as part of the agency's Renfort Program.
Sherbrooke, Quebec (PRWEB) March 11, 2009 -- Jyco Sealing Technologies has qualified for a $6-million loan from Investment Quebec as part of the agency's Renfort Program, it was announced today by company officials.
The funds will be used to preserve and create jobs in Jyco's primary North American manufacturing plant, located in Sherbrooke, Quebec. IQ's $6-million loan is part of an $8-million program, with the remaining funds being provided by additional sources.
"We are delighted by Quebec's quick action, and proud of the confidence they have shown in our future," commented Sam Jyawook, Jyco's founder and chief executive officer. "We have great plans for our company as well as the surrounding community. Their support is exactly what we need, when we need it, to stabilize and grow our workforce."
To qualify for the Renfort Program, companies whose main business activities are based in Quebec must show positive funds for at least two of the last three years, with a positive total for that period. They must also demonstrate that their liquidity problems are temporary and that profit outlooks are good.
Since opening its Sherbrooke manufacturing plant in 2000, Jyco has grown to become a world leader in automotive weathersealing applications. The company was a pioneer in thermoplastic vulcanizates (TPV), rubber-plastic compounds that have proven to outperform traditional rubber seals in many areas while offering eco-friendly advantages such as cleaner processing and recyclable scrap. Last year Jyco introduced new technology that enables them to recycle scrap tires into high performance TPV seals.
In 2007 Jyco began to expand their customer base beyond automotive applications, to construction, appliance and other industries. However, much of their manufacturing was still dedicated to automotive systems, and the downturn of this industry seriously cut production demands.
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