This financing, which includes a refinancing operation worth 30 million aimed at optimizing Manac’s financial position, will catalyze the company’s growth strategy.
The Beauceron-based company, specializing in the manufacturing of custom-made semi-trailers, is planning a modernization and expansion of the factory located in Saint-Georges.
“Our Saint-Georges factory dates from the 1960s. The dimensions of the semi-trailers are now larger. We have a lot of problems getting around the factory. At full capacity, we employ 960 people,” explains the president and CEO of Manac, Charles Dutil in a telephone interview with The sun.
An aerial view of the Manac factory in Saint-Georges. (Maniac)
To allow for the expansion which will include innovative technological equipment, the offices will be relocated to the side of the factory.
Manac also wants to build new sales and service centers in Quebec and elsewhere in Canada.
“Our customers appreciate having local service for parts or repairs. We have centers in Boucherville, Toronto, Dorval. In 2022, we opened Moncton and a few days ago Lévis,” lists Mr. Dutil.
The next deployment is planned, among other places, in Western Canada. A way for Manac to gain market share through increased visibility and thus secure contracts for its factory in Beauce.
Financial support from Quebec includes a loan of $40 million from the ESSOR program, administered by Investissement Québec as agent of the government, as well as a loan of $30 million granted by Investissement Québec from its own funds.
The investments are valued at more than $170 million.
Confident
Manac, founded in 1966 in Saint-Georges, operates in a cyclical industry, according to Charles Dutil.
The current economic situation does not worry him too much, despite a slowdown in production.
“During COVID, we operated at full capacity. At the moment, it’s a little quieter. Our customers are delaying the renewal of their fleet,” admits Mr. Dutil.
Manac President and CEO Charles Dutil. (Caroline Grégoire/Archives Le Soleil)
This confirms that the company must make around 20% of its employees unemployed during this period.
“I am confident that we will resume full production in the coming months. This is why we are expanding in order to be competitive and to be able to meet demand,” assures the entrepreneur.
“There is no technology yet to replace the transportation of goods by truck. Rail is for raw materials, but the rest is delivered by truck to Canada,” he concludes.
In total, Manac employs nearly 1,500 people in Canada and the United States.
