Goodyear will be investing some $22 million to expand its automobile tire plant in Valleyfield to 23,000 square feet and boost production capacity by 10%. The roughly 1,300 employees expect to start using the new equipment by the first quarter of 1996.
Altra Marine Products, a subsidiary of the U.S. company Outboard Marine Corp. is investing $2 million in building a new plant adjoining its Princeville facilities, creating 50 jobs and increasing its production capacity by 40%. Exports of pleasure boats will now account for up to 50% of its output.
Hong Kong Bank of Canada, with 112 breanches across the country, has just opened a new international trade office in its International Financial Centre (IFC) in Montréal. IFCs now enjoy a number of tax advantages, which partly explains their growing success.
The American giant Nike has just acquired Canstar Sports of Montréal, a manufacturer of skates and hockey equipment, for $545 million. Canstar already employs nearly 700 workers in Québec, and is looking at hiring 300 more to increase its output. Canstar's excellent reputation as a manufacturer of inline skates was one of the factors in the acquisition.
The Dutch firm Gilde Funds, which manages three risk capital funds worth over $175 million, has selected a small high-tech firm in Montréal, Ad-Opt Carmen, as its first investment in Canada. The Montréal campany makes computerized schedule planning systems for airlines. With the $2 million injected by Gilde Fund and its New York partner Morgan Holland, Ad-Opt Carmen expects to double its sales in 1995, to reach over $15 million.
Canadian Reynolds Metals Co. Ltd. will be investing $17 million in 1995 in its Baie- Comeau plant, to rebuild a rolling mill used to produce aluminum rods for manufacturers of electric cables and wiring.