SGF Rexfor invests Can $7,5 million in Technologie Elcorsy inc.
125 new jobs
Saint-Laurent, December 4, 2000 – Earlier today, Adrien Castegnier and Claude Blanchet, respectively President of Technologie Elcorsy Inc. and President and CEO of the Société générale de financement du Québec (SGF), announced a $31.1 million project for the development, production and marketing of a four-colour dynamic digital press using an innovative form of technology invented in Québec, known as Elcography?. The announcement was made in the presence of Bernard Landry, Deputy Prime Minister of Québec and Minister of State for the Economy and Finance.
The Deputy Prime Minister proudly underscored the spirit of innovation demonstrated by the team responsible for developing Elcography?. “Considering the extremely innovating aspect of the product, the worldwide potential market, the profitability expectations and the creation of 125 new, highly specialized jobs, it is with optimism that the Governement of Québec through SGF is associated with this project”.
SGF Rexfor Inc., a subsidiary of the Société générale de financement du Québec, invests Can $7.5 million in equity in the project. “As it markets this unique press, Elcorsy Technology Inc. will play a role in local and regional economic vitality, and will also be placing Québec in an advantageous position in the world print equipment sector”, has declared Claude Blanchet.
In addition, Mr. Castegnier mentioned that: “To increase its competitiveness and ensure its growth, it was necessary for Elcorsy to accelerate the market introduction of the Elcography?. “I am extremely confident that, with the industrial support from Toyo Ink and the financial expertise of a partner like SGF Rexfor, Elcorsy will concretize its technological lead into a commercial opportunity for Québec’s economic development”.
The investment will allow the Saint-Laurent firm to initiate production of a unique high technology printing press. The project will create 125 jobs before 2003. The electronic press will have the capacity to print 102,000 magazine pages per hour, with an effective resolution of 400 lines per inch and 256 grey levels per dot. This press will be at least ten times faster than actual product offerings. The press will be able to produce text and quasi-photographic quality color images at very high speed and at a cost similar to conventional offset printing.
The electronic press advantage resides in its capacity to print directly on paper without films nor plates, image data that come in real-time from its computer memory. Book publishers will thus be able to print on-demand and avoid book returns. The press will also be able to print entirely personalized newspaper according to each reader’s interest.
Furthermore, Elcography? inks are water-based and have no odors. This will eliminate completely the press operators exposure to toxic solvents used daily in the industry. The future growth in Elcography? printing will also contribute to the emission reduction of volatile organic compounds in the asmosphere that are detrimental to the environment.
Founded in 1996, Elcorsy Technology Inc. is based in Saint-Laurent and actually employs around 50 people. Its shareholders are Castegnier Holdings Inc., SGF Rexfor Inc. and Toyo Ink Mfg. Co. Ltd., a Japan based company wich is the third worldwide largest printing ink manufacturer with more than $2 billion in sales.
SGF Rexfor Inc. is a subsidiary of the Société générale de financement du Québec whose mission is to carry out economic development projects meeting normal profitability requirements, in collaboration with business partners. Since it was restructured in 1998, SGF has generated investments of about $2 billion, creating over 9,000 direct and indirect jobs in the operating phase, not counting the thousands of jobs created during the construction phase. As at December 31, 1999, SGF’s consolidated assets totalled close to $2 billion. SGF has 40 international partners operating in Québec.
Mr. Jean-Yves Duthel
Communications and Public Relations
Mr. Pierre Castegnier
Elcorsy Technology inc.
Mr. Hubert Bolduc
Office of Minister Landry