Back to the list of iq archives
Felix Schoeller Holding Invests $67 Millions in Its Subsidiary Technocell in Drummondville
Munich, January 26, 2004 - During his mission in Europe, Premier Jean Charest and the Executive Vice President and Chief Operating Officer of Felix Schoeller Holding, Wolfgang Janssen, announced an investment of $67 million in the installations of Technocell in Drummondville. The project involves optimizing the existing machinery to allow additional transfer of technology from Germany to Quebec. Premier Charest specified that the government will provide a non-repayable financial contribution of $2 million managed by Investissement Québec. The Agency was also awarded 18% of Technocell shares as a reimbursement for a 1989 loan by Investissement Québec to CDM Papiers Décors, then 50% owner of Technocell.
Mr. Charest hailed the decision of the German multinational to invest in Quebec: "The investment announced today confirms that Quebec has what it takes to attract investment by foreign companies. This project is particularly attractive since the decorative paper sector in which Technocell is active is a focus of development for the Centre-du-Québec region."
"We decided to invest in Drummondville because of the competitive operating costs and the availability of highly skilled workers. The project will enable Technocell to double the available production capacity," Mr. Janssen said.
Technocell is a subsidiary of the German group Felix Schoeller Holding, the world's largest producer of photographic and decorative paper. Felix Schoeller is a family business operating seven plants, five in Germany, one in the United States and one in Canada. Its work force totals 2 500. It makes over 350 000 tonnes of photographic paper, decorative paper and technical paper each year. The Technocell plant in Drummondville (Canada) employs 140 people and exports 78% of its production to the United States.
- 30 -
Office of the Premier
Dr. Friederike Kalthoff
Felix Schoeller Holding
(49) 541 3800 453