Montréal, April 17, 2012 - Jacques Daoust, President and CEO of Investissement Québec, is pleased to announce today that Bombardier Recreational Products (BRP) has prepaid the balance of two venture loans the Québec government had granted it in January 2007 and March 2009.
The $47.8 million in government assistance was provided to help BRP develop the Can-Am Commander (side-by-side off-road) and Can-Am Spyder (three-wheel roadster) vehicles. The sum paid in capital, interest and royalties equals $60.1 million.
"We're happy to have assisted BRP in continuing to develop motorized recreational vehicles," Daoust said. "We supported a pioneering Québec business recognized as a North American leader in over a hundred countries. This assistance is part of our strategy to support companies working with innovative technologies and advanced materials."
José Boisjoli, BRP's President and CEO, said: "We at BRP are very pleased and proud to pay off a debt incurred at a very difficult time in our history, one whose urgency Investissement Québec fully grasped. As a responsible company, we tackled the crisis by cutting costs and by forging ahead with our R&D and product development programs with help from Investissement Québec. With growth now back on track and our products popular worldwide, we're in a financial position to finish paying back the sums owed to Québec taxpayers."
Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
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Source and information:
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