MONTREAL, – October 14, 2011 – (Motor Sports Newswire) – Jacques Daoust, President and Chief Executive Officer of Investissement Québec, is pleased to announce that the shareholders of Bombardier Recreational Products Inc. (BRP) have fully repaid the $50-million loan the company was granted by the Société générale de financement du Québec in June 2009.
The financial assistance aimed to enable majority shareholders and their affiliates to invest in BRP and support the company’s operations during the 2008–2009 financial crisis. The interest-bearing loan was to be repaid in full within a maximum term of five years.
“We’re pleased to have supported BRP so it could pursue its development activities despite the recent financial crisis. In addition to generating an attractive return for Investissement Québec, we feel we’ve contributed to supporting a flagship Québec company, which has established itself as leader in the recreational vehicle industry in North America,” declared Jacques Daoust.
“The financial contribution we received from the Société générale de financement du Québec,” explained José Boisjoli, President and CEO of BRP, “meant that BRP could carry on with certain R&D projects and launch new products during a difficult economic period. Today, BRP’s financial position is sounder, so we can go the route of growth again, although we must not forget that the global economy is still very fragile.”
About Investissement Québec
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 also administers tax measures and prospects for foreign investment.
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