Railpower to build manufacturing facility in St-Jean-sur-Richelieu
Railpower Technologies Corp. will build an assembly plant in Saint-Jean-sur-Richelieu, Quebec, creating some 125 new jobs, mainly in manufacturing and development.
"For the first time in its history, Railpower will own a dedicated, world class manufacturing facility capable of building the world's leading high efficiency locomotives. This facility is expected to significantly improve our manufacturing efficiencies and provide Railpower with the ability to rapidly expand its current production. We are highly confident that both existing and new customers will recognize the significant enhancements that this facility will create" said Jose Mathieu, president and CEO of Railpower.
The plant will be located in St-Jean-sur-Richelieu, 25 km east of Montreal, along Highway 35. It will be built on a 6500 m2 industrial land boarded by 2 major railroads. The plant design is modular and includes planned future expansions. The first phase will have 5100 m2 of production space and 370 m2 of office space. It will be equipped with state-of-the-art manufacturing and testing equipment for Railpower's complete line of locomotives. In addition, it will have dedicated areas for research and development and also the assembly and testing of crane hybrid power plants.
Ontario Teachers' Pension Plan, which invested $35 million in Railpower earlier this year, has agreed to invest, on a private placement basis, an additional $20 million to finance the construction of the manufacturing facility and to allow Railpower to build additional demonstration locomotives. The private placement is expected to close in June, 2008.
Investment Quebec has granted Railpower a subsidy of up to $2.5 million to help finance the project and create employment in the Saint-Jean-sur-Richelieu area, subject to certain approvals and conditions.
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