Jyco receives $6 million investment

ERJ staff report (RD)

Sherbrooke, Quebec - Jyco Sealing Technologies has qualified for a $6 million (Euro 4.7 million) loan from Investment Quebec as part of the agency's $8 million Renfort Program, the company said 11 March.

Jyco said it would use the funds to preserve and create jobs at its manufacturing plant in Sherbrooke, Quebec.

"We are delighted by Quebec's quick action, and proud of the confidence they have shown in our future," commented Sam Jyawook, Jyco's founder and chief executive officer. "We have great plans for our company as well as the surrounding community. Their support is exactly what we need, when we need it, to stabilize and grow our workforce," Jyawook added.

To qualify for the Renfort Program Jyco had to show positive funds for at least two of the last three years, with a positive total for that period. The company must also demonstrate that its liquidity problems are temporary and that profit outlooks are good.

Jyco is an automotive weathersealing and thermoplastic vulcanisates manufacturer based in Canada.

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Press release from Jyco Sealing Technologies