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Tekna receives $21.1 million investment from the Governments of Canada and Quebec

Canada Makes applauds the announced investment of  $21.1 million to help scale up TEKNA and create 170 new jobs as well as promote Canadian innovation.

Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced that the federal government will invest up to $21.1 million in advanced manufacturing company TEKNA Plasma Systems Inc. Minister Bains was joined by the Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie and Member of Parliament for Compton–Stanstead. Luc Fortin, Member for Sherbrooke, Minister of Families and Minister responsible for the Estrie region—on behalf of Dominique Anglade, Deputy Premier of Quebec, Minister of Economy, Science and Innovation, and Minister responsible for the Digital Strategy, and François Blais, Minister of Employment and Social Solidarity—announced a $9.4-million investment from the Government of Quebec. The total value of the project is up to $128.4 million.

“Quebec is a leader in advanced manufacturing. The sector will employ close to 1.7 million Canadians and contribute $183 billion, or 10 percent, to Canada’s GDP in 2018. Today’s investment will create 170 jobs in Sherbrooke and will help TEKNA scale up to reach new markets and compete globally. It is investments like this one that will position Canada as a global innovation leader today and tomorrow.” 
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.

“By creating products that didn’t even exist yesterday, TEKNA is contributing to the manufacturing revolution brought on by 3D printing and Industry 4.0. We are writing tomorrow’s history today. This investment project, though unprecedented, builds on 28 years of engagement with excellence and proves strategic for the company’s development, growth and prosperity. We are extremely proud that our shareholder Arendals Fossekompani ASA supports the choice of Sherbrooke, the city where TEKNA was founded, as the place to carry out this promising plan.”
– Luc Dionne, Chief Executive Officer, TEKNA Plasma Systems Inc.

This investment in advanced manufacturing will help create 170 jobs in Sherbrooke, will help attract foreign direct investment, and will help TEKNA produce innovative metallic powders used in additive manufacturing and electronic products. Additive manufacturing, also known as 3D printing, allows for the design of complex metal parts that are lighter and more efficient and environmentally friendly than conventionally manufactured parts.

TEKNA’s project will help the company increase its total manufacturing production capacity and footprint in Sherbrooke and will advance next-generation manufacturing capabilities in Canada. It will also increase R&D, stimulate collaboration with Canadian post-secondary institutions, and help strengthen the Montréal–Sherbrooke advanced manufacturing cluster and supply chain.

About TEKNA Plasma Systems
TEKNA, a subsidiary of Arendal Fossekompani ASA (AFK: NO), has been conducting manufacturing of industrial plasma systems and metal powders for more than 25 years, based on their strong R&D leadership. Today, TEKNA (headquartered in Canada) is a world-renowned actor for the quality of its products and its ability to respond quickly to the growing demands of its customers.