Canadian investment fund puts $5 million into Belt-Tech Products Inc
The Fonds de solidarité FTQ and the Fonds régionaux de solidarité FTQ – Estrie have announced a $5 million investment in Belt-Tech Products Inc, a manufacturer of seat belt webbing for the automotive, industrial and aviation markets.
The funds will be used to purchase equipment, increase working capital to support expanding operations, automate its plant and improve productivity by making the innovation shift to Industry 4.0.
A second innovation project is also under way to automate the dyeing process.
Belt-Tech – which is based in Granby, Quebec, in Canada – says it is positioning itself as “a leader in the $100 million North-American automotive and aviation seatbelt market”.
Jean Wilhelmy, senior vice-president – natural resources, manufacturing and services, Fonds de solidarité FTQ, says: “In this highly niche industry, Belt-Tech is a Canadian leader that knows how to innovate in the textile industry, known to be traditional.
“By focusing on diversification to drive growth and consolidate its leadership, the Belt-Tech team is demonstrating a long-term vision that will enable them to seize new opportunities and develop new markets.”
Robert Bélanger, president, Belt-Tech Products Inc, says: “We have several innovation projects such equipment automation and the introduction of novel products.
“The Fonds’ financial support will allow us to take this next step in our growth. We are also considering acquisitions in the U.S. in order to diversify within the industrial and military markets.
“We are also looking to expand geographically in the European and Asian automotive market, which is very favorable to us.”
Charles Lahaye, regional vice-president, Fonds régional de solidarité FTQ – Estrie, says: “To support its growth, Bell-Tech has added 50 employees in the past three years, clearly demonstrating its contribution to our economy.
“We believe in the potential of this innovative company that has succeeded in standing out in what is considered a traditional sector.”
