From left to right: Martin Langelier, Chief Legal Officer at BRP, Michael Long, Vice-President, Global Manufacturing Systems, Technology and Quality Strategy at BRP, François-Philippe Champagne, Member of Parliament for St-Maurice‒Champlain, and Minister of Innovation, Science and Industry, Marie-Louise Tardif, Member of the National Assembly for Laviolette‒Saint-Maurice, Michel Angers, Mayor of Shawinigan and Luc St-Pierre, Director, Engineering, BRP Megatech, gather on January 16, 2023 to celebrate the official inauguration of BRP Megatech in Shawinigan, Quebec.
SHAWINIGAN, Monday, Jan. 16, 2023 - Les Industries BRP Mégatech Inc. (« BRP Megatech »), a subsidiary of BRP Inc. (TSX: DOO) (NASDAQ: DOOO), invited representatives from Shawinigan's economic and community-based organizations to its official inauguration this morning. BRP Megatech took the opportunity to announce major investments totalling more than $12 million for technological improvements to production lines, testing equipment and R&D laboratories, as well as the optimization of its facility.
The subsidiary was established in October 2022 as a result of BRP's acquisition of substantially all the assets related to the powersports business of Kongsberg Inc. in Shawinigan. The name pays tribute to the business founded in 1988 under the name Megatech Electro. BRP Megatech specializes in the development and manufacturing of electronic and mechatronic products, thus enhancing BRP's renowned innovation capabilities. BRP Megatech will play a leading role in the global electrification strategy of BRP's various product lines.
"With this acquisition and the upcoming investments, BRP Megatech is proud to become one of the largest private employers in Shawinigan. We want to put down more roots in the community in the months and years to come and, thanks to the know-how and excellence of the people from here, contribute to the economic vitality of the region," says Michael Long, Vice-President, Global Manufacturing Systems, Technology and Quality Strategy at BRP.
Approximately 360 highly qualified individuals are employed by BRP Megatech, including more than 150 employees who joined the team in the last year. BRP Megatech is looking to hire at least 50 more professionals, including electrical engineers. It also plans to hire more people this year to support its growth.
"Our government is proud to collaborate with local companies to strengthen our position as a world leader in electric vehicle manufacturing, while maintaining and creating quality jobs. BRP Megatech's investment is an important part of our efforts to ensure that the Mauricie region participates fully in the new green economy by capitalizing on the talent of local people. With this announcement, the Mauricie region continues to consolidate its reputation as the valley of green energy and batteries!" declared François-Philippe Champagne, Member of Parliament for St-Maurice‒Champlain, and Minister of Innovation, Science and Industry, present this morning at the inauguration.
Marie-Louise Tardif, Member of the National Assembly for Laviolette‒Saint-Maurice, paid homage to the work of BRP Megatech: "On my behalf and that of the Quebec government, I am delighted to see that the Grand-Mère plant is once again owned by a company from the province. Furthermore, BRP has been working with Megatech for more than 30 years. I am convinced that BRP Megatech will reach new heights. I would also like to recognize the professionalism and dedication of its 360 employees."
"The official inauguration of BRP Megatech, as well as the investment announced, and the creation of new jobs is excellent news to kick off the new year. We are proud to see that major companies are choosing Shawinigan to develop their activities. Shawinigan has also made a significant contribution to Quebec's energy development. We have the firm intention to be a major player in the province's energy transition," mentioned Michel Angers, Mayor of Shawinigan.
BRP Megatech will continue to work collaboratively with local social, political and economic actors.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain information included in this press release, including, but not limited to, statements relating to the investments announced and the use of such investments, anticipated benefits associated with the completion of the acquisition of BRP Megatech and its role in BRP's electrification strategy, growth and hiring projections and other statements that are not historical facts, are "forward-looking statements" within the meaning of Canadian and United States securities laws. Forward-looking statements are typically identified by the use of terminology such as "may", "will", "would", "should", "could", "expects", "forecasts", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "outlook", "predicts", "projects", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases. Forward looking statements, by their very nature, involve inherent risks and uncertainties and are based on several assumptions, both general and specific. BRP cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of BRP to be materially different from the outlook or any future results or performance implied by such statements. Further details and descriptions of these and other factors are disclosed in BRP's annual information form dated March 24, 2022.
About Les Industries BRP Mégatech Inc.
BRP Megatech is the heir of Mégatech Électro, a company founded in 1988 in the Grand-Mère area of Shawinigan. Through the years, we changed ownership and names on several occasions before being acquired by BRP in October 2022. Today, we are a subsidiary of BRP, a global leader in the world of powersports products, propulsion systems and boats. We specialize in the research, development, and manufacturing of the state-of-the-art electronic and mechatronic components found in BRP recreational products. Relying on the talent of our 360 employees, our team leverages research and development to the benefit of the ongoing mobile sustainability transition and of a future powered by electricity.
We are a global leader in the world of powersports products, propulsion systems and boats built on 80 years of ingenuity and intensive consumer focus. Our portfolio of industry-leading and distinctive products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on and off-road vehicles, Alumacraft and Quintrex boats, Manitou pontoons and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel portfolio to fully enhance the riding experience. With annual sales of CA$7.6 billion from over 120 countries, our global workforce includes close to 20,000 driven, resourceful people.
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.
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