Quebec, April 22nd, 2021 – Coractive and a team of financial partners today announced an investment of more than $34 million in the construction of a new state-of-the-art fiber optic production facility to be located in the Quebec City region. The 75,000 square foot facility will quintuple the company’s production capacity and create 30 high value-added jobs in 2023.
“These new world-class facilities will enable us to ensure Coractive’s growth and to access new markets in the booming fiber optics and industrial laser sectors. We are also simultaneously deepening our roots in Quebec City and its associated center of excellence” said Jean-Noël Maran, President and Chief Executive Officer of Coractive.
It is a timely investment for Coractive, which generates 95 % of its revenues abroad. The new and modern building and the advanced equipment that will be set up in the facility will enable the company to increase its production of fiber optic products and to boost output quality.
The expansion will also strengthen the company’s position with current customers and in other high potential markets such as Light Detection and Ranging (LIDAR) laser sensors, which are expected to grow amidst the imminent arrival of autonomous vehicles on roads.
The increased factory capacity aligns well with Coractive’s desire to continuously innovate and to use its expertise in new R&D projects to create research partnerships with various education institutions.
Construction of the complex is expected to begin this summer. Delivery of the new building, which will also become Coractive’s new head office, is expected in late 2022.
Several partners will also be investing in this relocation and expansion project, which is the largest ever carried out by Coractive.
The facade of the new CorActive plant
Rear view of the modern building designed by Coarchitecture.
The new building will also become the headquarters of CorActive.
About Coractive
Founded in Quebec in 1998, Coractive specializes in designing and manufacturing special optical fiber (SOF) and in the sale of fiber lasers. The company has an extensive network of distributors in North America, Europe and Asia that meet the specific needs of industrial customers in the telecommunications, Light Detection and Ranging (LIDAR), medical and scientific sectors. The multinational Han’s Laser became a majority shareholder of the company in 2016.
View the official press release
Source:
Coractive | coractive.com | Facebook | LinkedIn | Twitter
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Philippe Béliveau | philippe@fernandezcom.ca
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