Mr. Speaker, I am very pleased to mention that Cavalier Textiles is the main supplier of specialized spun yarn and strands in Canada.
The company develops, produces and markets a full range of synthetic yarn and cotton products considered to be the best on the market. The company is reaffirming its leadership by investing $14.7 million to modernize its four Quebec plants in Sherbrooke, Drummondville, Montmagny and Saint-Georges de Beauce.
As part of this investment, the Canadian and Quebec governments will grant a refundable loan of $2,868,000 under the Canada-Quebec subsidiary agreement on industrial development. The loan will allow Cavalier Textiles to speed up its own investments, which will result in the creation of close to 50 new jobs, while preserving existing jobs.
This is yet another illustration that there is strength in unity and that, together, Quebec and Canada can help our businesses.