BINGHAMTON, N.Y. — A new deal for a Canadian company with a manufacturing facility in Binghamton will lead to new jobs in the Southern Tier.
CMP Advanced Mechanical Solutions, based in Chateauguay in Quebec, announced that Fonds de solidarite FTQ (Solidarity Fund) will become a minority shareholder in the company. The metal fabrication and mechatronic solutions company expects the move to help create more than 250 jobs between its Binghamton and Quebec locations over the next three years. The Binghamton facility currently employs 140 people.
“CMP has been at the forefront of manufacturing technology and innovation for decades, and their facility on Binghamton’s east side is a boost to the local economy that provides quality jobs to residents,” Binghamton Mayor Jared M. Kraham said in a news release. “I am excited about this latest chapter for CMP and what the future holds for the company.”
(Sponsored)
Written Contracts for Freelance Workers Now Required
Originally planned for May, the requirements of New York State’s Freelance Isn’t Free Act (“FIFA”) became effective August 28, 2024. The law has flown under the radar for many employers. The
What Distressed Property Owners Might Expect From the IRS
The commercial real estate market has been rough for some time, and the residential market has seen wild fluctuations. Inflation, high interest rates and decreased demand for office space have
CMP Advanced Mechanical Solutions specializes in manufacturing for disruptive industries that push innovation such as energy storage, automation warehouse logistics solutions, security, and light rail and transport. CMP plans to expand its facilities with the construction of a new zero-carbon plant by 2024.
“We are delighted to announce this agreement with the Fonds de solidarite FTQ,” CMP President and CEO Steve Zimmerman said. “At CMP, we pride ourselves on three key elements: providing value-added product design solutions for these disruptive markets, continuously innovating and developing solutions that are respectful of the environment, and maintaining a corporate culture based on human values and the contribution of all employees in our company’s success.”
CMP is impressive with its willingness to constantly develop new technologies and focus on environmental matters, according to Dany Pelletier, senior VP, private equity and impact investments at Solidarity Fund. “We are proud to invest in a company that shows us that with will and determination, it is possible to achieve net-zero emissions,” Pelletier said. “This transaction will also enable the Chateauguay-based company to reach its full potential and to increase its presence in the North American market.”
PricewaterhouseCoopers Corporate Finance, Inc. and Stikeman served as financial and legal advisors on the transaction.
Privately held CMP employs nearly 650 people between its two locations.
Fonds de solidarite FTQ, with 734,580 shareholders, invests into development and risk-capital options to help Quebec transition to a green economy, human-centered world of work, and a healthier society. It has $18.3 billion in net assets and has supported more than 3,500 partner companies and 247,000 jobs.
Located at 90 Bevier St. in Binghamton, CMP’s U.S. manufacturing center specializes in large format machining and weldment construction, according to the company’s website. With more than 250,000 square feet of production and engineering space, the Binghamton facility supports clients in the capital equipment, light rail, and security industries.
