Former Minister Pierre Fitzgibbon has just been appointed Chairman of the Board of Directors of Polykar, a garbage bag manufacturer who has received financial assistance from the government.
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The company notably received loans, partly without interest, totaling $ 4 million from the Ministry of the Economy (Meie) and Investment Québec (IQ) in 2022, while Mr. Fitzgibbon was in government.
In addition, Polykar recently received an investment from Montclerc Capital, a Quebec firm which obtained, in May, a financial commitment of $ 50 million from the Meie.
Montclerc became a minority shareholder of the company alongside the CEO of the latter, Amir Karim, who remained the majority shareholder.
Mr. Karim, however, assured Journal Wednesday that the appointment of Mr. Fitzgibbon had no connection with Montclerc’s investment in the company, even if the two were announced at the same time.
Photo polycar
Wish list
“We built a little what is called in English a wish list From whom we would like as a director and I had put Pierre Fitzgibbon, whom I did not know, but who agreed to meet us, “explained Mr. Karim.
“He came back to us not only” I want to be on the board “, but also” I want to be the independent member, so I want to respond to Montclerc or the majority shareholder “, then” I want to be the chairman of the council and I also want to invest, “said Amir Karim.
Founded in 1987 by Mr. Karim’s parents, Polykar manufactures garbage bags as well as other bags and dandruff intended for industries, shops and institutions.
Last fall, the company set itself the goal of bringing its turnover from $ 100 to $ 250 million by 2030.
Polykar employs around 130 people to its Montreal facilities and some 70 at its EDMONTON, Alberta factory.
– With Francis Halin
