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Mega Brands seeks $50 million from Quebec to build new plant
The corporate logo of Mega Brands Inc. (TSX:MB) is shown. THE CANADIAN PRESS/HO
MONTREAL - Mega Brands is seeking $50 million in financial support from the Quebec government to build a new production facility, according to a filing with the province's lobbyist registry.
In the recent submission, Francine La Haye of the public relations firm National said the support could come in the form of a five-year loan, a grant or combination of the two.
The Montreal-based toy maker wants to build a new facility with more automated equipment, added the lobbyist report.
Mega Brands (TSX:MB) spokeswoman Tanya Furci-Argento declined to comment. She said a vice-president would only be available for an interview after the company reports its fourth-quarter results on Friday.
Mega Brands already operates a factory in Montreal where it makes many of its plastic toys. The company invested $10 million in 2011 to boost the production capacity by adding equipment and the latest tools as it returned some work from China.
It also has a plant in Tennessee and one in China. The rest of its production is completed by sub-contractors.
Mega Brands, which is known for its Mega Bloks construction toys, games and art supplies, employs about 1,600 people around the world.
The company is expected to have earned 15 cents per share in adjusted profits on US$117 million of sales in the fourth-quarter, reversing a loss of 14 cents per share on US$108.5 million of sales a year earlier.
For the full year, its profits are expected to nearly double to 80 cents per share on $411.3 million of revenue.
On the Toronto Stock Exchange, Mega Brands shares were up two cents at C$11.27 in midday trading Tuesday.
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