A Big Win for Prescott-Russell
#WednesdayswithMDBInsight – This week Erle Lamothe, Senior Consultant, talks about the success of Prescott-Russell’s recent economic impact assessment for Ivaco Rolling Mills.
When Innovation, Science and Economic Development Canada recently announced a significant local investment through the federal Strategic Innovation Fund, members of our MDB Insight team were cheering right along with the folks at the Prescott-Russell Community Development Corporation.The economic impact assessment we completed earlier this year resulted in an investment of $18 million into Ivaco Rolling Mills in L’Orignal and two of their sister Canadian operations.
The company has indicated it will add its own $32 million to maintain all existing jobs as well as create new ones. That’s a total return of more than $50 million for an investment of $20,000 to complete the economic impact assessment. The arrival of funding comes at a time when Ivaco Rolling Mills was faced with the tough decision of potentially having to lay off 50 full-time workers. Instead, they are now poised to not only retain their workforce but expand operations.
Together with Paul Blais, I worked on this project along with Jose Rodriguez and sub-consultant Tom McCormack. Hearing from our client that this investment had been announced was the kind of news that that puts an immediate smile on your face. The Prescott-Russell CDC was generous with its praise for our work (“all thanks to your team”) and no doubt also had big smiles all around following the announcement.
Ivaco Rolling Mills is one of North America’s largest producers of hot rolled wire rod and continuous cast steel billets.
To learn more about Erle and the rest of our team, go to https://mdbinsight.com/team-bios/
Our Wednesdays with MDB Insight posts (#WednesdayswithMDBInsight) feature the thinkers and doers on our team sharing ideas and talking about what’s important to us as professionals. We have very diverse backgrounds and a range of interests to share with you. We hope you’re enjoying these posts and that you will join the conversation with us and let us know what’s on your mind mid-week.
(Feature Image: Ivako Rolling Mills)