The Government of Canada awards nearly $250,000 in financial assistance to Elasto Proxy
BOISBRIAND, QC, Jan. 22, 2018 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
A business in the Laurentides region will benefit from the financial support of Canada Economic Development for Quebec Regions for the completion of an innovation project. As a result of $247,500 in financial assistance from CED, Elasto Proxy can acquire high-tech equipment that will contribute to expanding its production capacity and productivity.
The funding was announced today by Linda Lapointe, MP for Rivière-des-Milles-Îles, on behalf of the Minister of Innovation, Science and Economic Development and the Minister responsible for CED, the Honourable Navdeep Bains. The financial assistance, granted in the form of a repayable contribution, is granted under CED's Quebec Economic Development Program.
Elasto Proxy is an SME that has been in business for 28 years, which designs and manufactures seals for the transportation, defence, electronics and renewable energy sectors. The financial assistance provided to the business will allow it to automate a portion of the production and to acquire parts inspection equipment. The business employs 42 people and owns a manufacturing plant in Boisbriand, as well as four sales offices in Ontario, South Carolina, China and Belgium. All the manufacturing activities take place at its Boisbriand plant.
Businesses must be able to rely on appropriate resources for launching and carrying out innovative projects. To this end, the Government of Canada is committed to supporting innovative Canadian businesses. A driving force of the economy, innovation is the key to Canada's economic success, generating growth that benefits both businesses and communities.
"Elasto Proxy is a business that makes an active contribution to the economic vitality of the Laurentides region. I am proud of the Government of Canada's support for innovative projects that are synonymous with success for entrepreneurs and growth for the Canadian economy."
Linda Lapointe, MP for Rivière-des-Milles-Îles
"As the Minister of Innovation, Science and Economic Development, my goal is to help businesses grow, and innovate so that they can create high-quality jobs and wealth for Canadians. That is why we support businesses such as Elasto Proxy, whose success reflects on the region and the Canadian economy as a whole."
The Honourable Navdeep Bains, Minister responsible for CED
"We are very happy with CED's contribution which will allow us to automate our production process and thus remain competitive in a market dominated by large foreign companies."
Clyde Sharpe, General Manager, Elasto Proxy
- CED is one of the six regional development agencies under the responsibility of the Minister of Innovation, Science and Economic Development, the Honourable Navdeep Bains.
- For more information on CED's key directions until 2021, consult Strategic Plan 2021 or visit www.dec-ced.gc.ca.
- Follow CED on Twitter, LinkedIn and YouTube
- Follow Elasto Proxy on Twitter, LinkedIn, YouTube and Facebook
SOURCE Canada Economic Development for Quebec Regions
For further information: Media Relations, Canada Economic Development for the Regions of Québec, 514-283-7443, [email protected]