Clortech Tools is expanding with the help of new technology

Investment project valued at over $1.37M

MONTREAL, May 18, 2018 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)  

The governments of Canada and Quebec have confirmed that a total of $812,500 in financial assistance has been awarded to Clortech Tools to support the expansion of the business through the integration of new technology into the company's production chain. The project involves a total investment of $1.37 million.

The Government of Canada has granted a $250,000 repayable contribution through the Canada Economic Development for Quebec Regions' Quebec Economic Development Program, while the Government of Quebec has provided the company with a total of $562,500 in loans under the ESSOR program and from Investissement Québec's own funds.

The goal of the initiatives is to acquire numerically controlled equipment that will help the company meet the needs of its contractors and increase its production capacity. Specifically, the government contributions allowed for the acquisition of an eight-axis numerically controlled grinding machine.

Emmanuel Dubourg, Member of Parliament for Bourassa, acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, along with Rita de Santis, Member for Bourassa-Sauvé, acting on behalf of Dominique Anglade, Deputy Premier, Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy, made the announcement today.

Quotes

"Over the past 30 years, Clortech has been able to position itself as a world-class manufacturer of high-quality custom-made precision tools. By improving its competitiveness, the company will undoubtedly be able to take advantage of the many market opportunities that arise, and will strengthen its position in major value chains. I am proud to be supporting the growth of this SME, which is successfully combining know-how and technology."

Emmanuel Dubourg, MP for Bourassa

"As Minister of Innovation, Science and Economic Development, my goal is to help businesses grow and innovate so that they can create good-quality jobs and wealth for Canadians. This is why we support businesses like Clortech Tools, whose success reflects on the region, the aerospace industry and the Canadian economy as a whole."

Navdeep Bains, Minister responsible for CED

"Given that Quebec needs all its talent, I am very pleased to announce the Government of Quebec's support for Clortech Tools, a dynamic company that is helping to strengthen the manufacturing sector here in Montreal North. This major project involving the acquisition of numerical production equipment will definitely allow the company to put its best foot forward in order to remain competitive, increase its productivity and help create jobs. Clortech Tools is an important contributor to Montreal's economy, since it supplies local companies such as Bombardier and Pratt & Whitney."

Rita de Santis, MNA for Bourassa-Sauvé

"To ensure Quebec's transition to Industry 4.0, our government is committed to further supporting companies like Clortech Tools that have chosen to adopt innovative technology as part of their growth strategy. This project is a prime example of the integration of new digital technology into Quebec's innovative manufacturing sector."

Dominique Anglade, Deputy Premier, Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy

"At Investissement Québec, support for innovative manufacturers is a strategic priority. Several months ago, we took part in a tour aimed at raising awareness among entrepreneurs of the importance of the digital shift. Clearly, Clortech Tools heard the message and took advantage of the opportunity to modernize its operations in order to remain at the forefront of its industry. It was only natural, therefore, that we should support the company to help it remain competitive."

Pierre Gabriel Côté, President and CEO of Investissement Québec

Highlights

• Clortech Tools is a family-run SME that designs and manufactures a wide range of custom-made tools to meet the specific needs of its clients in the aerospace, marine, military, automobile and pharmaceutical sectors.
• CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
• The goal of the Essor program is to support investment projects in Quebec with a view to enhancing competitiveness and productivity, creating jobs and ensuring sustainable development.
• The Government of Quebec has set aside $825 million for businesses. The goal of the funding, which comes from Investissement Québec's own funds and the Economic Development Fund, is to support the growth of the innovative manufacturing sector throughout Quebec.

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SOURCE Canada Economic Development for Quebec Regions

Sources: Gabrielle Fallu, Press Secretary, Office of the Deputy Premier, Minister of the Economy, Science and Innovation, and Minister responsible for the Digital Strategy, Tel.: [phone]; Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development and Minister responsible for CED, Tel.: [phone]; Information: Jean-Pierre D'Auteuil, Media Relations Officer, Communications Directorate, Ministère de l'Économie, de la Science et de l'Innovation, Tel.: [phone], extension 4868, Cell: 418-559-0710; Media Relations, CED, Tel.: [phone], Email: [email protected]; Isabelle Fontaine, Senior Director, Public and Government Affairs, Investissement Québec, Tel.: [phone]