More than $2 million in support from the Government of Canada towards the innovative investments of the companies Ceradyne Canada ULC, CPI Structures, Atelier Fabmec, and EDS Group
SAINT-NAZAIRE, QC, Aug. 27, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Companies that operate in the steel and aluminum sectors are major players in our economy and supply chains because they provide good jobs for thousands of middle-class Canadians.
Today, Richard Hébert, Member of Parliament for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Business and Export Promotion, announced the awarding of a total of $2,134,450 in non-repayable contributions to four companies in the Saguenay–Lac-Saint-Jean region: Ceradyne Canada ULC, CPI Structures Inc., Atelier Fabmec Inc. and EDS Group Inc.
Ceradyne Canada ULC operates in tertiary processing of aluminum and specializes in manufacturing niche products for the nuclear market. With $1 million in financial support, the company will be able to optimize and automate its process of manufacturing ingots by powder metallurgy.
The $540,000 in financial assistance from the Government of Canada for CPI Structures, a manufacturer of steel structures for construction of industrial, commercial and institutional buildings, will go towards the purchase of production equipment and cover the costs of specialized labour. Through this project, roughly 15 well-paid jobs will be created by the end of 2020.
As for Atelier Fabmec, the company will receive a contribution of $301,950 for adding technological equipment. Operating in the field of metal frame component manufacturing, the company will be able to improve the quality and diversification of its products, reduce its production costs and increase its product creation speed.
EDS Group specializes in refurbishing industrial equipment and manufacturing custom seals and industrial equipment. The $292,500 in financial assistance from CED will enable it to purchase a building and automated digital equipment. This contribution will improve the company's capacity to expand into exporting new innovative products.
This funding is awarded under the Steel and Aluminum Initiative of the Regional Economic Growth through Innovation (REGI) Program, which was announced in March 2019.
Administered by the regional development agencies (RDAs), this initiative provides targeted support to Canada's small and medium-sized enterprises in the steel and aluminum sectors. Non-repayable contributions will enable these SMEs to adopt innovative technologies for increasing their productivity or competitiveness and create highly specialized jobs.
"By introducing a strategy for supporting companies operating in the steel and aluminum sectors, the Government of Canada has chosen to support innovative Canadian companies that are finding new ways to create value and looking to capture new markets. The financial support awarded to Ceradyne Canada ULC, CPI Structures, Atelier Fabmec and EDS Group is intended to provide concrete support to companies that have demonstrated their expertise and their desire to ensure their growth and create well-paying jobs for the middle class."
Richard Hébert, Member of Parliament for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Businesses and Export Promotion
"Our government supports dedicated Canadian workers in the steel and aluminum sectors, as well as companies that play an important role in the regional economies. Our investments support Canadian small and medium-sized enterprises that produce or use these metals and help them innovate in order to increase their productivity, expand, enter new markets and create good middle-class jobs."
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED
- Today's announcement is made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which comprises 17 federal departments and agencies, including CED and the other five regional development agencies.
- The RDAs help support Canadian innovation, just like the Industrial Research Assistance Program, the Strategic Innovation Fund and the Canadian Trade Commissioner Service.
- The REGI program builds on the objectives of the Innovation and Skills Plan by providing companies with regionally tailored yet nationally consistent support to boost their productivity and expansion and enhance the technology clusters and innovation ecosystems in all regions.
- In 2018, the steel and aluminum industry employed more than 33,500 Canadians. It contributed $8.9 billion to gross domestic product.
- To find out more about CED and its priorities, see the 2019–2020 Departmental Plan or visit www.dec-ced.gc.ca.
SOURCE Canada Economic Development for Quebec Regions
For further information: Dani Keenan, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-1710; Media Relations, Canada Economic Development for Quebec Regions, 514-283-7443, [email protected]