Government of Canada awards more than $1.2 million in financial assistance to the Val-d'Or business
VAL-D'OR, QC, Nov. 29, 2017 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
By investing in the production capacity of enterprises, the Government of Canada is standing by its commitments and helping businesses expand, innovate and export their products to create high-quality jobs and ensure the prosperity of our national and regional economies.
Acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, David Lametti, Member of Parliament for LaSalle‒Émard‒Verdun and Parliamentary Secretary to the Minister of Innovation, Science and Economic Development, announced that manufacturer CMAC-Thyssen has been granted $1,202,485 in financial assistance, in the form of a repayable contribution, to acquire and install equipment in its new plant, which will increase its production capacity and productivity.
CMAC-Thyssen was founded in 1997 and, 20 years later, holds a prominent position in the value chain of major mining contractors. The Abitibi subsidiary of this world-class mining group specializes in the manufacture and commercialization of equipment and parts needed for underground narrow-vein mining operations.
The funding awarded through CED's Quebec Economic Development Program will help the business acquire handling equipment, a paint room, a sand-blasting chamber and compressors.
"Research and development is a top priority for CMAC-Thyssen in the manufacture of innovative products. Through this project, the business will be able to solidify its position, broaden its service line and capture new markets in the mining sector."
David Lametti, Member of Parliament for LaSalle‒Émard‒Verdun and Parliamentary Secretary to the Minister of Innovation, Science and Economic Development
"With this financial support, the Government of Canada is helping CMAC-Thyssen acquire the equipment it needs to manufacture leading-edge products for companies in the mining sector in Canada and abroad. By building on innovation, the business is investing in its future and, by the same token, in the futures of its employees."
The Honourable Navdeep Bains, Minister responsible for CED
"The Government of Canada's support will definitely help us reach new heights. The acquisition and installation of equipment in the new plant will help us improve our productivity and our production capacity, so that we will be even better equipped to serve our current clients and to diversify our service line in the region, elsewhere in Canada and around the world."
Ghislain Blanchet, Executive Vice-President, CMAC-Thyssen Mining Group
- CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
- For more information on CED's key directions until 2021, consult Strategic Plan 2021 or visit www.dec-ced.gc.ca.
SOURCE Canada Economic Development for Quebec Regions
For further information: Media Relations, Canada Economic Development for Quebec Regions, Tel.: 514-283-7443, Email: firstname.lastname@example.org