The Government of Canada awards $600,000 in financial assistance to this innovative Montréal business
BAIE-D'URFÉ, QC, April 16, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Precimold Inc. is a highly innovative SME specialized in the molding of high-precision plastic parts. To continue its operations more effectively, it will receive a repayable contribution of $600,000 from Canada Economic Development for Quebec Regions. With this financial assistance, Precimold will be able to complete an expansion project to increase its production capacity by acquiring state-of-the-art equipment and modernizing its operations.
The funding was announced today by Francis Scarpaleggia, Member of Parliament for Lac-Saint-Louis. More specifically, the Government of Canada's support will allow Precimold to automate and connect its production equipment in order to make the plant more efficient and capable of achieving its ambitious growth objectives. By increasing its capacity and continuing to invest in R&D, the company will be able to develop new solutions that will accelerate its growth in international markets while continuing its activities with its existing clients in the aerospace, automotive and medical equipment sectors.
Established in 2018, Precimold is the result of a merger between Precimold Inc., founded in Candiac in 1966, and Kamek Precision Tools, founded in Baie-D'Urfé in 1996. It is now a leading specialist in the manufacture of high-precision plastic bearing cages, as well as in complex assemblies and micro-molding. It also holds a number of aerospace, medical device and automotive manufacturing certifications. The company employs 95 people and expects the current project to create 15 jobs and investments of over $2 million.
The Government of Canada is committed to supporting innovative Canadian businesses. A driving force of the economy, innovation is the key to success because it generates growth that benefits both businesses and communities. This is why we are committed to ensuring that businesses are able to rely on adequate resources to create and market innovative products.
"One of the Government of Canada's priorities is to ensure the prosperity of communities. That's why it supports companies like Precimold in their efforts to increase productivity, develop new products or improve existing products and services. I am delighted with this financial assistance, which will result in the creation of quality jobs for the middle class and generate significant investment for the region as a whole."
Francis Scarpaleggia, Member of Parliament for Lac-Saint-Louis
"By helping businesses invest in equipment and devices that will improve their performance and in marketing strategies that will assist their entry into new markets, the Government of Canada is standing by its commitments to drive expansion, innovation and exports."
The Honourable Navdeep Bains, Minister responsible for CED
Today's announcement was made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which is made up of 17 federal departments and agencies, including CED and the other five regional development agencies.
The funding was awarded under CED's Regional Economic Growth through Innovation program. For more information on CED and its priorities, consult the 2018-2019 Departmental Plan or visit www.dec-ced.gc.ca.
The Regional Economic Growth through Innovation program targets entrepreneurs who leverage innovation to grow their businesses and make them more competitive, as well as regional economic stakeholders who help create an entrepreneurial environment conducive to innovation and inclusive growth in all regions.
For 50 years now, the Government of Canada has been actively participating in regional economic development in Quebec: half a century of concrete action dedicated to the development of the regions and local businesses.
SOURCE Canada Economic Development for Quebec Regions
For further information: Media Relations, Canada Economic Development for Quebec Regions, Tel.: 514-283-7443, Email: [email protected]