Funding is part of $100 million investment in small- and medium- sized (SME) steel and aluminum manufacturers.
RICHMOND, BC, Aug. 7, 2019 /CNW/ - Canada's steel and aluminum sector is an important contributor to the economy and to manufacturing supply chains, providing thousands of Canadians with good middle-class jobs across the country.
That is why the Government of Canada is delivering on the Steel and Aluminum Initiative, announced in March 2019, which will help businesses heavily dependent on steel and/or aluminum to grow and modernize.
Today, Joe Peschisolido, Member of Parliament for Steveston – Richmond East, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada (WD), announced $1.9 million in funding for two Lower Mainland companies in the steel and aluminum sector.
With $1 million in funding, Tree Island Industries, a well-established steel wire manufacturer, will purchase equipment that uses drawn and galvanized wire to produce innovative, high-demand livestock fencing. This investment will help the company respond to market opportunities and create new jobs for local residents.
Another $900,000 will help FPS Food Process Solutions, a global leader in turn-key food freezing and cooling equipment, to further develop more efficient freezer technology. The funding will support the company to grow their customer base, offer new training opportunities to employees and produce more energy efficient freezing equipment.
"Our government supports the hard-working steel and aluminum workers and companies that are important to regional economies across Canada. Our investments to support small- and medium-sized producers and users of steel and aluminum will help these businesses innovate to drive productivity, scale up, and expand into new markets to create good middle-class jobs."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"The small and medium-sized businesses in our steel and aluminum industries are important contributors to the economic vitality of communities across the country. They are the backbone of our economy, and by investing in their success, we are investing in the success of all Canadians."
- The Honourable Mary Ng, Minister of Small Business and Export Promotion
"Canadian steel and aluminum companies, including those here in Richmond, are driving our economy and providing jobs for the people in communities across the country. This initiative is ensuring that residents of Richmond and the surrounding areas can continue to live in this beautiful place and have jobs that provide economic security."
- Joe Peschisolido, Member of Parliament for Steveston – Richmond East
"Tree Island Industries is very grateful to receive funding from Western Economic Diversification Canada to invest in state of the art equipment, helping drive our market expansion and sustainable growth with new and innovative products."
- Dale MacLean, President and CEO, Tree Island Steel
"At FPS, our purpose is to revolutionize sanitary standards in the food processing industry and ensure the cleanest and safest global food production for all consumers. We have achieved phenomenal growth since inception, in less than 10 years, due to our serious commitment and focus on hygiene as the foundation to our product design. Funding from the Steel and Aluminum Initiative propels our innovation and development in more efficient equipment, in hopes to keep pushing the industry forward."
- Justin Lai, Co-Founder & Vice President of Sales & Marketing, FPS Food Process Solutions
- Delivered by Regional Development Agencies, the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative provides SME steel and aluminum manufacturers and users with non-repayable contributions for projects to enhance productivity, increase competitiveness by adopting new innovative technologies, and create more highly-skilled jobs. In Western Canada, this funding is delivered through WD.
- The REGI program builds on the objectives of the Innovation and Skills Plan by providing regionally tailored, nationally consistent support for business productivity and scale-up and by helping enhance regional technology clusters and innovation ecosystems.
- In 2018, Canada's steel and aluminum industry employed more than 33,500 Canadians and contributed $8.9 billion to Canada's gross domestic product.
IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL
SOURCE Western Economic Diversification Canada
For further information: Ben Stanford, Regional Communications Manager, Western Economic Diversification Canada, 604-365-8050, [email protected]