Government of Canada invests nearly $40 million in a green, resilient economy by supporting innovative projects in Quebec

CED grants $950,000 in financial support to Sherbrooke OEM.

SHERBROOKE, QC, Feb. 7, 2022 /CNW Telbec/ – Canada Economic Development for Quebec Regions (CED)

Today's announcement is one of a series of announcements that will take place in the coming weeks. The Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED, will confirm a total of nearly $40 million in investments in over 20 innovative projects by Quebec businesses and organizations that will contribute to the economy of tomorrow. These are strategic investments in projects that will make it possible to reduce Canada's environmental impact and foster a green, resilient economy.

Minister St Onge joined her colleague Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Mental Health and Addictions and Associate Minister of Health, to announce a repayable contribution of $950,000 for Sherbrooke OEM as part of these investments. This funding will enable the Cantons-de-l'Est business to improve its productivity and production capacity.

Sherbrooke OEM is a leader in the field of recycling, specializing in the design, manufacture, and integration of custom-made recycling equipment such as conveyors, trommels, optical sorting systems, and cardboard and fibre separators.

This family business, which began operating in 1997, has since been successful in the field of recycling in Canada and the United States. Through this funding, Sherbrooke OEM will acquire a fully automated digital laser-cutting system. With this new equipment, the business will be able to reduce losses and generate savings, as well as reassign employees to higher value-added tasks.

Quotes

"Our government recognizes the importance of the manufacturing sector as a priority to ensure our communities prosper. Small and medium sized businesses are an integral part of our plan for a green, sustainable economic recovery. That is why CED is supporting Sherbrooke OEM in its efforts to boost its productivity, increase its production capacity, and support the collective effort to reduce greenhouse gas emissions. This SME is a major contributor to Sherbrooke's economic vitality, and the success of its project will reverberate right across the region."

The Honourable Pascale St-Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible of CED

"Our government will continue to accompany our region's businesses into tomorrow's economy, while helping them seize the business opportunities that will arise. By leveraging a project such as this one by Sherbrooke OEM, we are enabling a Cantons-de-l'Est business to better equip itself to grow and thus play a major role in a green economic recovery."

Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Mental Health and Addictions and Associate Minister of Health

"The assistance from CED has enabled us to implement a large-scale project that is financially viable and realistic. Innovation is more than necessary to be able to meet the growing demand for recycling. This new technology will allow us to grow in our market and potentially to develop new niche markets that will have a positive impact on the Canadian economy."

Jérémy Ouellet, Financial Controller, Sherbrooke OEM

Quick facts

• This contribution is one of a series of funding announcements to take place during the month of February totalling nearly $40 million for over 20 projects by innovative businesses and organizations that will contribute to the economy of tomorrow.
• The funds have been granted under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
• CED is a key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.

Associated links

• Sherbrooke OEM Ltd.
• Canada's COVID-19 Economic Response Plan
• Coronavirus disease (COVID-19)
• CED funding initiatives and programs

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SOURCE Canada Economic Development for Quebec Regions

Media Relations : Canada Economic Development for Quebec Regions, [email protected]; Ariane Joazard-Bélizaire, Press Secretary, Canada Economic Development for Quebec Regions, Office of the Minister of Sport and Minister responsible for Canada Economic Development for Quebec Regions, [email protected]