The Government of Canada supports projects by Fabspec, Technolaser and Aciers Richelieu

Almost $773,000 to support the growth and development of three Sorel-Tracy businesses

SOREL-TRACY, QC, March 7, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

Three businesses in the Montérégie region will be able to pursue their growth with the help of a total of $772,979 in repayable contributions from Canada Economic Development for Quebec Regions.

CED's support will allow Fabspec, Technolaser and Aciers Richelieu to proceed with the acquisition and installation of new equipment that will help the businesses enhance their productivity and pursue their growth.

The funding was announced today by the Honourable François-Philippe Champagne, Minister of Infrastructure and Communities. Granted by the Government of Canada through the Quebec Economic Development Program, the financial assistance will allow the recipient businesses to achieve their established objectives. Their respective projects will generate $2.2 million in total spending and will result in the creation of 21 jobs in the Sorel-Tracy region.

The Government of Canada is committed to creating close partnerships with Quebec businesses to support their efforts to innovate, increase their productivity and competitiveness, and contribute to the economic vitality of the regions, the creation of good-quality jobs and the improvement of citizens' quality of life.

Quotes

"We have chosen to focus on the innovative capacity and commitment to progress of these businesses, which have made a name for themselves in a constantly evolving market. Their drive, boldness and sense of innovation contribute to the economic vitality of the Montérégie region."

The Honourable François-Philippe Champagne, Minister of Infrastructure and Communities

"As Minister of Innovation, Science and Economic Development, my goal is to help businesses grow and innovate so that they can increase their competitiveness and create good-quality jobs and wealth for Canadians. This is why we are supporting Fabspec, Technolaser and Aciers Richelieu, three businesses whose success reflects on the region and the Canadian economy as a whole."

The Honourable Navdeep Bains, Minister responsible for CED

Quick facts

• 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.
• To find out more about CED and its priorities, see the 2018–2019 Departmental Plan or visit www.dec-ced.gc.ca.
• For 50 years now, the Government of Canada has been actively involved in regional economic development in Quebec: half a century of concrete action targeting the growth of Quebec's regions and businesses.

Related product

• For more information about the projects, please refer to the related backgrounder.

Backgrounder

 

Proponent	Contribution – Investment – Project description
Fabspec Inc.	Repayable contribution of $300,000 out of a total investment of $746,255 The goal of the project is to increase the company's productivity and production capacity. The contribution will be used to acquire and install new automated production equipment, including automatic welding machines, dynamic turning rollers and a plasma cutting table, and to implement new management software. Founded in 1974, Fabspec Inc. specializes in the fabrication of large and complex mechanically welded parts. It provides mechanical, welding, machining, finishing and technical consulting services for all types of large products whose materials are steel- or alloy-based. The company has 92 employees and the project will result in the creation of 10 jobs.
Technolaser Inc. (website in French)	Repayable contribution of $272,979 out of a total investment of $909,930 The project aims to help the company expand and enhance its productivity through the acquisition of automated production equipment, including a fibre-optic laser cutting machine, a deburring machine and a packaging machine. Founded in 1999 as a worker co-operative, the company was acquired in 2013 by one of the founding members, Alain Plourde, and has since been known as Technolaser Inc. it operates in the laser cutting sector, and also provides design, bending, tapping, mechanical welding, rolling and assembly services for various types of materials, including steel, stainless steel, aluminum, as well as wood, plastic and rubber. The company has 14 employees and will create 3 jobs as a result of this project.
Aciers Richelieu Inc.	Repayable contribution of $200,000 out of a total investment of $550,000 The goal of the project is to help the company expand and enhance its productivity. The contribution will be used to acquire and install new automated production equipment, including a plasma cutting table with a 5-axis head, and to upgrade the CNC band saw. Founded in 1980, Aciers Richelieu Inc. specializes in the fabrication of complex mechanical parts and equipment for the heavy industry sector. It provides turnkey solutions for its clients, ranging from the drafting of plans to the installation and maintenance of large equipment such as tanks, hoppers, cyclones, reactors, etc. The company employs 88 people and plans to create 8 additional jobs.
Summary	Number of projects:  3 Number of jobs created:  21 CED's contributions: $772,979 Total investment generated by these projects: $2,206,185

 

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SOURCE Canada Economic Development for Quebec Regions

Media Relations, Canada Economic Development for Quebec Regions, 514-283-7443, [email protected]