Two SMEs in Lévis will be able to increase their productivity through support from Canada Economic Development for Quebec Regions

The Government of Canada provides $2 million in support to the innovative projects of the companies DK-Spec and Finar Steel Buildings

LÉVIS, QC, July 3, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED) 

Steel and aluminum companies are major players in our economy and supply chains because they provide good jobs for thousands of middle-class Canadians.

Today, Richard Hébert, Member of Parliament for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Business and Export Promotion, announced the awarding of $2 million in non-repayable contributions to DK-Spec and Finar Steel Buildings, two Lévis companies.

With $1 million in financial support, DK-Spec Inc. will be able to increase its productivity and production capacity by purchasing strategic equipment for manufacturing more powerful innovative products, which stand out because of the use of alloys that help increase the durability of specialized industrial cutting tools. Three jobs will be created through this project.

The $1 million in financial assistance from the Government of Canada for Finar Steel Buildings Inc. will support the purchase, delivery and installation of a robotic plasma cutting cell, an automatic loader, and a mechanical brushing system. The project will foster the company's growth by boosting its productivity and competitiveness. It will make it possible to manufacture innovative products and will create four jobs.

This funding is awarded under the Steel and Aluminum Initiative of the Regional Economic Growth Through Innovation (REGI) program, announced in March 2019. Administered by the regional development agencies (RDAs), this initiative provides targeted support to Canada's small and medium-sized enterprises in the steel and aluminum sectors. Non-repayable contributions will enable these SMEs to adopt innovative technologies for increasing their productivity or competitiveness and create highly skilled jobs.

Quotes
"Through its strategy aimed at supporting companies in the steel and aluminum sectors, the Government of Canada has chosen to assist innovative Canadian companies that come up with new ways of creating value, and which are seeking to penetrate new markets. The financial support provided to DK-Spec and Finar is intended to provide concrete support to companies that have demonstrated their expertise and their willingness to ensure their growth and create well-paying jobs for the middle class."

Richard Hébert, Member of Parliament for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Businesses and Export Promotion

"Our government supports Canadian workers in the steel and aluminum sectors, as well as companies that play an important role in Canada's regional economies. Our investments support Canadian SMEs that produce or use these metals and help them innovate in order to increase their productivity, expand, enter new markets and create good middle-class jobs."

The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED

Quick facts
Today's announcement is made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which comprises 17 federal departments and agencies, including CED and the other five regional development agencies (RDAs).

The RDAs help support Canadian innovation, along with the Industrial Research Assistance Program, the Strategic Innovation Fund and the Trade Commissioner Service.

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 the technology clusters and innovation ecosystems in all regions.

In 2018, the steel and aluminum industry employed more than 33,500 Canadians. It contributed $8.9 billion to the gross domestic product.

To find out more about CED and its priorities, see the 2019-2020 Departmental Plan or visit www.dec-ced.gc.ca.

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SOURCE Canada Economic Development for Quebec Regions

Dani Keenan, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-1710; Media Relations, Canada Economic Development for Quebec Regions, Phone: [phone], Email: [email protected]