Canada Economic Development

Canada Economic Development

August 19, 2010 12:17 ET

Government of Canada Provides Financial Support to Soudure du Manoir Inc. for Acquisition of Specialized Equipment

CAP-SAINT-IGNACE, QUEBEC--(Marketwire - Aug. 19, 2010) - Acting on behalf of the Honourable Denis Lebel, Minister of State for Canada Economic Development, Bernard Généreux, Member of Parliament for Montmagny–L'Islet–Kamouraska–Rivière-du-Loup, today announced $80,000 in repayable funding to the firm Soudure du Manoir Inc. Awarded through the Community Adjustment Fund established under Canada's Economic Action Plan, this financial support will enable the firm to acquire the specialized equipment necessary to increase its productivity. The project will generate an overall investment of $200,000.

Known as Soudure du Manoir since 1991, this Cap-Saint-Ignace company was founded in 1976. It specializes in the custom manufacturing of high-end steel, aluminium and stainless steel products for commercial and institutional clients.

"Canada Economic Development felt it important to support this Soudure du Manoir Investment, especially since the firm specializes in metals processing—a priority sector for the Chaudière-Appalaches economy—and the project will result in the creation of two new jobs and the maintenance of eight existing ones in the Montmagny RCM. By acquiring the latest in water-cutting equipment, Soudure du Manoir will improve its strategic capability, its productivity and its profitability while diversifying its order book. It can also expect a greater integration of all its production operations and to break into new markets," explained Mr. Généreux.

The $1 billion Community Adjustment Fund is intended to support adjustment to current economic conditions by protecting and creating jobs in regions and communities most affected by the severe downturn. To date, approximately 80% of the Fund has been committed to more than 1,000 projects across Canada.

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