Canada Economic Development

Canada Economic Development

February 21, 2011 11:45 ET

Fibres Lyster Receives $317,900 in Funding from Government of Canada for Higher-Performance Equipment

LYSTER, QUEBEC--(Marketwire - Feb. 21, 2011) - The Honourable Christian Paradis, Minister of Natural Resources, today announced the awarding of $317,900 in repayable funding to Fibres Lyster through Canada Economic Development's Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE). This financial assistance enabled the company to centralize several of its previously-dispersed operations into a single, larger plant and to acquire higher-performance technological equipment in order to automate production.

"By bolstering productivity by 40%, Fibres Lyster has been able to diversify its products and better meet customer demand, which will lead to the creation of four new jobs in the area," noted Minister Paradis.

Since its establishment in 2001, this firm has been specializing in the fibreglass laminating of industrial parts for the transportation sector, including the body of the new T-REX vehicles, for example, as well as in the manufacture of bathtubs and shower stalls for the construction industry. The composite materials sector in which the company operates is considered a growth-generating niche for the Centre-du-Québec region.

About the TISQFE

Brought into force last June, the Temporary Initiative for the Strengthening of Quebec's Forest Economies was established to help communities affected by the forestry crisis diversify their economies in order to secure their development and create and maintain employment. The measure's aim is also to support the viability and sustainable growth of the small and medium-sized enterprises (SMEs) in these communities.

"The TISQFE is working very well. I am delighted that we are well on our way to reaching our goal of investing $50 million in Quebec in the first year of this initiative," noted Minister Paradis.

This measure is one of many put in place by the Government of Canada in recent months to counteract the effects of the forest crisis. Others include, for example, the Community Adjustment Fund, with its $1 billion budget over two years to mitigate the impacts of the crisis, the Pulp and Paper Green Transformation Program, toward which $1 billion has been granted to the help enterprises carry out environmentally-friendly projects, and the investment of $230 million in collaboration with the Government of Quebec for silvicultural work and the restoration of bridges and culverts on multi-use forest roads. Workers have also benefited from their fair share of support, with the Government of Canada introducing some of the most generous measures in history to help them through the economic crisis.

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