Canada Economic Development

Canada Economic Development

June 20, 2011 10:30 ET

Government of Canada Lends Financial Support to Centre de realisation d'outils innovateurs

DRUMMONDVILLE, QUEBEC--(Marketwire - June 20, 2011) - The Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, today announced the awarding of $336,000 in repayable funding to the Centre de réalisation d'outils innovateurs (CROI) for the acquisition of leading-edge equipment.

"In order to pursue its growth strategy, CROI needed to acquire technical equipment to diversify its operations. Canada Economic Development felt it important to lend its financial support to this dynamic firm's project," explained Minister Lebel.

CROI specializes in the design and manufacture of work stations, industrial cabins and custom tools, among other things, for primary and secondary processors operating in the heavy vehicles and transportation sectors. Earlier this year, the Chicoutimi-based enterprise acquired the assets of Multina Inc., a Drummondville firm.

By expanding into the production of ergonomic seats and finishing panels for the railway sector, CROI will have all of the assets it needs to successfully capitalize on the strong growth potential in the industry. With this project, the enterprise expects to generate $25 million in sales in 2013, 63% of it on foreign markets, thus creating major spinoffs in terms of job consolidation and creation.

CROI's initiative has given rise to major mobilization in the region. Indeed, Centre-du-Québec economic stakeholders have eagerly backed the return to operation of the Highway 139 plant, particularly as it involves an enterprise active in the transportation equipment industry, a priority sector for the regional economy.

Granted through Canada Economic Development's Business and Regional Growth program, this financial assistance will help CROI gain a solid foothold in a promising market. The aim of this government program is to support small and medium-sized enterprises in their efforts to engage in more innovation in order to improve their performance and become more competitive.

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