Canada Economic Development

Canada Economic Development

July 14, 2010 10:30 ET

Government of Canada Grants $152,800 in Funding to Cycles Devinci Inc.

CHICOUTIMI, QUEBEC--(Marketwire - July 14, 2010) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the awarding of $152,800 in repayable funding to Cycles Devinci Inc. Granted under the Community Adjustment Fund, this financial assistance will be used to acquire an assembly line specifically for the manufacture of the BIXI bike. The project will generate an investment of $438,000 and significant growth in Cycles Devinci's sales.

Cycles Devinci is firmly ensconced as a key player in the design and manufacture of high-performance aluminium bicycle frames. Present in Canada, the United States and elsewhere in the world, the brand has stood out for more than 20 years for the quality of its products, a leading-edge design and innovative technological characteristics stemming from long research and development work. At present, Cycles Devinci produces 500 bikes a week on one assembly line. A new line will allow the firm to double its weekly output.

"Cycles Devinci is a flagship of the Saguenay aluminium processing industry. The commissioning of a new line specifically for the manufacture of BIXI bikes will enable the company to continue to pursue its growth and development as it set out to do in 2009. This project will create 15 jobs beginning in 2011, and in a difficult economic climate. The Government of Canada is proud to contribute to this project which supports the priority development goals of the Saguenay–Lac-Saint-Jean," said the Minister of State.

The Community Adjustment Fund was established under Canada's Economic Action Plan, a measure adopted in January 2009 to counteract the impacts of the economic downturn, stimulate job creation and address the transitional and adjustment challenges facing communities and industries in the process of restructuring.

For more on Canada's Economic Action Plan, visit www.actionplan.gc.ca.

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