Canada Economic Development

Canada Economic Development

October 07, 2011 11:00 ET

Government of Canada Grants $176,573 in Funding to Novilco Inc.

Temporary Initiative for the Strengthening of Quebec's Forest Economies

SAINT-FELICIEN, QUEBEC--(Marketwire - Oct. 7, 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 that Novilco Inc. received $176,573 in repayable funding through the Temporary Initiative for the Strengthening of Quebec's Forest Economies to introduce two new handling devices it developed, namely a loader and a sticker stacker, to the Canadian market.

"As this announcement illustrates, the Government of Canada is ready to support innovative companies that, like Novilco, are investing effort in strengthening their competitiveness and expanding their markets," said Minister Lebel.

Novilco is a Quebec enterprise specializing in the design and manufacture of handling equipment for sawmills and planing mills, as well as for secondary and tertiary wood processors. The firm's new loader and sticker stacker, the result of extensive research and development, are set apart from other products on the market by virtue of their precision, speed, energy efficiency and low maintenance costs.

About the TISQFE

The Temporary Initiative for the Strengthening of Quebec's Forest Economies was brought into force in June 2010 to help communities affected by the forestry crisis diversify their economies in order to ensure their growth and create and maintain employment. The initiative's goal is also to support small and medium-sized businesses in these communities in their efforts to secure their viability and sustainable development.

This measure is one of several put in place by the Government of Canada in the past 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 $1 billion granted to the Pulp and Paper Green Transformation Program to help enterprises carry out environmentally-friendly projects and the $230 million invested, 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 received 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.

For more on Novilco, visit www.novilco.com

Keep up with the latest news from Canada Economic Development by visiting www.dec-ced.gc.ca or subscribing to @CanEconDev on Twitter.

Contact Information