Government of Canada Grants $250,000 in Funding to Charl-Pol Saguenay Inc.

SAGUENAY, QUEBEC--(Marketwire - March 11, 2011) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the awarding of $250,000 in repayable funding to Charl-Pol Saguenay Inc. through the Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE) for the development of a new technique to manufacture electrolytic pots for AP30 and AP50 aluminium technology platforms.

"Charl-Pol has earned a solid reputation among the world's aluminium smelters. This promising technique will allow the firm to move to the international forefront of equipment suppliers in the aluminium sector," explained Minister of State Lebel.

The project will enable Charl-Pol to increase its value-added production, bolster sales, improve its domestic and foreign competitiveness and expand into new markets. With its new technique, the company will be able to join forces with foreign enterprises to carry out industrial projects around the world. By satisfying local content requirements, the firm will thus be in a position to land contracts in international markets.

"Charl-Pol's project is in perfect alignment with the objectives of the TISQFE in that it promises to contribute to the economic diversification of Saguenay–Lac-Saint-Jean," added Mr. Lebel. "It is a vector of new knowledge in the region and a catalyst for the development of the regional aluminium cluster."

Specialized in the manufacture of mechanically-welded parts, Charl-Pol Saguenay Inc. mainly produces canisters, conveyors and tanks. The company also offers design, engineering and development services for the manufacture of mechanical, hydraulic and electrical equipment.

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.

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 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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