Canada Economic Development

Canada Economic Development

February 09, 2010 11:00 ET

Government of Canada Grants $373,293 in Funding to CMAC-Thyssen Mining Manufacturer

VAL-D'OR, QUEBEC--(Marketwire - Feb. 9, 2010) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the awarding of $373,293 in repayable financial assistance to CMAC-Thyssen Mining Manufacturer.

Granted through the Business and Regional Growth program, this funding will enable the innovative Abitibi-Temiscamingue firm to add a new product to its current line of multifunctional buggies and step up its international commercialization efforts. The versatility and autonomy of this new equipment will ensure its adaptability to all types of boring machines available on the market. The company's commercialization activities also promise to have a positive impact on the region by securing the maintenance of 43 jobs and the creation of two new positions.

"Canada Economic Development believes in the importance of supporting innovation. CMAC-Thyssen Mining Manufacturer is one of the many companies that understand how to use research and development results to design and market value-added products. Indeed, this project is aimed precisely at using innovation to develop new markets. I salute the exceptional drive of the CMAC-Thyssen Mining Manufacturer team, whose efforts are sure to play a major role in diversifying the region's economy. Clearly, the creation of jobs and wealth in our communities is contingent upon the dynamism of our entrepreneurs," explained Minister of State Lebel.

Mining, along with tourism, agri-food processing and the transformation of forest products, are considered promising growth sectors for Abitibi-Temiscamingue. It is therefore in these priority areas that Canada Economic Development has decided to focus its development efforts in the region.

The Minister of State will take the opportunity while in Abitibi-Temiscamingue to meet with local economic stakeholders in order to gather their views, 12 months after the adoption of Canada's Economic Action Plan, on the effectiveness of this temporary economic stimulus measure. "As we move towards a return to fiscal balance, ideas on a variety of issues need to be discussed with socioeconomic stakeholders in the regions. The economy is a dynamic system that is constantly changing and it is imperative that we adjust. To play our cards right, we must clearly identify the needs of Quebec's various industries and gather the opinions of business leaders as to which sectors should be prioritized," concluded Minister Lebel, who successfully undertook a similar consultation process in early 2009.

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