Canada Economic Development

Canada Economic Development

July 04, 2012 14:00 ET

Government of Canada Lends Financial Support to Kongsberg Inc.

SHAWINIGAN, QUEBEC--(Marketwire - July 4, 2012) - The Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, announces that the firm Kongsberg Inc. has been granted financial assistance to improve its competitiveness and pursue its growth. This funding will enable the enterprise to replace the existing production line by a new state-of-the-art one.

"The Government of Canada is showing its commitment once again to supporting enterprises that, like Kongsberg Inc., are making the necessary investments to ensure their growth," said Minister Lebel.

Kongsberg Automotive is a global corporation headquartered in Norway. Since 2010, the company has invested significantly in its Shawinigan plant-Kongsberg Inc.,-which specializes in the design and manufacture of electronic and electromechanical solutions for enterprises in the automobile sector. The plant also features a major research and development centre that has allowed Kongsberg Automotive to position itself strategically on the Canadian market and outside Canada. The support from Canada Economic Development will enable the enterprise to acquire ultra high-performance manufacturing equipment and thereby better meet the growing world demand for its products.

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This financial assistance, granted in the form of a $401,760 repayable contribution, has been awarded through Canada Economic Development's Business and Regional Growth program.

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