Canada Economic Development

Canada Economic Development

October 28, 2011 11:30 ET

Government of Canada Supports Growth of Camoplast Solideal Inc.

SHAWINIGAN, QUEBEC--(Marketwire - Oct. 28, 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 the awarding of $479,220 in repayable funding to Camoplast Solideal Inc. The firm is taking advantage of its move to a new Shawinigan plant to make improvements to the facility and acquire specialized equipment.

"By relocating to a larger plant and reconfiguring its manufacturing chain, Camoplast Solideal will be in a position to increase its production capacity, raise its competitiveness and pursue its growth in Shawinigan," said Minister Lebel.

Camoplast Solideal Inc., a Canadian company established in 1982, designs, develops and manufactures of a broad range of products and systems for the world's leading road and off-road vehicle manufacturers. Its various divisions produce, among other things, industrial tires and wheels, construction tires and wheels, and rubber tracks and undercarriages for agricultural and off-road vehicles. The company also manufactures under-the-hood plastic components and assemblies for the automotive market. The Shawinigan plant specializes in the manufacture of rubber track systems for all-terrain vehicles. The transportation equipment sector is seen as a priority area for the Mauricie economy.

The contribution from Canada Economic Development will serve for the installation of an adequate ventilation system for the new plant, the addition of another production line and the acquisition of equipment for the manufacture of new products. The mobilization of local stakeholders and financial support of various partners have made it possible to maintain the plant's operations in Shawinigan, a region severely affected by the crisis in the forest sector.

This funding has been granted through the Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE).

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 past July 14, the Government of Canada announced its intention to allocate a further $20 million in funding over two years to support the Quebec silvicultural sector for the years 2011 and 2012.

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 Camoplast Solideal Inc., visit www.camoplastsolideal.com

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