Canada Economic Development

Canada Economic Development

April 17, 2012 10:30 ET

Government of Canada Supports Growth of Five Saint-Jean-sur-Richelieu Firms

SAINT-JEAN-SUR-RICHELIEU, QUEBEC--(Marketwire - April 17, 2012) - Acting on behalf of the Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, Mr. Jacques Gourde, Member of the Parliament for Lotbinière-Chutes-de-la-Chaudière, today announced that the firms Produit Thermovision Inc., Coppex Power Technologies Inc., Patella Industries Inc., Service d'usinage 9002 Inc., and Steel Space Productions Inc. have been awarded financial assistance to carry out projects that will stimulate their growth.

"By helping Quebec enterprises innovate, improve their productivity or break into foreign markets, the Government of Canada is working to build a highly diversified economy that creates jobs and sustainable prosperity," said Mr. Gourde.

Whether aimed at commercializing new products, increasing production capacity, acquiring high tech equipment or taking advantage of an exclusive product, all the projects unveiled today illustrate the dynamic entrepreneurship of the Montérégie region, while contributing to the economic vitality of the community of Saint-Jean-sur-Richelieu.

Information:

These government contributions, which total $1,743,000 in repayable funding, have been awarded under Canada Economic Development's Business and Regional Growth and Community Diversification programs. They are part of an overall investment of $6,446,000.

For further details on these projects, see the accompanying backgrounder.

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

Funding awarded in the Saint-Jean-sur-Richelieu
area under the Business and Regional Growth and
Community Diversification programs
Promoter Description - Investment - Contribution
Produit Thermovision Inc. Repayable contribution of $468,000 on a total investment of $1,036,000. Specialized in the manufacture of cabinet doors, this firm will acquire equipment to automate production and develop new products. This will allow it to improve its productivity. This funding has been awarded under the Business and Regional Growth program.
Coppex Power Technologies Inc. Repayable contribution of $430,000 on a total investment of $985,000. Coppex manufactures magnet wire, a component used in the manufacture of hydraulic power turbines, wind power generators and network distribution transformers. The enterprise will purchase equipment to improve its productivity and the quality of its products and to increase sales to the United States. The funding has been awarded under the Business and Regional Growth program.
Patella Industries Inc. Repayable contribution of $390,000 on a total investment of $3,465,000. This wood furniture and architectural woodwork manufacturer will acquire needed equipment. In addition, it will implement a commercialization strategy in the United States. This funding has been awarded under the Community Diversification program.
Service d'usinage 9002 Inc. Repayable contribution of $230,000 on a total investment of $460,000. This firm specializes in precision machining and mechanical design. It will improve productivity by acquiring a new milling machine and a manufacturing management system (ERP). This funding has been awarded under the Business and Regional Growth program.
Steel Space Productions Inc. Repayable contribution of $225,000 on a total investment of $500,000. Steel Space is looking to bring to United States markets its turnkey marketing product, namely, recycled metal containers suitable for new product launches or brand promotions. The project includes the production of promotional material and participation in trade fairs. This funding has been awarded under the Business and Regional Growth program.

Summary

Total number of projects: 5

Total contribution from Canada Economic Development: $1,743,000

Total investment generated by these projects: $6,446,000

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