Canada Economic Development

Canada Economic Development

June 17, 2010 11:00 ET

Government of Canada Supports Oldcastle Materials' Modernization Project

MONTRÉAL, QUÉBEC--(Marketwire - June 16, 2010) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, is pleased to announce that Oldcastle Materials, also known as the Permacon Group, has been granted $1 million in repayable funding to purchase masonry manufacturing equipment as part of a wide-scale modernization plan that will enable the company's three Anjou plants to improve production efficiency and remain competitive.

Granted through Canada Economic Development's Business and Regional Growth program, this financial assistance will allow the company to equip one of its three Montréal-area plants with leading-edge strategic machinery, namely a masonry colouring system, a control system, a block-making machine, a scaling line and a handling system.

"The Government of Canada is committed to supporting enterprises whose activities help reinforce our economic recovery and create spinoffs for our communities. This Oldcastle project is of major importance in that, in addition to generating an overall investment of $20.9 million, it will result in the creation of eight new jobs in the area over the next few years. Moreover, it will play a key role in preserving the manufacturer's activities in the east end of Montréal, thereby contributing to the maintenance of 110 jobs," explained the Minister of State. 

This Oldcastle Materials project will span several years and promises to consolidate Montréal's position as a North American leader in the manufacture of concrete products. Improving the plant's production capacity is expected to generate $16 million in sales growth for the enterprise over a five-year period. 

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