SAINT-HUBERT, QUEBEC--(Marketwire - March 28, 2013) - , March 28, 2013-While highlighting the Harper Government's support for the manufacturing sector in Economic Action Plan 2013, the Honourable Christian Paradis, Minister of Industry, today announced a repayable contribution of up to $48.9 million to Quebec's Héroux-Devtek Inc. The contribution, being made through the Strategic Aerospace and Defence Initiative (SADI), will support a research and development project to reduce the company's environmental impact and spin off new technologies.
"Through collaborative programs such as the Strategic Aerospace and Defence Initiative, our government is partnering with Canadian aerospace companies to help them become more innovative and more competitive," said Minister Paradis. "Our government is committed to furthering Canada's science and technology advantage, and through Economic Action Plan 2013 we are providing stable funding to promote innovation, collaboration and commercialization across the country."
Economic Action Plan 2013 includes a number of measures to further help Canada's manufacturers grow, stay competitive and create jobs, including:
o Tax relief for new manufacturing machinery and equipment by extending the accelerated capital cost allowance for two years, increasing support for manufacturers by almost $1.4 billion.
o Improved support for Canada's aerospace industry by investing almost $1 billion in SADI to ensure it continues to meet the needs of the industry.
o Support for large-scale technology projects exhibiting strong commercial potential and promotion of cross-industry collaboration by creating the Aerospace Technology Demonstration Program with an investment of $110 million over four years, beginning in 2014-15, and $55 million each year thereafter.
This investment will help Héroux-Devtek develop a completely integrated aerospace landing gear system for both commercial and military aerospace markets. Research on the project will lead to new technologies that reduce or eliminate a number of environmentally harmful processes thus reducing greenhouse gas emissions and improving Héroux-Devtek's overall environmental footprint.
Over the past four years, our government has committed $890 million through SADI to fund 29 advanced research and development projects. For more information on the program, please visit the SADI website (www.ic.gc.ca/eic/site/ito-oti.nsf/eng/h_00022.html).