Canada Economic Development

Canada Economic Development

February 09, 2012 10:15 ET

Syri Ltd Receives Funding From the Government of Canada to Acquire Specialized Equipment

SAINT-FÉLIX-DE-VALOIS, QUEBEC--(Marketwire - Feb. 9, 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 Syri Ltd has been awarded financial assistance to acquire state-of-the-art equipment.

"Our government is committed to helping Quebec enterprises grow, so that they can create more jobs. Investments such as the one we are making in Syri Ltd foster the productivity of Canadian companies and promote the economic competitiveness of the country," said Minister Lebel.

Syri Ltd, which has grown from 28 employees in 2007 to 40 in 2010, is a business model for the Matawinie Regional County Municipality (RCM). Specialized in the design, manufacture, sales and installation of stainless steel equipment, Syri caters to clients in a range of sectors, including food processing and health, across Quebec, Ontario, New Brunswick and Nova Scotia. Its short-term plans include making inroads into the United States market. To meet growing demand, Syri Ltd has acquired a more productive CNC hydraulic press brake and plate roller. These investments are part of a productivity and production capacity enhancement project undertaken in 2008 and to which Canada Economic Development also contributed.

About the Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE)

This $113,500 in repayable financial assistance has been awarded under Canada Economic Development's Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE).

The TISQFE 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 enterprises established in those communities so as to ensure their sustainable development.

On July 14, 2011, 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 2011 and 2012.

This measure is one of several put in place by the Government of Canada in the past few months to counteract the effects of the forest crisis. Others include the Community Adjustment Fund, with its $1-billion budget over two years to mitigate the impact of the crisis, the $1 billion granted for 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.

To learn more about Syri Ltd, visit: www.syri-stainless.com

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

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