Canada Economic Development

Canada Economic Development

May 17, 2010 10:30 ET

Venmar CES Inc. Receives $550,000 in Government of Canada Funding for Productivity Enhancement

SAINT-LÉONARD-D'ASTON, QUEBEC--(Marketwire - May 17, 2010) - Acting on behalf of the Honourable Denis Lebel, Minister of State for Canada Economic Development, Jacques Gourde, Member of Parliament for Lotbinière–Chutes-de-la-Chaudière, today announced the awarding of $550,000 in repayable funding to Venmar CES Inc. for the acquisition of specialized equipment and product design software. Requiring an overall investment of more than $1.5 million, this project will enable the firm to reorganize the layout of its plant so as to integrate the new equipment into production lines and optimize certain departments.

Venmar CES Inc. is the North American leader in the manufacturing of energy recovery ventilators. Re-investing more than 5% of its annual sales into research and development, this dynamic company strives to develop products that meet in every respect the expectations of its clients, mainly in the commercial and industrial sectors.

"Canada Economic Development is committed to supporting enterprises that, like Venmar CES Inc., strive to enhance their competitiveness to further their growth and development. Our financial assistance will allow this enterprise, which has great technical expertise, to present the prototype of a new cabinet at international exhibitions. What is more, this project will maintain 180 quality jobs, including some 20 engineering positions," explained Mr. Gourde.

Awarded through the Community Adjustment Fund established under Canada's Economic Action Plan, this financial assistance from Canada Economic Development will enable the firm to improve product quality, manufacturing effectiveness, delivery times and, ultimately, sales.

"Thanks to the special measures provided for under Canada's Economic Action Plan, our national economy is on the road to recovery. Implementing the second phase of this Plan will help lay the foundations for solid long-term economic growth and job creation," concluded MP Gourde.

To learn more about Canada's Economic Action Plan, visit www.actionplan.gc.ca.

Canada Economic Development is online at www.dec-ced.gc.ca. Subscribe to the Agency's press releases at http://www.dec-ced.gc.ca/eng/media-room/mailing-list/list.html to keep up with the latest news.

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