The funding was announced today by Richard Hebert, Member of Parliament for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Business and Export Promotion. More specifically, the Government of Canada's assistance will help support Industrie P.H.D.'s growth, as well as its project to acquire and install digitally controlled production equipment.
Incorporated in February 2016, Industrie P.H.D. Inc. is included in the value chains of prime contractors (Rio Tinto Aluminium, Magris Resources, Resolute Forest Products), but also serves original equipment manufacturers and mid-sized companies that export around the world and are included in these value chains. The project will allow Industrie P.H.D. to expand, enhance its performance and create four new full‑time positions. The current project will result in total investments of nearly $900,000.
The Government of Canada is committed to supporting innovative Canadian businesses. A driving force of the economy, innovation is the key to success because it generates growth that benefits both businesses and communities. That is why it is committed to ensuring that businesses are able to rely on adequate resources to create and market innovative products.
One of the Government of Canada's priorities is to ensure the prosperity of communities. That's why it supports companies like Industrie P.H.D. in their efforts to increase productivity, develop new products or improve existing products and services. I am delighted with CED's financial assistance, which will result in the creation of quality jobs for the middle class and generate significant investment for the region as a whole.
Richard Hebert, Member of Parliament for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Business and Export Promotion
By helping businesses invest in equipment and devices that will improve their performance and in marketing strategies that will assist their entry into new markets, the Government of Canada is standing by its commitments to drive expansion, innovation and exports.
The Honourable Navdeep Bains, Minister responsible for CED
Acquiring a fibre laser cutting system will help us meet our clients' growing and specialized needs. This state-of-the-art digital equipment will allow us to improve our company's productivity while consolidating highly skilled jobs. The Government of Canada's assistance is a major contributor to this project and encourages the innovation being demonstrated by Industrie P.H.D.
Maxime Piche, Vice-President, Industrie P.H.D.
Today's announcement was made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which is made up of 17 federal departments and agencies, including CED and the other five regional development agencies.
The funding was awarded under CED's Regional Economic Growth through Innovation (REGI) program. This program targets entrepreneurs who leverage innovation to grow their businesses and make them more competitive, and regional economic stakeholders who help create an entrepreneurial environment conducive to innovation and inclusive growth in all regions.
To find out more about CED and its priorities, see the 2019-2020 Departmental Plan or visit www.dec‑ced.gc.ca.