Yahoo Finance Government of Canada supports Groupe Support Plus - Labmétal's growth by funding acquisition of production equipment
Trois-Rivières business receives $660,000 in financial assistance from CED.
TROIS-RIVIÈRES, QC, June 28, 2024 /CNW/ - Canada Economic Development for Quebec Regions (CED)
Supporting manufacturing businesses contributes to economic development in Quebec's regions. That is why the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, today announced a repayable contribution of $660,000 for Groupe Support Plus – Labmétal (2017) Inc. This CED support will enable the business to acquire and install new production equipment, including a laser cutting system, a cutting robot, a folding press, and a bending machine, which will help this innovative, dynamic SME to grow.
Groupe Support Plus – Labmétal specializes in the manufacture of industrial hardware products and industrial pipe supports. In 2011, the business merged with Labmétal Inc., which focuses on the production of railings, walkways, grading rings, mechanically welded parts and various fabricated metals. In May 2023, the SME was acquired by Denys Duchesne and his group of investors. The purchase of new production equipment will enable the Trois‑Rivières business to increase its production capacity and improve its productivity.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic growth relies on organizations with strong roots in the regional economy; they are key assets in building a sustainable, inclusive economy.
Quotes
"The manufacturing industry is a pillar of our economy. That is why our government has committed to invest to ensure our SMEs remain competitive and innovative. Thanks to CED's support, Groupe Support Plus will be able to increase its capacity to produce mechanically welded steel, aluminum, and stainless-steel parts. The entire team can be proud of this project."
The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED
"We thank CED for believing in us. With its support and by focusing on innovation through the purchase of new equipment with all the latest technology, Groupe Support Plus – Labmétal will become more competitive and grow."
Denys Duchesne, President, Groupe Support Plus – Labmétal (2017) Inc.
Quick facts
The funds have been granted under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
In Quebec, SMEs account for 99.7% of the province's businesses and 50% of its GDP.
CED is the key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
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SOURCE Canada Economic Development for Quebec Regions
View original content: http://www.newswire.ca/en/releases/archive/June2024/28/c2414.html
