Metal processor receives $1 million in financial assistance from CED.
GRANBY, QC , July 6, 2022 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Supporting automation and the adoption of 4.0 technology contributes to economic development in Quebec's regions. That is why the Honourable Pablo Rodriguez, Minister of Canadian Heritage and Quebec Lieutenant, on behalf of the Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED, today announced a repayable contribution of $1 million for ISE Metal. This CED support will help the company to consolidate its position as a key industry player and ensure that it remains competitive on the international market, thereby allowing it to be well positioned for the economic recovery.
This Sherbrooke -based company will be able to boost its productivity and digital capabilities by acquiring and installing production equipment, redesigning its production areas and making certain leasehold improvements. This will be achieved by optimizing metal bending and cutting operations in its Granby plant as well as welding operations in its Sherbrooke facility.
The financial support provided by CED will allow ISE Metal to acquire production equipment and redesign the quality department at its Granby plant (Laser AMP). It will also be used to acquire lifting and welding equipment for the Sherbrooke plant.
ISE Metal specializes in manufacturing metal products for major prime contractors in the automotive, special vehicles, electrical, recreational products, forestry equipment and household appliances sectors.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic recovery relies on organizations with strong roots in the regional economy. They are major contributors to growth, as well as key assets in rebuilding a stronger, more resilient, greener, and more just economy for all.
"We are responding to support our regional development and to help our companies acquire the tools they need to remain competitive and prosper. With this investment, ISE Metal will be able to continue to innovate in a cutting-edge sector and consolidate its position as a leader in the sheet metal industry. It is important to support innovation throughout Quebec and it's good for the people of the region!"
The Honourable Pablo Rodriguez, Minister of Canadian Heritage and Quebec Lieutenant
"SMEs are central to the growth of our communities and are part of our government's economic recovery plan. We help them improve their productivity and remain competitive. The support we provided to ISE Metal's project benefitting its Sherbrooke and Granby facilities is a testament to this. I congratulate ISE Metal for its contribution to the region's economic vitality!"
The Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED
"I would like to thank everyone at CED for their involvement and for the $1 million being provided to support our investment project. This project involves acquiring new equipment, including a 12,000-watt laser and a parts feeding and unloading system—the first of its kind in Canada . This system will allow us to produce small and large orders at very reasonable and competitive prices. Moreover, this service will support a number of industries in Quebec as well as the U.S. ISE Metal began operations in Sherbrooke in 1934. It has since grown to include facilities in Quebec , Mexico and Ontario . We have approximately 600 employees working for the ISE Metal group."
Robert Henderson , President of ISE Metal
"We wish to thank the Government of Canada for the support received through CED's Regional Economic Growth through Innovation program. The future of Quebec's manufacturing sector will undoubtedly be supported by investments in technology. This extremely important program is designed to address the needs that SMEs are currently facing. With this acquisition of new state-of-the-art sheet metal processing equipment, ISE will be able to continue on its growth trajectory while securing jobs."
André Moïse, CEO of ISE Metal
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.
SMEs represent 99.7% of Quebec businesses and contribute to 50% of the province's GDP.
CED is a 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.
CED funding initiatives and programs
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SOURCE Canada Economic Development for Quebec Regions
View original content: http://www.newswire.ca/en/releases/archive/July2022/06/c5918.html
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