Subjects: ECO, PSF, CFG
Government of Canada invests in improved productivity and production capacity at FilSpec
Sherbrooke manufacturer of high-performance technical yarns receives $250,000 in financial assistance from CED to ensure its growth.
SHERBROOKE, QC, Feb. 19, 2024 /CNW/ - Canada Economic Development for Quebec Regions (CED)
Supporting innovation and growth contributes to economic development in Quebec's regions. That is why the Honourable Pablo Rodriguez, Minister of Transport and Quebec Lieutenant, and Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Families, Children and Social Development and to the Minister of Mental Health and Addictions and Associate Minister of Health, took the opportunity during a visit to the business to announce, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, a repayable contribution of $250,000 for FilSpec to acquire automated equipment.
FilSpec is a world leader in the manufacture of high-performance technical yarns. The main products offered by the SME are technical yarns specially designed for specific markets such as military and medical protective clothing and flame?retardant clothing for firefighters and oil and gas industry workers. CED's support will enable the business to acquire and install automated equipment, including a doubler, a twister, and variable drives for its current twisters. This new equipment will make it possible to automate FilSpec's production process and improve its productivity and production capacity, while also enhancing employee safety.
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, as key assets in building a sustainable, inclusive economy.
"Sherbrooke's FilSpec is a global leader in the manufacture of high-performance technical yarns, and our government is proud to be here to help the business improve its productivity, increase its production capacity, and face the labour shortage. Quebec is full of innovative businesses and, by investing to support them, we stimulate the province's economy and create wealth right here at home."
The Honourable Pablo Rodriguez, Member of Parliament for Honoré-Mercier, Minister of Transport and Quebec Lieutenant
"Helping organizations grow and innovate so they can become more competitive is a core priority for us. That is why the Government of Canada provides assistance to visionary SMEs such as FilSpec. The success of this innovative business in the technical yarn industry is raising the profile of Sherbrooke and the entire Canadian economy. We are here to support workers and Quebec and Canadian SMEs, and we are helping them to better equip themselves so that, together, we can rebuild a stronger, more resilient, more sustainable economy."
Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Families, Children and Social Development and to the Minister of Mental Health and Addictions and Associate Minister of Health
"We are helping businesses equip themselves well so they can develop and compete. Thanks to CED's financial support, FilSpec will continue to innovate in a cutting-edge field and strengthen its position in the industry and on the markets, thereby helping to stimulate Sherbrooke's economy. This assistance, which is part of our economic recovery plan, will thus benefit the entire region and enable the Canadian economy to come back even stronger than before."
The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions
"Acquiring this equipment enables the business to improve the performance of its processes to meet the specific needs of our clients. By modernizing and automating our processes, we will be able to continue to grow and ensure the business's future. We are grateful for this opportunity to better meet our clientele's needs."
Gilles Desmarais, Owner and President of FilSpec
- 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
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