FilSpec to automate production thanks to Government of Canada support
Sherbrooke-based high-performance technical yarn manufacturer will receive $1 million from CED for its growth project.
SHERBROOKE, QC, Nov. 8, 2022 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Supporting innovation and growth contributes to economic development in Quebec's regions. That is why Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Mental Health and Addictions and Associate Minister of Health, today announced, on behalf of the Honourable Pascale St?Onge, Minister of Sport and Minister responsible for CED, a repayable contribution of $1 million for FilSpec to acquire automated equipment.
This CED investment will enable the manufacturer to acquire three types of equipment: Highly roboticized ring frames, mule frames, and air jet spinning wheels. By automating its process, FilSpec will thus be able to meet growing demand while mitigating the impacts of the labour shortage. This equipment will enable it to not only increase its production, but also improve product quality and provide a safer environment for its employees.
Founded in 2004, FilSpec is a world lead in manufacturing high?performance technical yarn. Its primary products are technical yarn specially designed for different markets such as sports apparel, protective clothing for military and medical use, flame?resistant clothing for firefighters, and work garments.
The Government of Canada recognizes and supports innovative 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. Innovation is a major contributor to growth, as well as a key asset in rebuilding a stronger, more resilient, greener, and more just economy for all.
"With this $1 million contribution from CED, representing 20% of the investment cost, our government is demonstrating its support for businesses from Quebec and especially here in Sherbrooke. This investment will help FilSpec overcome a range of significant challenges, such as the labour shortage and SME performance, and will enable it to acquire automated equipment to increase production. FilSpec will thus be more competitive on global markets. It is by equipping businesses properly that we all help develop a strong, resilient, sustainable economy together."
Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Mental Health and Addictions and Associate Minister of Health
"Helping homegrown businesses develop is a core priority for us. That is why we support visionary, innovative businesses such as FilSpec. The success of this business in the technical yarn industry is raising the profile of the Sherbrooke region and our country's economy. Now more than ever, our government is here to support Quebec and Canadian workers and businesses."
The Honourable Pascale St?Onge, Member of Parliament for Brome?Missisquoi, Minister of Sport and Minister responsible for CED
"Installing this new equipment will enable us to not only become more efficient and increase our production volume, but also ensure our business's future and create new jobs. We are grateful for this opportunity to better meet our clientele's needs while creating a workplace that is evolving at the cutting edge of technology."
Gilles Desmarais, Owner and President of FilSpec
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.
- 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.
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SOURCE Canada Economic Development for Quebec Regions
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