This financial support includes a loan of $665,000 from the Government of Canada under the Regional Economic Growth through Innovation (REGI) program managed by Canada Economic Development for Quebec Regions (CED). A $380,000 loan is also being granted by the Government of Quebec through the ESSOR program of the Ministère de l'Économie et de l'Innovation. In addition, a $380,000 loan is coming from Investissement Québec's capital fund.
This project aims to develop new markets through the acquisition of an innovative piece of high-tech equipment, a five-axis horizontal boring machine with digital controls, which will enable the manufacture of large-scale metal parts.
Member of the National Assembly for Beauce-Sud, Parliamentary Assistant to the Premier (Youth) and Parliamentary Assistant to the Minister of Tourism Samuel Poulin, on behalf of Minister of Economy and Innovation and Minister responsible for the Lanaudière Region Pierre Fitzgibbon, made the announcement today.
Quotes
"We are here to help SMEs and workers in the Beauce Region. By supporting the acquisition of cutting-edge equipment, we are helping OSI Precision to be more competitive. We are giving it tools to continue to perform and offer good jobs to Beauce residents here in Saint-Georges."
The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for CED
"For over thirty years now, OSI Precision and OSI Machinerie have been contributing to the vitality of the manufacturing sector in the Beauce-Sud riding by developing wood processing equipment for across North America. We are therefore enthusiastic to support the business as it acquires this innovative new equipment, which will enable it to enhance its competitiveness and diversify its activities by conquering new markets."
Samuel Poulin, Member of the National Assembly for Beauce‑Sud, Parliamentary Assistant to the Premier (Youth) and Parliamentary Assistant to the Minister of Tourism
"Our government wants to make Quebec businesses aware of the potential new digital technologies hold for growth. By adopting this equipment, which integrates the latest generation of digital controls, OSI Precision is taking one more step towards the Industry 4.0 standard in order to strengthen its long-term productivity. This is why we are proud to support the project in its success."
Pierre Fitzgibbon, Minister of Economy and Innovation and Minister responsible for the Lanaudière Region
"OSI Precision is an example of a manufacturing business leveraging cutting-edge technologies to create more wealth and maintain quality jobs in the Chaudière-Appalaches Region. Thanks to the success of audacious, innovative businesses such as this one, we can ensure the economic prosperity of the region and all of Quebec."
Marie‑Eve Proulx, Minister for Regional Economic Development and Minister responsible for the Chaudière-Appalaches, Bas‑Saint‑Laurent and Gaspésie-Îles‑de‑la‑Madeleine Regions
"Investissement Québec supports manufacturers who choose to adopt innovative technologies to develop new markets. This is the case with Beauce business OSI Precision, which is well-known in the field of machining, welding and assembly sub‑contracting. The business recently leveraged the acquisition of advanced technology that is perfectly aligned with its 4.0 Strategy. This will enable it to make a major breakthrough in several new markets."
Guy LeBlanc, President and CEO, Investissement Québec
Quick facts
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Founded in 1987, OSI specializes in two distinct fields. Its OSI Precision division offers turnkey solutions in the machining, welding and assembly of complex parts. Its OSI Machinerie division specializes in the design and manufacturing of state-of-the-art wood processing equipment.
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The ESSOR program aims to support investment projects in Quebec with a view to enhancing competitiveness and productivity, creating jobs and ensuring sustainable development.
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Investissement Québec's (IQ) role is to stimulate business innovation, entrepreneurship and exports and to increase local and foreign investment in all Quebec regions. IQ offers personalized support, technological expertise and flexible financial solutions to businesses of all sizes at all stages of growth.
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To know more about CED and its priorities, consult the 2019-2020 Departmental Plan or visit www.dec-ced.gc.ca.
Contacts
Alexander Cohen
Press Secretary
Office of the Minister of Economic Development and Official Languages
613-404-9121
