The Val-d'Or plant receives $10 million in financial assistance from CED.
VAL-D'OR, QC, June 21, 2022 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Supporting the growth of the forestry industry through the adoption of cutting-edge technology contributes to economic development in Quebec's regions. That is why the Honourable Pascale St‑Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible for CED, today announced a repayable contribution of $10 million for Uniboard.
This CED support will enable Uniboard to boost its productivity and production capacity, expand its product line and have a negative carbon footprint thanks to new equipment and carbon sequestered in sustainable products.
Uniboard Canada employs 850 people in its four Quebec plants located in the Abitibi-Témiscamingue, Bas-Saint-Laurent and Laurentides regions and at the company's head office in Laval. The Val-d'Or plant specializes in manufacturing engineered wood products such as particleboard and TFL panels for use in the construction industry. In all, 26 jobs will be created with this project.
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.
"Quebec businesses are at the core of our communities as they develop and are part of our government's economic recovery plan. We are determined to help them prosper and become more competitive and productive. Our government is proud to support Uniboard, especially since its project includes a major environmental component. This forestry business's contribution to the economic vitality of Val-d'Or is undeniable! Without a doubt, the spinoffs of this project will be felt right across the region and throughout Quebec and Canada."
The Honourable Pascale St-Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible for CED
"We would like to thank the Government of Canada for its contribution to this key project representing a total investment of $250 million. This third phase of the plan to modernize our Val-d'Or facility will allow us to operate the most modern particleboard manufacturing plant in North America. This investment will allow Uniboard to continue its 45-year success story in Val-d'Or. It will be instrumental in developing new markets and product lines while ensuring that we remain competitive and reduce our carbon footprint."
André Lemire, Vice-President, Finance and CFO, Uniboard
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.
SOURCE Canada Economic Development for Quebec Regions
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