Sainte-Claire, Quebec-based Laforo Iron Foundry has been granted $330,000 in repayable financial assistance from the Canada Economic Development program as part of its Business and Regional Growth program. The funding will be used to purchase equipment for productivity optimization.
The foundry — which boasts melting, molding, coremaking, cleaning and finishing, and testing abilities — produces components for the automotive, agricultural, and industrial components markets. The project in question involves reorganizing its production system in order to obtain a higher degree of efficiency. By installing new equipment in the foundry, product quality will improve, increasing productivity and competitiveness.
"This financial support we are granting to the Laforo Iron Foundry falls under the measures adopted by the Government of Canada to promote the growth of Quebec's enterprises and foster the economic diversification of its regions," stated Steven Blaney, member of parliament for Levis-Bellechasse. "Laforo will be capitalizing on its competitive advantages to extend its reach into new market niches and maximize its profitability."
The goal of the Canada Economic Development's Business and Regional Growth program is to strengthen "the conditions conducive to the sustainable growth of Quebec's regions and small and medium-sized enterprises." By improving performance, companies become more competitive, creating a climate that attracts foreign investment and encourages international organizations to set up operation in Canada.