Granby, Quebec, December 7, 2010 – The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the awarding of $332,500 in repayable funding to Varitech Inc. Granted through the Business and Regional Growth program, this financial assistance will serve for the acquisition of sophisticated equipment that will enable the firm to automate its production line and improve its competitiveness. The project is part of a broader initiative that will require an overall investment of $1.5 million and result in the creation of 20 jobs during its execution.
"The Government of Canada was quick to lend its support to Varitech for this project, which promises to help stimulate the Montérégie economy. Indeed, this innovative firm will be creating employment in a sector considered a key priority for the region's economy," explained Minister of State Lebel.
Operating in the fields of microelectronics and information and communications technology (ICT), Varitech enjoys an international reputation as a specialist in the design and manufacture of electronic boards. The company has experienced strong growth due, in part, to its major partnership with Trilliant Network.
Varitech is a subsidiary of Varitron Technologies Inc. (VTI), a Quebec leader in electronic manufacturing services. As part of VTI's growth strategy, its management has decided to equip the Granby plant with state-of-the-art machinery to help the company better meet the demands of the Trilliant Network and diversify its customer base.
The Business and Regional Growth program is aimed at helping enterprises engage in more innovation in order to improve their performance and become more competitive. Varitech is a prime example of a company that is undertaking a highly-innovative project from which the entire region stands to benefit.
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Sources:
Suzanne Thebarge
Communications
Canada Economic Development
Tel.: 514-496-6714
E-mail: suzanne.thebarge@dec-ced.gc.ca
Benoit Fortin
Special Assistant, Communications
Office of the Honourable Denis Lebel
Canada Economic Development
Tel.: 819-997-3319
E-mail: benoit.fortin@dec-ced.gc.ca
