BROMONT, QC, May 24, 2024 /CNW/ - The governments of Canada and Québec are providing a total of $2,895,150 to Exxel Polymers, located in Bromont in the Estrie region. This support will enable the business to acquire equipment to increase its productivity and production capacity in order to sustain its growth.

The Honourable Pascale St‑Onge, Member of Parliament for Brome‑Missisquoi and Minister of Canadian Heritage, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions (CED), and Isabelle Charest, Member for Brome‑Missisquoi and Minister Responsible for Sports, Recreation and the Outdoors, on behalf of Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development and Minister Responsible for the Metropolis and the Montréal Region, made the announcement today.

The aim of this investment project, valued at over $4 million, is to enable Exxel Polymers Inc.—a business specializing in the formulation and production of 100% recycled plastics—to meet the demand and pursue its growth and efforts to export.

As part of this project, the Government of Canada is providing a repayable contribution of $1 million under CED's Regional Economic Growth through Innovation program. For its part, the Government of Quebec is granting a loan of $1,440,000 under the ESSOR program, administered by Investissement Québec (IQ) as the government's representative, as well as a loan of $455,150 from IQ's own capital funds.

"Our government has made concrete commitments to demonstrate that a strong economy and a healthy environment go hand in hand. That is why we are investing strategically in clean technology, a priority in our economic recovery plan. By helping SMEs become more innovative and competitive and by supporting innovation to develop greener technologies and products, we are laying the foundation for the jobs of tomorrow."

The Honourable Pascale St‑Onge, Member of Parliament for Brome‑Missisquoi and Minister of Canadian Heritage

"Our government supports businesses that leverage innovation and that are at the core of our economic development. That is why we are providing our assistance to Exxel Polymers, whose success is raising the profile not only of the Cantons‑de‑l'Est region, but also of the Canadian economy as a whole. We are here to help workers and Quebec and Canadian SMEs. By supporting businesses, we are working together to help build a stronger, more resilient, more sustainable economy."

The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED

"We are helping businesses equip themselves with what they need to be able to innovate, remain competitive, prosper, and create good jobs. Thanks to our government's financial support, Exxel Polymers will be able to strengthen its position in the industry and on the markets, which will also help stimulate the regional economy. This assistance will thus benefit the entire Bromont region and enable the Canadian economy to prosper."

The Honourable Steven Guilbeault, Minister of Environment and Climate Change

"By supporting the circular economy, we are preserving our resources and creating more wealth. The project announced today demonstrates that Brome-Missisquoi is home to businesses looking far into the future and that are concerned about protecting our planet. This is in full alignment with our vision for Quebec's future."

Isabelle Charest, Member for Brome‑Missisquoi and Minister Responsible for Sports, Recreation and the Outdoors 

"By investing in clean technology, as Exxel Polymers is doing, we are helping to protect the environment while also fostering regional economic growth. This is concrete action to boost the development of a sustainable economy."

Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development and Minister Responsible for the Metropolis and the Montréal Region

"Investissement Québec has stood with the leaders of Exxel Polymers for nearly 20 years now and is proud to support them in this important optimization project. By acquiring equipment, the manufacturer will be able to increase its contribution to the recovery of plastics and meet the demand in a market that is growing both at home and internationally."

Bicha Ngo, President and Chief Executive Officer, Investissement Québec

"We are proud to count on the support of Investissement Québec and Canada Economic Development for Quebec Regions to implement our project. Thanks to this crucial investment, we are at the point of doubling our production capacity and setting out to conquer new markets, thereby strengthening our position as an industry leader. In concrete terms, IQ and CED are helping Exxel Polymers as it turns plastic waste into valuable resources, while also reducing the carbon emissions associated with the production of new plastics. We are combining economic development with sustainable development."

Hans Fortin, General Manager, Exxel Polymers

• Founded in 2003, Exxel Polymers collects post-industrial and post-consumer plastic waste from different sources to process and transform it through granulation, shredding, and extrusion. The business sells the recycled materials through an established distribution network, and over half of its production is exported outside Quebec.
• CED is the key federal player in Quebec to promote economic development in the regions and among small and medium-sized enterprises (SMEs).
• CED's Regional Economic Growth through Innovation 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.
• With a view to enhancing competitiveness and productivity, creating jobs, and fostering sustainable development, the ESSOR program aims to support investment projects in Quebec.

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SOURCE Canada Economic Development for Quebec Regions