SAINT-HYACINTHE, QUEBEC--(Marketwire - March 18, 2011) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the awarding of $400,000 in repayable financial assistance to Abmast Inc. through the Business and Regional Growth program. The Saint-Hyacinthe firm, which currently has 138 employees and expects to create an additional 20 jobs in the wake of this project, intends to use the funding to grow its North American market share.

"This financial assistance from Canada Economic Development will support Abmast's efforts to improve its chain of production. It will also enable the company, which was founded 30 years ago, to strengthen its position as a Canadian leader in the manufacture of bonded grinding wheels," explained Minister of State Lebel.

Abmast's project involves automating its production of bonded grinding wheels for machining centres used by construction industry professionals and acquiring a special industrial kiln. The company will invest $1,160,000 in this project.

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Contact Information: Canada Economic Development
Catherine Vallee
Canada Economic Development
Office of the Honourable Denis Lebel
Benoit Fortin - Special Assistant, Communications