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Investment in the Medical Technologies Sector - Jean Charest Announces Financial Assistance for Medtronic’s $50-Million Project

Montréal, April 24, 2012 - Québec Premier Jean Charest-joined by Sam Hamad, Minister of Economic Development, Innovation and Export Trade and Minister responsible for the Capitale-Nationale region, and Geoffrey Kelley, Minister responsible for Native Affairs and Member for Jacques-Cartier-announced $15 million in financial assistance to Medtronic through the Québec government's financial arm, Investissement Québec.


A leader in the development of medical technology, Medtronic has decided to expand its facilities in Kirkland, where it applies Québec expertise in the manufacture of cryoablation products for the treatment of atrial fibrillation. The technology is designed to treat certain types of heart rhythm disorders by using cold to remove diseased tissue. Medtronic will also be able to set up a medical research and training centre on cryoablation in Pointe-Claire. The project will cost approximately $50 million.


"This high-benefit project will contribute to the diversity of Québec's economy. By supporting research projects in the life sciences, we renew our commitment to make Québec a dynamic place, firmly rooted in the knowledge economy. And by investing in health in particular, the Québec government wants to ensure that Quebecers have a bright future-a healthy future," asserted Jean Charest.


"This project offers extremely promising development prospects for the Montréal area and Québec as a whole. It'll result in the creation of 205 jobs and the retention of 205 others. The life sciences sector is a cornerstone of Québec's economic development. The financial support granted to Medtronic clearly shows the government's determination to promote the development of leading-edge medical equipment in Québec," declared Sam Hamad.


"This exciting development is helping to make the West Island a focal point. There are a number of positive economic indicators, which is very stimulating, especially when you consider the present economic situation. Today's announcement is a reflection of this positive climate, which is extending more and more to Montréal," said Geoffrey Kelley.


"Medtronic has set itself apart for more than 50 years and become a world leader in the medical technologies sector. Our bold approach and avant-garde vision have enabled us to develop high-calibre treatments that can improve the daily lives of people grappling with chronic diseases. Today, Medtronic is one of the five largest medical equipment multinationals in the world. The government's support will enable us to maintain our momentum. That's a challenge we're eager to rise to," said Neil Fraser, President of Medtronic Canada.


About Investissement Québec

Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.


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Hugo D'Amours
Press Officer
Office of the Premier
418 643-5321

Harold Fortin
Press Officer

Office of the Minister of Economic Development, Innovation and Export Trade and Minister responsible for the Capitale-Nationale region
418 691-5650

Nicole Lascelle
Political Attaché
Jacques-Cartier constituency office
514 697-7663



Jean-Pierre d'Auteuil
Media Relations Manager
Service des affaires publiques
Ministère du Développement économique, de l'Innovation et de l'Exportation
418 691-5698, ext. 4868


Investissement Québec

1 866-870-0437