Ontario’s minister of economic development visited Kingston Wednesday to announce new investments from two companies, bringing 70 new jobs to the city.
The minister began his day at IPG Photonics, a company known for manufacturing optical sensors and software. IPG Photonics is expanding and will invest over $20 million into a new Kingston facility.
“Our work plays a critical role in the electric mobility revolution, a movement that is reshaping the automotive industry and the future of transportation. But our technology’s impact goes far beyond that. It is used in building F1 race cars, pacemakers, rockets to Mars, jet engines, food machinery, defence products and even commercial fusion technology,” said Paul Webster, president of IPG Photonics.
The investment follows Goodyear Canada’s recent announcement of a $575-million investment in its Napanee plant.
“This is a remarkable area that is producing extremely well-educated young men and women who are ready to challenge these jobs,” Economic Development Minister Vic Fedeli said. “We graduate 70,000 STEM grads — science, technology, engineering and math grads — every year in Ontario. This is where the talent resides and that’s why they’re here.”
In addition to IPG Photonics’ investment, Cancoil Thermal Corporation will invest $16 million into its two existing facilities in Kingston’s east end, contributing to the creation of 70 new jobs across the city.
“Any new job is certainly one that we celebrate, and we are excited that both companies, Cancoil and IPG, continue to invest in Kingston. I think it’s a testament to the talent we have here and a testament to the business community,” said Shelley Hirstwood of Kingston Economic Development.
The province is contributing $3.5 million to the two projects. IPG will focus on automotive and consumer electronics, while Cancoil will install new manufacturing and research and development equipment at its newest facility.