A pair of Tillsonburg-based manufacturers are getting a $5.25-million injection from the federal government.
The announcement was made Wednesday morning by Peter Fragiskatos, MP for London North Centre, on behalf of Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
FedDev Ontario said the investments will help the manufacturers adopt innovative technologies, increase productivity, and create up to new 110 jobs.
“Today’s announcement will support two local companies in their efforts to modernize operations and increase productivity while creating jobs and economic growth in southern Ontario,” said Fragiskatos in a media release.
Marwood Metal Fabrication Ltd., a metal stamping and modular assembly company supporting the automobile and light truck manufacturing industry, is receiving up to $4.27 million. The company will use the money to invest in advanced hot stamping and press technologies, process improvements and facility expansion to accommodate new equipment.
The project is expected to create 70 full-time jobs.
Speaking with AM980 at the announcement, Chris Wood, Marwood’s president and CEO, said the investment would be both good for both the company and good for the community.
“Technologies are constantly advancing, and it’s very difficult to keep up with the advancements on our own, we need help, we need partners, and FedDev is one of those very important partners,” Wood said. “We also have EDC and BDC and a number of other groups that help us tremendously to invest in new technologies so we can keep the jobs here.”
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As an example, Wood said hot stamping, one of the company’s current technologies, will become outdated in around 10 years, creating the need to find new solutions.
“We’re already starting to work on composites, so carbon fibre will be one of the next ventures for our company because carbon fibre is going to become a reality in vehicle structures,” he said.
Otter Valley Foods Inc., a food manufacturer which provides private label frozen entrees to large Canadian grocery chains, is receiving up to $975,000. The money will be used to increase productivity by adding a new production line and installing a second freezer system. The company is part of the Inovata Foods Group.
The company expects to create 40 full-time jobs as a result of the investment.
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