Saturday, February 24, 2024
HomeCANADAOntario Welcomes More Than $14 Million in New Investments in Southwestern Ontario

Ontario Welcomes More Than $14 Million in New Investments in Southwestern Ontario

The Ontario government is supporting more than $14 million in new investments by two Southwestern Ontario companies, EDGE Automation and Takumi Stamping Canada Inc., to boost local manufacturing and create 78 new good-paying jobs in London and St. Thomas. As part of these investments, the government is providing the companies with more than $2.1 million in funding through the Regional Development Program (RDP).

“Our government is proud to support local manufacturers as they look to expand their operations and create more jobs,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “We’re creating the right conditions to attract more investments to Southwestern Ontario from both global companies like Volkswagen and local businesses like EDGE Automation and Takumi Stamping Canada Inc.”

EDGE Automation, a London-based manufacturer that provides automated solutions in mechanical and electrical design and programming, product manufacturing and custom machine building, is investing nearly $5.2 million to expand their operations. The expansion will include a larger facility, new equipment and a new enterprise resource planning system to improve efficiencies. This project is supported by more than $778,000 in funding through the RDP’s Southwestern Ontario Development Fund and will help create 13 new jobs.

“EDGE welcomes the RDP funding, which will help accelerate our growth and team expansion,” said Gerard Regier, President of EDGE Automation. “At a time of economic uncertainty and rising costs, the funding helped make our expansion plans more financially viable. The expansion will help us create local high value jobs and reinvest into our employees.”

Takumi Stamping Canada Inc., is a leading automotive parts manufacturer based in St. Thomas that ships 500,000 parts in over 540 different part offerings per day. The company is investing nearly $9 million to expand its plant and add new operating equipment. This investment is supported by more than $1.3 million in provincial funding through the RDP’s Southwestern Ontario Development Fund and will help create 65 new jobs.

“Our team at Takumi Stamping Canada Inc. remains very excited about the opportunities that the provincial funding through the RDP’s Southwestern Ontario Development Fund supports as we move towards future growth of the business and continue to build upon our strong foundations in the community,” said Masakatsu Nakata, COO and Chief Engineering Officer for Takumi Stamping Canada Inc.

Ontario is investing more than $100 million through its Regional Development Program from 2019 to 2023 to support distinct regional priorities and challenges. Since 2019, Ontario has provided more than $81 million in support of 75 projects through the program, leveraging more than $860 million in new investments and helping to create more than 1,490 jobs in the province.

Quick Facts
As part of the 2023 Ontario Budget, the government is proposing a new Ontario Made Manufacturing Investment Tax Credit, which would provide a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.
The government launched the Regional Development Program for Eastern and Southwestern Ontario in November 2019. Businesses and municipalities can get financial support and guided access to a range of complementary services and supports.
In 2022, the government launched the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program. It supports Ontario advanced manufacturers to invest in the equipment, advanced technologies and the skilled workforce needed to improve competitiveness and growth, and to create and retain jobs across the province.

RELATED ARTICLES
- Advertisment -
Google search engine

Most Popular