TILLSONBURG, ONTARIO--(Marketwired - March 1, 2017) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Canada is committed to supporting innovation and growth in the manufacturing sector. Two Tillsonburg-based manufacturers will benefit from up to $5.25 million in funding to adopt innovative technologies and increase productivity, which will help create up to 110 jobs for Canadians.
These FedDev Ontario investments were announced today by Peter Fragiskatos, Member of Parliament for London North Centre, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
Marwood Metal Fabrication Limited, an award-winning metal stamping and assembly company operating as a Tier 1 supplier to the automotive industry, is receiving an investment of up to $4.27 million 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 by project completion.
Otter Valley Foods Inc., a food manufacturer which provides private label frozen entrees to large grocery chains in Canada, is receiving up to $975,000 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 this project.
These investments are expected to support job creation and positively impact supply chains across southern Ontario. They will better position these manufacturing firms to grow, innovate and generate further employment opportunities for the middle class. These projects will also allow the companies to explore further export opportunities. For more information, see the backgrounder.
"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."
- Peter Fragiskatos, Member of Parliament for London North Centre
"Investing in Marwood Metal Fabrication Limited and Otter Valley Foods Inc. is a good example of how the Government of Canada is making strategic investments to revitalize manufacturing and export market access through innovation and productivity improvements and fostering a more competitive southern Ontario."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister Responsible for the Federal Economic Development Agency for Southern Ontario
"With this FedDev Ontario funding, Marwood Metal Fabrication Limited is adopting advanced production technologies and expanding our facility in Tillsonburg. This is vital to our continued growth and to remain competitive in the automotive industry."
- Chris Wood, President and Chief Executive Officer, Marwood Metal Fabrication Limited
"Thanks to this investment by FedDev Ontario, we are embarking on an expansion that will be transformative for us, as it will help us navigate the current manufacturing headwinds we face locally and reach the next level."
- Steve Parsons, President, Inovata Foods Corp. / Otter Valley Foods Inc.
- FedDev Ontario's support to Marwood Metal Fabrication Limited will help the company increase productivity, diversify its products and enhance its competitiveness in global markets.
- FedDev Ontario funding to Otter Valley Foods Inc. will help the company to increase its production capacity while reducing overall production costs, enabling the company to better compete for new business opportunities.
- These repayable contributions are being provided through FedDev Ontario's Investing in Business Growth and Productivity initiative.
Backgrounder: FedDev Ontario Helps Two Manufacturers in Tillsonburg Improve Productivity and Diversify Exports
Investing in Business Growth and Productivity initiative
Marwood Metal Fabrication Limited
Inovata Foods (Otter Valley Foods Inc.)
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