Government of Canada Supports Expansion of Auto Parts Manufacturer in Woodstock

WOODSTOCK, ONTARIO--(Marketwired - June 24, 2013) - NASG Canada Inc. (North American Stamping Group, NASG) has been awarded a large investment to expand capacity at its Woodstock auto parts manufacturing facility. The funding was announced today by Dave MacKenzie, Member of Parliament for Oxford, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).

"Our Government is committed to supporting the growth of the manufacturing industry," said MP MacKenzie. "This investment in NASG Canada Inc. will bring skilled manufacturing jobs back to southern Ontario, create long-term stability for Woodstock, and support an important sector of Canada's export economy."

Through FedDev Ontario's Prosperity Initiative, NASG Canada Inc. is receiving a repayable investment of up to $2,488,875 towards the total project cost of $10.9 million to expand its operations. As part of this expansion, the company will create tool and die manufacturing at its Woodstock facility. This expansion will also establish in-house research and development (R&D) capabilities. As a result, NASG will produce more cost-effective and higher quality prototypes for its clients. The new capacity for R&D will enable NASG Canada Inc. to design and develop components that use lighter weight materials which will improve fuel economy in the automotive sector.

"We are very appreciative of the Government's support of this project, and their understanding of the challenges that the Canadian manufacturing industry faces," said Fred Gehring, General Manager, NASG Canada. "The decision to expand our Canadian operation, with the addition of our tool & die business unit, is a direct reflection of the confidence we have in our associates. Our team has and will continue to develop by working together to overcome any challenges we face. This has been demonstrated by the confidence our customers have in us and the support of our board of directors for this our seventh expansion in the last 28 years at our Woodstock location."

The Woodstock, Ontario NASG facility is a wholly owned subsidiary of Cambridge Investments Inc., which is based in Oakville, Ontario. First incorporated in 1985 under the name Woodstock Stampings Inc., the company was renamed NASG Canada Inc. in 2011.

Currently, NASG Canada outsources its tool and die manufacturing internationally. This project will return jobs to Canada, creating up to 65 skilled jobs in Woodstock. In addition, it will result in high-value auto parts exports for international markets and a more competitive auto manufacturing sector.

FedDev Ontario's Prosperity Initiative, as part of the Southern Ontario Advantage initiatives, is encouraging businesses, not-for-profit organizations and post-secondary institutions in southern Ontario to undertake projects resulting in a more productive, diversified and competitive economy in the region.

To date, over $420 million in funding has been committed to over 240 projects under the Southern Ontario Advantage initiatives, resulting in partnerships with more than 5,000 organizations, and over $1.2 billion in additional leveraged investments from almost exclusively non-government sources.

Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario.

As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.

To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.

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IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.

This news release is available online at: www.FedDevOntario.gc.ca.