AUDIO: Province Invests $2.1-million to Create 194 Jobs in Windsor-Essex
The province is investing in five local companies to help them expand and create jobs.
Ontario Minister of Economic Development, Job Creation and Trade Vic Fedeli has announced a $2.1-million investment through the Southwestern Ontario Development Fund to create 194 local jobs and retain 199 positions.
Fedeli made the announcement Tuesday morning at Precision Stamping Group in Lakeshore, one of the recipients of the funds.
"Everything we do is targeted towards creating an environment for the business community," says Minister Fedeli. "We don't make the jobs, we don't create the jobs, they do, but they need that environment, they need security, that knowledge, that certainty."
Precision Stamping will use its share, about $813,000, to purchase new equipment to make auto parts that are lighter and stronger.
Other companies receiving funding are APAG Elektronik Corporation, Universal Fabricating Inc., Global Pack Packaging Solutions Inc., and Laval Tool and Mould Ltd.
The different companies had to apply for the funding and also make investments at the plant.
"We have their back," says Fedeli. "This is a signal to the business community that you have our support, sometimes it is financial like this which helps bring the project to completion, other times it is the $5-billion in savings that all businesses across Ontario can share."
Precision Stamping Group President Christopher Abt says the company had to invest $16-million of its own funds to secure the provincial grant money.
"The materials are changing, the equipment is getting stronger, heavier," he says. "Everything you see behind us is brand new and geared for the new materials that are coming down the line, as we said, lighter stronger vehicles and that's what this equipment is geared to."
There are currently 20-25 people working at Precision Stamping Group in Lakeshore and with this investment, the company expects to quadruple its workforce and create a second shift— and possibly a third shift.