Ontario is partnering with Schaeffler Canada Inc. to invest in technology and grow its business, creating 44 new jobs and retaining 382 positions.
Schaeffler Canada designs and manufactures rolling bearings and related systems for the global automotive industry. With over $1.3 million in support from the Southwestern Ontario Development Fund, the company will add two assembly lines and purchase new equipment to increase automation, improve quality control and expand its production capabilities. The project has a total value of over $13.1 million and is expected to be completed by December 2018.
The Southwestern Ontario Development Fund is helping to create jobs and diversify the economy by encouraging regional businesses to pursue innovation and new markets. It was modelled on the proven Eastern Ontario Development Fund. Together these two funds are helping to create and retain more than 42,000 jobs and attract more than $1.9 billion in investment.
The funds cover up to 15 per cent of eligible project costs, with the recipient company funding the remainder from its own resources. This leveraging of private sector investment provides enhanced value for taxpayers.
Attracting new investment to Southwestern Ontario is part of the government’s economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario’s history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.
For more information, visit Ministry of Economic Development and Growth.