Boosting Manufacturing Jobs In Peterborough
McGuinty Government Helps Company Turn The Corner And Create 36 New Jobs
Ontario is helping the precision die casting company - Dynacast Ltd - create 36 new jobs and support 86 existing positions in Peterborough
With this help, the company will expand operations and increase efficiency by installing new high-tech machines. This state-of-the-art equipment will allow the company to produce new die cast components, including electrical wiring boxes and parts for power tools and computers. By diversifying its product line, Dynacast will secure its position as a global leader in the industry.
Partnering with local business is a key component of Ontario's 2011 Budget - Turning the Corner, to create and support 10,000 new and existing jobs for Ontario families and strengthen our local economies.
- The company is investing more than $2.4 million in the project, with Ontario providing a grant of over $240,000 from the Eastern Ontario Development Fund (EODF).
- To date, the EODF has committed $30 million to more than 60 announced projects, representing a total project investment of over $210 million and more than 875 new jobs created and 5,000 jobs retained.
- As a result of tax changes implemented in Ontario, taxes on business investment were cut in half, making Ontario more competitive and encouraging new business investments.
- So far, Ontario has recovered 93 per cent of the jobs lost in the recession.
“Supporting business growth and development is a priority for this government and helping our economy to turn the corner. Ontario is fully committed to creating an environment that supports job growth and innovation, and partnering with companies like Dynacast helps us achieve that goal. This is one reason why Ontario has recovered more jobs lost to the recession than competing jurisdictions like the USA and the UK.”
“This investment is great news for the residents of Peterborough. It is another tangible example of how our government is working hard to help Peterborough companies become more competitive while creating economic prosperity and jobs for families.”
“We are pleased with the provincial support which is helping us to expand both our technologies and our product lines while creating more than three times as many jobs as we committed to at the onset of this project. We are anticipating the creation of even more new positions in the near future as a direct result of this partnership.”