New Manufacturing Investment Creates 80 New Jobs In Prescott
McGuinty Government Helps Company Double Production
Ontario is helping Prysmian Power Cables and Systems Canada -- an eastern Ontario power cable manufacturer -- double its production capacity, while creating 80 new jobs and protecting 52 existing positions.
With support from the province, the company will consolidate its commercial and industrial cable production, increase productivity at its Prescott facility, improve product quality and reduce operational costs. Producing, distributing and selling cables and systems for the global energy and telecommunications sectors are the company's principal activities.
Partnering with local business is a key component of the plan laid out in Ontario's 2011 Budget -- Turning the Corner, to create and support 10,000 new and existing jobs for Ontario families and strengthen local economies.
- Since the Eastern Ontario Development Fund was established in 2008, it has helped create over 1,700 new jobs and support over 8,500 existing positions.
- Over the last couple of months, Ontario has gained 38,000 jobs and the unemployment rate declined to 7.9%.
- Prysmian Power Cables and Systems Canada's ultimate parent company, Prysmian S.p.A., is an Italian multinational listed on the Milan Stock Exchange. With subsidiaries in 38 countries, 53 plants in 21 countries and seven R&D Centres in Europe, the U.S. and South America, Prysmian has a far-reaching global presence.
- See how Ontario's Budget 2011 is supporting job creation and helping the province's economy to turn the corner.
- Visit the Eastern Ontario Development Fund or call 1 866-909-9951 for more information on funding opportunities for eastern Ontario.
- Review government-funded programs and services for Ontario businesses.
“Investing in new production facilities, new technologies and new skills is essential to remaining competitive in today's economy. Through this partnership, we're helping a local Prescott company expand its business operations, while strengthening the regional economy and creating jobs for Ontario's hard-working families.”
“Helping eastern Ontario companies grow their businesses is an important part of our plan. By supporting innovative companies like Prysmian Power Cables and Systems Canada, we're creating good jobs and strengthening our communities.”
Jean Marc Lalonde
“The support from the Government of Ontario will consolidate our operations and help boost our capacity to produce high-voltage cables and systems for the global market.”