Ontario Helps Leading Manufacturer Create and Protect Jobs in Elora
Province Investing in Manufacturing
Ontario is partnering with Polycorp Ltd. to support a multi-million dollar expansion at the company's manufacturing facility in Elora, creating 26 new jobs and retaining 146 positions.
Polycorp is a leading Canadian designer and manufacturer of engineered rubber products that mitigate risk associated with corrosion, abrasion, impact, noise and vibration for a variety of applications in the transportation, mining and protective linings industries. The company serves customers in 38 countries worldwide.
With support from Ontario's Jobs and Prosperity Fund, the company is investing to purchase new equipment, create a testing laboratory and expand its manufacturing facility. This will help boost productivity and competitiveness, increasing exports and revenues.
Strengthening Ontario's manufacturing sector is part of our plan to create jobs, grow our economy and help people in their everyday lives.
- Ontario is investing up to $2.5 million through the Jobs and Prosperity Fund for this project, supporting an additional investment of more than $14.5 million from Polycorp, for a total project value of $17 million. The project is expected to be completed in 2022.
- The Jobs and Prosperity Fund helps secure private sector investment in Ontario, allowing the government to partner with businesses that are creating jobs and enhancing productivity, innovation and exports. Every dollar invested through the fund leverages an average of $9 in private sector investments. Since January 2013, Ontario has announced 22 projects with government commitment totaling $820 million, leveraging more than $7.4 billion in private sector investment.
- Jobs and Prosperity Fund projects are responsible for creating and retaining more than 37,800 jobs in Ontario at companies such as Thales Canada in Toronto, Mitsui Hi-Tec Inc. in Brantford, Sandvine Incorporated in Waterloo, Huawei Canada in Ottawa, Markham and Waterloo, Superpufft in Mississauga, A. Lassonde Inc. in Toronto, Toyota in Cambridge and Woodstock and Linamar in Guelph.
“Our government is pleased to support Polycorp’s expansion plans. These efforts will allow Polycorp to strengthen its innovative product offerings and increase its global competitiveness. Ontario is committed to strategic partnerships like this, which help create jobs and build a competitive business environment.”
“I’m proud our government is making investments like these that will help expand Ontario’s manufacturing sector. Polycorp is a major employer in this community, and this investment will help bring more jobs to Elora.”
“We appreciate the opportunity for Polycorp to partner with the Ontario government as we continue to grow our international presence. This funding will help us sharpen our competitive edge, expand our intellectual property, add capacity and hire more great people from the Elora area.”