Ontario Supporting Economic Growth in Peterborough
Ontario Partners with Dynacast to Support Local Jobs
Ontario is partnering with Dynacast Ltd. to help the company expand its operations, creating 10 new jobs and retaining 117 positions in Peterborough.
Jeff Leal, Minister Responsible for Small Business, made the announcement today.
Dynacast is a leading manufacturer of precision engineered metal components. The company specializes in die casting and customized small component assembly systems, with products ranging from cell tower parts to gaming headsets. It serves customers in 24 countries around the world in various industries such as automotive, consumer electronics and healthcare.
With support from the Eastern Ontario Development Fund, the company is upgrading its Peterborough facility to accommodate new equipment. It will also provide training to staff on the use of the new machinery. This will help the company boost its productivity and efficiency, increasing exports and creating jobs.
Investing in eastern Ontario businesses is part of our plan to create jobs, grow our economy and help people in their everyday lives.
- Dynacast operates 25 manufacturing plants in 16 countries around the world, including the United States, China, Italy and Tunisia.
- Ontario is investing $137,700 from the Eastern Ontario Development Fund for this project, supporting an additional investment of $1,009,800 from Dynacast. The project is expected to be completed by December 31, 2019.
- Since 2013, the Southwestern Ontario Development Fund and Eastern Ontario Development Fund have helped to create and retain approximately 40,600 jobs and attracted approximately $2 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.
- Ontario is accepting applications for the Eastern Ontario Development Fund from qualified businesses that are growing and creating jobs. Sectors eligible for the fund include advanced manufacturing, food processing, life sciences, information and communications technology, tourism and cultural industries.
- Ontario’s five-year, $650-million Business Growth Initiative is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale up and modernizing regulations for businesses.
- Find out if your business qualifies for the Eastern Ontario Development Fund
- Recipients of the Eastern Ontario Development Fund
“Ontario is partnering with Dynacast to help this great Peterborough company create good jobs and help grow our local economy. This project will help Dynacast acquire new equipment, boost their competitiveness and expand their operations to help them succeed and grow, a key priority of the Eastern Ontario Development Fund.”
“We are excited to partner with the Ontario government on this project to expand our business by bringing in new state-of-the-art equipment. This support will help us improve our production capacity and will increase our work force to approximately 130 employees locally and grow our global presence to remain competitive in this dynamic industry.”