Ontario Boosting Economic Growth in Port Hope
Province Partners with Trade Tech Industries to Create Jobs and Grow Economy
Ontario is partnering with Trade Tech Industries on an expansion that is creating 10 new jobs and retaining 33 positions in Port Hope.
Lou Rinaldi, MPP for Northumberland-Quinte West, made the announcement today on behalf of Jeff Leal, Minister Responsible for Small Business.
Trade Tech Industries custom designs and manufactures structural steel, aluminum and stainless steel products for the construction industry. The company services commercial, private and municipal customers.
With support from the Eastern Ontario Development Fund, the company, which currently operates a single line for both steel and aluminum manufacturing, will invest in a new production line and equipment for aluminum fabrication. These enhancements will help Trade Tech increase productivity, expand its product line and enhance its global competitiveness, as it works towards its goal of entering the U.S. market.
Investing in eastern Ontario businesses is part of Ontario's plan to create fairness and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care, and free prescription drugs for everyone under 25 through the biggest expansion of medicare in a generation.
- Ontario is investing $173,900 from the Eastern Ontario Development Fund, supporting a company investment of $1,163,884. The project is expected to be completed by February 2022.
- Since 2013, the Southwestern Ontario Development Fund and Eastern Ontario Development Fund have helped to create and retain over 48,000 jobs and have attracted approximately $2.3 billion in private sector 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.
“Our government is partnering with Trade Tech Industries to foster new economic opportunities and grow the manufacturing sector in eastern Ontario. Supporting innovative small businesses like Trade Tech is a priority for our government, helping companies scale up, boost their competitiveness and create good jobs in communities like Port Hope.”
“Trade Tech Industries is a valued member of the eastern Ontario business economy, and I am delighted that the company decided to expand its business right here in Port Hope. This is great news for families in the community, and I look forward to seeing the positive impact this project will bring to the local economy.”
“We are pleased to partner with the Ontario government as we continue to expand our business and look for ways to increase our footprint in the manufacturing sector. With this investment, we will be able to expand, stay competitive, invest in new technologies and take advantage of new markets.”