ONTARIO JOBS ๐ง๐๐ญ๐ต Ontario Welcomes $4.5 Million Manufacturing Investment in Ottawa
Sunday, 25 June 2023 10:23.AM
- Veritas Toolsโ expansion project will create more good-paying jobs -
The Ontario government is supporting a $4.5 million investment by Veritas Tools Inc. to boost local manufacturing and create 30 new good-paying jobs in Ottawa. As part of this investment, the government is providing in funding through the Regional Development Programโs Eastern Ontario Development Fund.
โLocal manufacturers like Veritas Tools play a key role in communities across the province, and our government is proud to support them as they expand and create more good-paying jobs,โ said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. โJust last month, we saw the manufacturing sector in Ontario grow by over 20,000 jobs. We continue to create the right conditions to attract investments from both global and domestic companies.โ
Veritas Tools, the manufacturing arm of Lee Valley, is a world leader in woodworking tool-design innovation. The Ottawa-based company is investing $4.5 million to increase production and add new state-of-the-art equipment to meet growing global demand. With more than 1,250 woodworking tool products and more than 100 patents, Veritas Tools manufactures some of the most sought-after woodworking tools in the world.
โLee Valley and Veritas Tools are committed to domestic manufacturing, creating and preserving meaningful employment. We believe these to be foundational to a healthy economy. Investment in these areas is critically important and remains a priority,โ said Jason Tasse, President of Lee Valley. โWe appreciate the support of Ontarioโs Regional Development Program. Strengthening Canadaโs manufacturing sector is most effective in collaboration, as demonstrated with this expansion initiative.โ
Ontario is investing $140 million through its Regional Development Program to support distinct regional priorities and challenges. To date, Ontario has provided more than $91 million to support 84 projects through the program, leveraging more than $940 million in new investments and helping to create more than 1,800 jobs in the province.
Quick Facts
โข The government launched the Regional Development Program for Eastern and Southwestern Ontario in November 2019. Businesses and municipalities can get financial support and guided access to a range of complementary services and supports.
โข In 2022, the government launched the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program. It supports Ontario advanced manufacturers to invest in the equipment, advanced technologies and the skilled workforce needed to improve competitiveness and growth, and to create and retain jobs across the province. The next round of applications for the stream opens on July 20, 2023.
โข As part of the 2023 Ontario Budget, the government introduced the Ontario Made Manufacturing Investment Tax Credit, which will provide a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.
SOURCE: Ministry of Economic Development, Job Creation and Trade
-
Related materials:
- 14-May-2024 02:25 PM ONTARIO ๐ฎ Ontario Marks Fifth Annual Day of Action on Litter
- 14-May-2024 12:00 PM ONTARIO ๐๐ Ontario Introducing Stiff Penalties to Combat Auto Theft
- 13-May-2024 06:38 PM ONTARIO ๐ข Ontario Combating Gender-based Violence in Youth ๐ข
- 13-May-2024 02:33 PM ONTARIO ๐๐ป๐๏ธ Ontario Strengthening Cyber Security and Protecting People Online
- 12-May-2024 04:32 PM ONTARIO Budget 2024 โ๏ธ Ontario Connecting Seniors to Specialized Care and Support ๐ต
- 12-May-2024 12:00 PM ONTARIO ๐ผ๐ Ontario Continuing to Attract New Investments and Jobs ๐ต
- 11-May-2024 06:45 PM ONTARIO ๐ญ๐ซ๏ธ๐ก๏ธ Ontario Refurbishing Hydroelectric Station in Cornwall ๐ผ๐ ๐ต
- 11-May-2024 10:23 AM ONTARIO Budget 2024 ๐ต โ๏ธ Ontario Improving Mental Health Care for Postsecondary Students
- 10-May-2024 06:17 PM ๐ผ๐๐ข Coalition of Public Sector Unions Challenging Federal Government's In-Office Mandate
- 10-May-2024 12:00 PM ONTARIO ๐๐ Ontario Raising Highway Speed Limits ๐