Half a million dollars is being invested by the provincial government to support the expansion of a local manufacturing company.
Perth-Wellington MPP Matthew Rae announced $500,000 in funding for Magest Building Systems through the Southwestern Ontario Development Fund, along with Magest’s own investment of over $12 million.
The investment will create 30 new jobs and project 80 current positions.
“By investing in Magest’s expansion, we’re protecting local jobs and helping build more homes,” said Rae.
“This means increased production in Stratford and more supply to meet demand. This investment is strengthening our manufacturing sector and supporting workers across Perth-Wellington.”
With this investment, Magest plans to complete building additions, install automated equipment and adopt new software to support growth.
“Magest is proud to receive support from the Southwestern Ontario Development Fund (SWODF) for our new hollowcore production facility in Stratford,” said Brock Martin, president of Magest.
“This investment has created 30 local jobs, strengthened vertical integration across our operations, and expanded capacity for the multi-residential housing sector. By increasing efficiency and production, this project supports the Government of Canada’s Build Canada Homes Faster initiative and helps address the growing demand for housing across the region,” said Martin.
