Accumetal Manufacturing Inc. is getting a big financial boost.
Ruby Sahota, Minister of Democratic Institutions and Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), visited the Stratford business on Monday to announce 10 businesses in southern Ontario will share $24 million in federal funding.
Accumetal Manufacturing Inc. will receive $1.55 million in funding to scale production of its fabricated metal components for off-road equipment manufacturing industries, including rail, defence, mining and recycling.
Company president Robert Allen said the support from FedDev Ontario will enable the company able to invest in the latest welding and fabricating technologies.
“This will help us to increase our competitiveness and grow our business.”
Southern Ontario represents more than a third of Canada’s growing population and generates nearly 40 percent of Canada’s gross domestic product.
Other businesses receiving funding include ArcelorMittal Tailored Blanks Americas Limited, Brannon Steel, CES Transformers, MetalWorks Corp., North American Steel Equipment, Quad Steel, Sensor Technology Ltd., and Tempel Canada and Tipco Inc.
Sahota said investment will drive progress, create opportunities and contribute to a stronger, more resilient economy for all Canadians.
