NAPANEE, ON, Jan. 20 /CNW/ - Continental Conveyor Ltd. will transform its business with new manufacturing equipment and productivity improvements thanks to an Economic Action Plan investment of $302,534. The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced the funding at the company's headquarters in Napanee today.
"Our government is committed to supporting small- and medium-sized businesses throughout southern Ontario to ensure they succeed," said Minister Goodyear. "This investment will create local jobs and put Continental Conveyor on the map as an industry leader in mechanical equipment manufacturing, providing both short and long-term stimulus for the Napanee area."
FedDev Ontario will provide funding through its Southern Ontario Development Program (SODP). The funding will help Continental Conveyor Ltd. replace older production equipment with more efficient, state-of-the-art machines. The company also intends to create its own Computer Numerical Control (CNC) machining centre, eliminating the need to contract out this costly machining work. The new production improvements will result in the hiring of 15 new workers by the end of 2011.
"We are delighted to receive support from the Government of Canada for this transformative project," said David Lynn, President, Continental Conveyor Ltd. "With this funding, we will be able to dramatically improve our productivity, which will greatly strengthen our market position and prime us for long-term growth."
This project is among 63 projects the federal government intends to support with a contribution of up to $62,711,900 through the 2009/2010 intake of the SODP. Other projects will be announced in the coming weeks.
For additional details on the Southern Ontario Development Program, please refer to the backgrounder, visit the FedDev Ontario web site at www.southernontario.gc.ca, or call 1-866-593-5505. For additional information on Canada's Economic Action Plan, visit www.actionplan.gc.ca.
This news release is available online at: www.southernontario.gc.ca and www.actionplan.gc.ca.
Southern Ontario Development Program (SODP)
Announced in Canada's Economic Action Plan, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) was established to deliver federal economic development programs to support the priorities of workers, businesses and communities in Southern Ontario. Budget 2009 allocated $1 billion over five years for the new Agency.
The Southern Ontario Development Program (SODP) was established as a core program of FedDev Ontario. It will build upon the assets and strengths of communities to create an environment where businesses can thrive and maximize southern Ontario's potential to succeed in the knowledge-based economy.
Funding under this program will go towards projects that can stimulate local economies and enhance the growth and competitiveness of local businesses and communities. Approximately $100 million has been allocated to the SODP in 2009-10, including the following:
- Nearly $63 million through a general intake process;
- $20 million through an intake for the food and beverage processing
- $15.75 million for the Canadian Manufacturers and Exporters' (CME)
SMART Program to fund an estimated 300 projects that will help
small- and medium-sized manufacturers increase their productivity and
competitiveness in the global economy; and
- $1.6 million for the Ontario Chamber of Commerce's Export Market
Access Program to help southern Ontario businesses that would like to
increase their sales internationally.
For more information, please visit the FedDev Ontario website at www.southernontario.gc.ca or call 1-866-593-5505.
SOURCE FEDERAL ECONOMIC DEVELOPMENT AGENCY FOR SOUTHERN ONTARIO
For further information: For further information: Gary Toft, Director of Communications, Office of the Honourable Gary Goodyear, (613) 943-7599; Media Relations, FedDev Ontario, (613) 954-5543