A number one Canadian auto provider of plated completed merchandise, equivalent to roof racks and operating boards, is getting $3 million in federal funding to broaden its operations in Southwestern Ontario.
Kuntz Electroplating Inc. (KEI) in Kitchener, about 100 kilometres southwest of Toronto, will use the cash to “modify its existing production lines and add new equipment to meet growing demand from the EV market for its services.”
The growth may also create 45 jobs. Neither the federal government nor KEI stated how a lot your entire undertaking will price.
“This project will help KEI enter the clean technology sector and fulfill larger volume orders and serve new clients by offering more environmentally sustainable solutions, including in the EV sector,” the federal authorities stated in a press release.
KEI Vice-President of Finance Jeff Regehr stated the funding will assist the corporate “add new products, access new markets, and continue to be globally competitive from our Kitchener location.”
Neither KEI nor the federal government stated which merchandise will likely be added or which automakers will likely be equipped.
KEI provides no fewer than 9 automakers, together with General Motors, Toyota, Honda, Stellantis and Ford, all of which have meeting crops in Ontario.
Established in 1948 and included in 1990, Kuntz Electroplating Inc. is a family-owned enterprise that’s now beneath third-generation administration. It operates out of a 340,000-square-foot facility in Kitchener with 290 full-time workers.
The authorities funding will come from FedDev Ontario, which, since 2015, has invested greater than $41.5 million in 12 EV-related tasks, creating and sustaining greater than 400 jobs, in response to the federal authorities.
Ottawa didn’t say whether or not this can be a one-time grant or repayable mortgage. FedDev officers weren’t instantly obtainable for remark.
Source: canada.autonews.com