Two Guelph area companies share $6.6M FedDev funding
Hammond and OPG will use repayable contributions for plant improvements.
GUELPH, Ont. — The FedDev Ontario money train pulled into the Kitchener/Guelph area and dropped off $6.6 million in repayable contributions to two area companies for technology purchases that will boost productivity and create some jobs.
Hammond Manufacturing, a manufacturer of industrial and electrical enclosures based in Guelph, received an investment of up to $3.46 million.
The company says it will upgrade the process to make metallic and non-metallic enclosures that are used to protect electrical control panels from dust, oil and water. The company will also invest in automated equipment to help expand production and become more efficient. The project includes energy saving upgrades and water recycling investments.
The manufacturer recently received a $100,000-investment through the FedDev Ontario-funded Canadian Manufacturers & Exporters (CME) SMART program for the purchase a new press brake at the Edinburgh Rd. location.
Ontario Drive & Gear Ltd., a manufacturer of power transmission products and the all-terrain ARGO vehicle based in New Hamburg, gets up to $3.14 million to purchase new gear manufacturing equipment, expand its engineering department by 10,000-square feet and advance new product lines.
The projects are expected to “create or maintain” up to 165 full-time equivalent jobs.
FedDev Ontario is one of six federal regional agencies created to boost economic development.