Expansion projects by two companies will create 70 new, good-paying jobs
The Ontario government is welcoming over $37 million in investments from two Kingston-based companies, strengthening local manufacturing and driving economic growth in the region.
IPG Photonics Inc., a manufacturer of optical sensors and software, is investing more than $21 million to build a new production facility. Cancoil Thermal Corporation, a manufacturer and designer of heat exchangers and equipment used in refrigeration, air conditioning and heating is investing over $16 million to install new equipment at its existing facilities. Together, these investments will create 70 new, good-paying jobs.
“Building on a long history of manufacturing excellence in Kingston, these investments demonstrate that our government’s targeted approach to fostering economic stability and growth is working,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Through the Regional Development Program, our government is proud to support local businesses like IPG Photonics Inc. and Cancoil Thermal Corporation, as they strengthen their presence in Ontario through expansion and job creation.”
A world leader in fiber laser solutions, IPG Photonics Inc. is investing in the construction of a new 37,300 square-foot facility to expand production and meet growing demand from key clients in the automotive and consumer electronics industries. The project will create 20 new jobs.
With its investment, Cancoil Thermal Corporation, will install new manufacturing and R&D equipment at its Kingston facilities, boosting productivity and efficiency, while creating 50 new jobs.
As part of these investments, the province is providing the companies with over $3.5 million in support through the Regional Development Program (RDP).
Across the province, Ontario is investing $180 million through the Regional Development Program to help manufacturers grow while supporting distinct regional priorities. To date, Ontario has supported more than 130 projects through the program, leveraging more than $1.8 billion in new investments and helping to create over 3,400 jobs.
Quick Facts
- The current intake round for RDP applications is open until September 26, 2024.
- The government launched the RDP for eastern and southwestern regions of Ontario in November 2019. Through this program, businesses and municipalities can get financial support and guided access to a range of complementary services and supports.
- In 2022, the Advanced Manufacturing and Innovation Competitiveness (AMIC) stream of the RDP was launched to support advanced manufacturers across the province. Ontario is now providing additional funds to enhance the AMIC stream by providing more firms with the financial support and tools needed to improve competitiveness, while strengthening essential supply chains.
- As part of the 2023 Ontario Budget, the government introduced the Ontario Made Manufacturing Investment Tax Credit, which provides a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.
Author: Pete Fisher
Has been a photojournalist for over 30-years and have been honoured to win numerous awards for photography and writing over the years. Best selling author for the book Highway of Heroes - True Patriot Love
