Ontario Welcomes Over $1.2 Million Manufacturing Investment In Vars
Innovatools will create five new good-paying jobs in Glengarry-Prescott-Russell
Vars — The Ontario government is supporting an investment of $1,233,027 by Innovatools to boost local manufacturing and create five new good-paying jobs in Glengarry-Prescott-Russell.
This funding was announced today by Stéphane Sarrazin, Member of Provincial Parliament for Glengarry-Prescott-Russell.
“Our government is building a strong Ontario and creating the conditions for a strong economy by supporting key investments in our community,” said MPP Sarrazin “Innovatools investment will boost the local manufacturing sector and create more good-paying jobs for workers and families in Glengarry-Prescott-Russell
With this investment, Innovatools will add equipment that will further automate all aspects of the company’s production, resulting in the ability to increase R&D capacity and expand its product line, in turn allowing for a more consistent launch of new products.
“Employing more than 800,000 workers across the province, Ontario’s manufacturing sector is the economic engine of our nation,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Our government is proud to support local companies like Innovatools as they expand their operations, and we thank them for their contributions to Ontario’s dynamic and growing manufacturing ecosystem.”
In support of this investment, Ontario is providing Innovatools with $184,954 in funding through the Regional Development Program’s Eastern Ontario Development Fund.
“The support from both the federal and provincial government has allowed Innovatools to invest in state-of-the-art manufacturing equipment and the hiring of in-house skilled expertise which brings us closer to the complete automation of our 2 main manufacturing lines,” said Alexandre Cloutier, President of Innovatools This new equipment and production capacity increase will allow Innovatools to distribute it’s Innovatools Modular Aluminum Brake at the worldwide level and to set itself apart as the new leader in this industry.”
Ontario is investing $180 million through its Regional Development Program to help manufacturers across the province grow while supporting distinct regional priorities. To date, Ontario has supported more than 135 projects through the program, leveraging more than $1.9 billion in new investments and helping to create over 3,500 jobs.
QUICK FACTS
- The government launched the Regional Development Program (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 that will help more firms with the financial support and tools needed to improve competitiveness, while strengthening essential supply chains.
- The government is delivering tax support to Ontario manufacturers by continuing to offer the Ontario Made Manufacturing Investment Tax Credit to eligible businesses. These manufacturers could receive up to $2 million per year in tax support to help lower their costs, encourage innovation, and enhance competitiveness.
- The 2024 Ontario Economic Outlook and Fiscal Review: Building Ontario for You continues to take a fiscally responsible and targeted approach to maintaining Ontario’s competitive status and unlocking new opportunities across key sectors.
ADDITIONAL RESOURCES
Media Contact
Office of MPP Stéphane Sarrazin
Noémie Prevost
Communications and Public Relations
noemie.prevost@pc.ola.org