NEWS August 31, 2016 Ontario’s partnership with Ventra Plastics has helped create 10 new jobs and retain 288 positions in Peterborough. Ventra Plastics manufactures injection molding, painting, and assembles plastic automobile parts, supplying top automotive companies such as General Motors, Toyota, Ford and Chrysler. With just over $550,000 in support from the Eastern Ontario Development Fund, the company upgraded its facility with 25 new paint robots helping to improve the quality and efficiency of its output. The project has a total value of more than $5.5 million and was completed July 30, 2016. The Eastern Ontario Development Fund is helping to create jobs and diversify the economy by encouraging regional businesses to pursue innovation and new markets. The fund was the model for the successful Southwestern Ontario Development Fund. Together these two funds are helping to create and retain more than 44,000 jobs and attract approximately $2 billion in investment. The funds cover up to 15 per cent of eligible project costs, with the recipient company funding the remainder from its own resources. This leveraging of private sector investment provides enhanced value for taxpayers. Investing in the manufacturing sector is part of the government's economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest infrastructure investment in hospitals, schools, roads, bridges and transit in Ontario's history and is investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement. QUOTES “Ontario’s economic plan is focused on creating a dynamic and competitive environment for our businesses. An innovative and technologically advanced supply chain is essential for Ontario to maintain its position among North America’s leading jurisdictions for vehicle production. Through this prudent investment with Ventra Plastics, we are delivering on our government’s top priority of creating growth and good jobs.” — Brad Duguid, Minister of Economic Development and Growth “I am very pleased with today’s announcement that will help innovative and ambitious companies like Ventra Plastics to create jobs and support diversified economy in Peterborough. Making these necessary investments in our manufacturing sector is part of our commitment to foster growth and create resilient economy in eastern Ontario.” —Jeff Leal, MPP for Peterborough “We are delighted to be partnering with the Ontario government to scale up our manufacturing capabilities with 25 new paint robots. This support will help us meet growing customer demand, grow our business, and create good jobs in Peterborough.” — Rick Cook, Plant Controller, Ventra Plastics. QUICK FACTS Ventra Plastics employs 523 people in Peterborough. The company manufactures car components including bumpers and wheel covers for distribution throughout Canada, U.S. and Mexico. Since 2008, the government has committed over $89 million through the Eastern Ontario Development Fund, leveraging private-sector investment of more than $840 million. These investments are helping to create over 3,800 new jobs and retain more than 14,700 existing jobs in the region. Ontario is accepting applications for the Eastern Ontario Development Fund from qualified businesses that are growing and creating jobs. Sectors eligible for the fund include advanced manufacturing, food processing, life sciences, information and communications technology, tourism and cultural industries. Ontario’s five-year, $400-million Business Growth Initiative is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale-up and modernizing regulations for businesses. LEARN MORE Find out if your business qualifies for the Eastern Ontario Development Fund.
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