Manufacturing AUTOMATION

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Precision Resource Canada invests $8M in Cambridge plant


November 23, 2015
By Manufacturing AUTOMATION

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Nov. 23, 2015 – The province of Ontario is partnering with Precision Resource Canada to expand and grow the company’s Cambridge, Ont., plant, which will create 19 new jobs and retain over 330 positions over three years, it says.

With divisions across the United States, Mexico and China, Precision Resource Canada manufactures and supplies metal components used in seating, latches and powertrains for local and global auto companies.

With $410,500 in support from the Southwestern Ontario Development Fund, the company says it plans to invest in more equipment and increase its production capabilities to meet the growing demand for its products. The project, which has a total value of just over $8.2 million, will be completed by 2018.

“This investment [will help] support our efforts to improve productivity and position our company to compete in global markets. We are pleased to partner with the Ontario government on our project to create jobs and contribute to the local economy in Cambridge,” said Peter Wolcott, managing director of Precision Resource Canada.

Modelled on the Eastern Ontario Development Fund, the Southwestern Ontario Development Fund aims to create jobs and diversify the economy by encouraging regional businesses to pursue innovation and new markets. The development fund covers some of the eligible project costs, and Precision Resources Canada will fund the remainder of the project with their own resources.

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“I’m pleased that our government is strategically partnering with Precision Resource Canada to foster innovation and economic growth,” added Kathryn McGarry, MPP Cambridge. “This kind of partnership really makes a difference in the company, in the employees’ lives and in the local community.”