FedDev Ontario announces $6.6M for Hammond Manufacturing; Ontario Drive & Gear
March 21, 2016
By Manufacturing AUTOMATION
Mar. 21, 2016 – The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has announced combined funding of up to $6.6 million to the Hammond Manufacturing Company and Ontario Drive & Gear Ltd. to help them “increase competitiveness and productivity” and increase export opportunities in new markets.
The Hammond Manufacturing Company, headquartered in Guelph, received an investment of up to $3.46 million from FedDev Ontario, to buy equipment, improve processes, support expansion to a new facility, and make facility modifications at both the new location and the existing facility in Guelph.
Ontario Drive & Gear, located in New Hamburg, received funding of 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 to reach new markets.
“The FedDev Ontario contribution will enable Ontario Drive & Gear Limited to leverage more than $10 million in private sector financing, allowing us to maintain our competitive position and compete for global market opportunities,” said Joel Wright, president of Ontario Drive & Gear. “Thank you to the Government of Canada for recognizing Ontario Drive & Gear as a key partner in strengthening southern Ontario’s manufacturing sector.”
“We are proud to partner with the Federal Economic Development Agency for Southern Ontario on this project, which will continue our company’s legacy of excellence in Guelph. This investment supports our efforts to improve our processes and systems, which will help us to continue to offer exceptional products for our customers worldwide,” continued Robert Hammond, president of Hammond Manufacturing Company.
According to FedDev Ontario, the projects are expected to create or maintain up to 165 full-time equivalent jobs.
- ABB Robotics offers classroom-quality learning with online course
- Magna to extend job offers to top-placing competitors at OTSC 2016