Feds invest over $3.5M in two Waterloo manufacturers
April 26, 2019 | By Manufacturing AUTOMATION
April 26, 2019 – The federal government has announced a combined $6.8-million investment to scale up three Waterloo, Ontario firms, which includes over $3.5 million for two manufacturers.
The investment is through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
XL Tool Inc., a designer and manufacturer of tooling and metal stamping dies that machine complex parts for the nuclear, automotive, and oil and gas industries, is receiving $750,000 to scale up operations and diversify to meet growing customer demand in the nuclear energy sector.
The investment will allow the company to expand its manufacturing facility by 10,000 square feet and acquire advanced manufacturing equipment to automate and streamline its production processes, creating efficiencies in cost and time.
In addition, XL Tool Inc. expects to create 13 full-time jobs in Waterloo.
Nasarc Technologies Inc., a manufacturer of robotic metal inert gas (MIG) welding products primarily for the automotive sector, is receiving $2.8 million to commercialize its patented three-part automated welding tip cleaning and changing system. The investment will allow the company to acquire state-of-the-art equipment and resources to support automated production lines for the three new products.
This project will enable the company to expand its product offerings in the North American, European and Asian automotive manufacturing markets. Nasarc Technologies Inc. also expects to create and maintain 24 jobs in Waterloo.
The third investment of $3.25 million went to Magnet Forensics to develop its digital forensics software tools used by police and national security.
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