Jul 9, 2019 SOURCE: PR NewsWire

Minister Bains announces investment in innovative Canadian auto parts supplier

Investment in Woodbridge will help create and maintain more than 800 jobs, establish Centre of Excellence

VAUGHAN, ON, July 9, 2019 /CNW/ - Canada's automotive manufacturing sector is a driver of economic activity. It creates well-paying middle-class jobs across the country, and it supports innovation and long-term prosperity.

Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a Government of Canada investment in Woodbridge Foam Corporation of up to $20 million to support an approximately $100 million modernization project, which will create 110 jobs and maintain 727 more in Ontario.

Woodbridge will modernize two of its plants into state-of-the-art manufacturing facilities and create a Centre of Excellence where it will centralize its global research and development (R&D) activities in advanced materials and product design of molded foam products, such as car seats and armrests. This will help the company increase production, better meet market demand for products, secure new business, and create and maintain highly skilled manufacturing jobs in Canada.

Canadians will benefit from vehicles that are safer and more energy efficient, and offer a better driving experience. As part of the project, Woodbridge will invest more in R&D, see more intellectual property developed and retained in Canada, and expand its collaboration with high schools and post-secondary institutions.

Quotes

"Our government has consistently stood behind Canada's innovative automotive manufacturers and the highly skilled women and men who work in this sector. Our unique combination of manufacturing expertise and technological leadership makes Canada a natural home for companies like Woodbridge Foam as they shape the vehicles of today and tomorrow."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development

"With the support of the Canadian government's Strategic Innovation Fund, this significant investment will result in world-class manufacturing capabilities and accelerated innovation in our technology advantage. We view this as an investment in our global competitiveness, supporting our purpose to create and sustain rewarding jobs, as we prepare for the future of a rapidly changing global automotive marketplace."
- Charles Daly, President and CEO, Woodbridge

Quick facts

    --  When it was founded in 1978, Woodbridge operated a single Canadian
        plant. It now has more than 60 facilities around the world. The company
        specializes in manufacturing foam polymers and molding for the
        automotive industry.
    --  Through the Innovation and Skills Plan, the Government of Canada has
        invested $434 million in 40 projects in the automotive manufacturing
        sector, attracting investments worth over $6 billion.
    --  This investment is made through the Strategic Innovation Fund, a program
        designed to attract and support high-quality business investments in
        Canada's most dynamic and innovative sectors.
    --  In addition to the Strategic Innovation Fund, there are hundreds of
        programs and services to help businesses innovate, create jobs and grow
        Canada's economy. With its simple, story-based user interface, the
        Innovation Canada platform can match businesses with the most fitting
        programs and services in about two minutes.

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