The province is forking over $137,000 to help a Peterborough die-casting company expand its operation and create 10 new jobs. The company says it hopes to fill those jobs within the next two years.
Dynacast currently employs about 120 people.
The company says it’s also investing just over $1 million of its own funds toward the venture.
“Our head office, earlier this year, rewarded our success by designating our plant for expansion,” Dynacast general manager Doug Montgomery said. “We were provided with four new state-of-the-art zinc die-cast machines… So we can bring more export business to Peterborough.”
Peterborough MPP and Minister Responsible for Small Business Jeff Leal, made the announcement Thursday morning at the company’s Neal Drive headquarters.
“I’m thrilled, as you are, to see them investing in Peterborough. To have confidence in Peterborough and in its workforce,” Leal said. “To have confidence in Ontario and Canada.”
Dynacast makes metal components and specializes in small component assembly systems. A release states it serves customers in 24 countries in industries ranging from automotive, consumer electronics and health care.
The funding comes through Ontario’s Eastern Ontario Development Fund. Dynacast says part of the money has been used to pay for the expansion, buy new equipment and train staff.