Investment will help create 295 jobs by 2026 and promote innovation in Canada's manufacturing industry
BURLINGTON, ON, May 4, 2018 /CNW/ -The Government of Canada is committed to creating good middle-class jobs, growth and long-term prosperity by investing in Canada's advanced manufacturing sector to promote innovation and global competitiveness.
Today the Honourable Karina Gould, Minister of Democratic Institutions, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a repayable federal investment of $14 million to advanced manufacturing company Burloak Technologies. Minister Gould was joined by Eleanor McMahon, Ontario's President of the Treasury Board who announced a $7 million provincial grant. The total value of the project is $104.7 million.
This investment will help create 295 new Canadian jobs by 2026 and will enable Burloak to open a new, world-class Additive Manufacturing Technology Centre in Burlington, Ontario, that will help make Canada a world leader in additive manufacturing.
Additive manufacturing, also known as 3D printing, is a cheaper, faster, and more environmentally friendly method of manufacturing. 3D printed parts are lighter and often more durable than traditionally manufactured parts.
Burloak's investment in Ontario will also generate more R&D, more collaboration with post-secondary institutions and help strengthen the region's advanced manufacturing cluster and supply chain.
This investment is made possible through the Strategic Innovation Fund, a program designed to attract and support high-quality business investments across all sectors of the economy, by encouraging R&D that will accelerate technology transfer and commercialization of innovative products, processes and services and facilitate the growth of innovative firms.
"This is great news for Burlington and for Canada's advanced manufacturing industry. Advanced manufacturing is an important and growing sector that is contributing to our economy and creating well-paying middle class jobs. Our government's investment in Burloak's project will help ensure Canada remains at the forefront of advanced manufacturing technology and a globally competitive centre for innovation. "
– The Honorable Karina Gould, Minister of Democratic Institutions
- Burloak Technologies is a division of Samuel, Son & Co. based in Mississauga, Ontario. Samuel employs 4800 people at more than 100 facilities (622 of whom are in in Ontario).
- Canada's manufacturing industry is an important part of the country's economy, contributing $174 billion or 10 percent to Canada's GDP in 2016.
- The Strategic Innovation Fund is a flexible program that reflects the diversity of innovation in all sectors of the economy.
Follow the department on Twitter: @ISED_CA
SOURCE Innovation, Science and Economic Development Canada
|Company Name: Innovation, Science and Economic Development Canada
Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777
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