Ontario Welcomes $5 Million Manufacturing Investment
Macrodyne Technologies will create 25 good-paying jobs in Vaughan
August 22, 2023
The Ontario government is welcoming a $5 million investment by Macrodyne Technologies Inc., North America’s largest manufacturer of hydraulic presses and automation systems, equipment used by manufacturers in over 40 industries to shape and mould materials such as metal, plastic, rubber and wood. This investment will be used to purchase the latest manufacturing technology for the company’s facilities in Vaughan and create 25 new good-paying jobs for machine builders, electricians, hydraulic technicians and engineers.
“Since 2018, more than 700,000 jobs have been added to Ontario’s workforce thanks to companies like Macrodyne Technologies,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Through our Regional Development Program, our government is proud to help Ontario manufacturers expand and create more good-paying jobs. Thank you, Macrodyne Technologies, for continuing to innovate and invest in Ontario.”
Vic Fedeli, Minister of Economic Development, Job Creation and Trade
With their $5 million investment, Macrodyne Technologies will purchase state-of-the-art, technology to expand their product line and add more automation and AI solutions. This new technology will also help the company double production to meet growing demand from customers around the world, including those in the steel and aluminum, automotive, aerospace and pulp and paper industries. As part of this investment, the government is providing Macrodyne Technologies with $750,000 in funding through the Advanced Manufacturing and Innovation Competitiveness (AMIC) stream of its Regional Development Program.
“Our consistent growth and innovation are driven by the extensive group of long-term customers who continue to purchase Macrodyne hydraulic presses, press lines, automation and die handling equipment on a repeat basis,” said Kevin Fernandes, President of Macrodyne Technologies. “We are grateful to the Premier, Minister and the Ontario government for supporting our mission in creating and bringing world-class manufacturing technology to Canada and improving skillsets for employees.”
Kevin Fernandes, President of Macrodyne Technologies
Through the Regional Development Program, Ontario is investing $140 million to help companies like Macrodyne grow. To date, Ontario has provided more than $100 million to support more than 90 projects through the program, leveraging more than $1 billion in new investments and helping to create more than 2,100 jobs in the province. Applications for the latest round of the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program are open until September 14, 2023.
Quick Facts
- The government launched the Regional Development Program for Eastern and Southwestern Ontario in November 2019. Through this program, businesses and municipalities can get financial support and guided access to a range of complementary services and supports.
- In 2022, the government launched the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program. The stream supports Ontario advanced manufacturers across the province, including those in the automotive, aerospace, chemical, life sciences and steel sectors, to invest in the equipment, technologies and skilled workers they need to grow, improve competitiveness and create jobs.
- As part of the 2023 Ontario Budget, the government introduced the Ontario Made Manufacturing Investment Tax Credit, which provides a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.
Quotes
“Thornhill is a hub of innovation. I am proud of our government for investing in Ontario Made manufacturing, and helping our local manufacturers lower costs, invest in workers, innovate and become more competitive. I am looking forward to seeing Macrodyne grow and expand their operations and bring more people and jobs to our community.”
– Laura Smith
Member of Provincial Parliament for Thornhill
“I want to thank Macrodyne Technologies for showing their confidence in Vaughan with this important investment. Investments like these are why Vaughan is one of the fasting-growing cities in Ontario, and the good-paying jobs they create are a boon to our entire community. I also want to thank Minister Fedeli for his further investment in Macrodyne. Cooperation between government and business is key to growing our economy and building Ontario.”
– Michael Tibollo
Member of Provincial Parliament for Vaughan — Woodbridge
“By lowering taxes, cutting red tape, and investing in skilled labour, our government is creating the conditions for private sector growth, which is helping to create good-paying jobs across the region. We are proud of the expansion of Macrodyne Technologies as it supports growth in Vaughan’s local economy”
– Stephen Lecce
Member of Provincial Parliament for King — Vaughan
Additional Resources
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