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London and area manufacturers are getting an injection of federal cash to help them grow.
The federal government agency supporting business, FedDev Ontario, is giving $7.7 million in loans to six area industries needing to scale up to meet demand.
“The industries we serve are constantly changing and we have to innovate and grow,” said Gerard Regier, president of Edge Automation Inc. on Sovereign Road, one of the businesses receiving funding.
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Edge makes machinery that makes parts for automotive, health care, woodworking and agriculture sectors.
Edge received a $1.2 million loan. The company also will spend $1.4 million of its own cash on a $2.5-million expansion of its plant and addition of new machinery and staff.
“This means we can take on products that may have been out of reach,” Regier said.
The six industries getting support are:
- Edge Automation Inc., London: $1.2 million
- MTO Metal Products Ltd., Woodstock: $1 million
- New-Form Tools Ltd., Stratford: $1.5 million
- Roden Manufacturing, Comber: $1.2 million
- Tradeline Products Inc., London: $1.2 million
- UE Enclosures, Leamington: $1.7 million
The interest-free loan is for six years.
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Edge has about 65 staff and is looking to hire more, Regier said. About half of its business is in the automotive sector supplying GM, Toyota and Stellantis.
“We make the machines that make the parts,” Regier said.
Brian May, Cambridge-area MP and parliamentary secretary to the minister for small business, announced the funding at Edge on Wednesday morning.
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“There is important work happening here and we understand that,” he said.
The Canadian Manufacturers and Exporters earlier this year reported employment in manufacturing in the London region has grown 17.7 per cent since 2020 and industrial work accounts for 16.5 per cent of all jobs in Southwestern Ontario, higher than the provincial average of 12.5 per cent.
London and area posted the third highest job growth across Ontario in the manufacturing sector, and that is before the impact of Volkswagen’s $7-billion electric vehicle battery assembly investment set to open in 2027 in St. Thomas.
London had 55,100 people working in the manufacturing sector in 2023, up from 52,800 in 2022, 52,400 in 2021 and 46,800 during the pandemic in 2020. The recent high was 63,300 working in the sector in 2006.
London MPs Arielle Kayabaga and Peter Fragiskatos were also at the Edge announcement.
“What happens in Southwestern Ontario makes a difference across Canada. We are addressing the needs of all Canadians,” said Kayabaga, who represents London West.
“This is not your grandfather’s manufacturing. This is about innovation and robotics, and it is a calling to take seriously,” said Fragiskatos, who represents London North Centre.
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