FedNor investing over $300,000 to support manufacturing and machining in New Liskeard
News release
Federal funding will help maintain and grow a unique Northern Ontario business critical to the mining sector
August 2, 2023 – New Liskeard, ON – Federal Economic Development Agency for Northern Ontario – FedNor
The Honourable Anthony Rota, Member of Parliament for Nipissing—Timiskaming, today announced a FedNor investment of $309,100 in two projects led by Wabi Iron & Steel Corp. (Wabi), operators of the only foundry in Northern Ontario. The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.
Wabi is receiving an unconditionally repayable $294,100 to refine and upgrade manufacturing processes, purchase new equipment, and renovate their facility. FedNor is also investing an additional non-repayable contribution of $15,000 to assist Wabi in conducting an operational assessment, which will support the company in defining and planning potential growth opportunities.
In addition to the maintenance and growth of an existing business, anticipated benefits of these investments include: the maintenance of 11 jobs and creation of 14 new positions, increased exports, modernization and improved efficiency, and the creation of two critical planning documents.
Quotes
“Wabi Iron & Steel is an important partner in Northern Ontario’s mining sector, FedNor’s investments will help support a critical sector in our regional economy. As the only foundry in Northern Ontario, Wabi offers an essential service while being a major employer in Nipissing—Timiskaming. Helping Wabi grow and expand means new opportunities for the entirety of Northern Ontario.”
- The Honourable Anthony Rota, Member of Parliament for Nipissing—Timiskaming
“These are concrete investments in good-paying jobs in Northern Ontario. This will strengthen our region’s competitiveness and our communities. People in Northern Ontario know that we have their backs and that we’re doing what’s necessary to create economic growth that is inclusive and leaves no one behind."
- The Honourable Patty Hajdu, Minister of Indigenous Services and Minister Responsible for FedNor
“FedNor’s support has made it possible for us to continue growing and modernizing our facility, while supporting our customers across Canada with our engineering and manufacturing services. These funds have helped us to expand product offerings and capitalize on opportunities, and to remain a historic partner in the industry.”
- Jeremy Birnie, Owner and CEO of Wabi Iron & Steel Corp.
Quick facts
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Wabi Iron & Steel Corp. is a leading manufacturer of loading and conveyance systems for the mining industry and one of North America’s premier producers of general and abrasion-resistant castings in iron and steel. Wabi products are shipped to clients in Canada and the United States as well as Mexico and South America.
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The investments announced today are provided through FedNor’s Regional Growth Through Innovation Fund (REGI), which supports the growth of Northern Ontario businesses, their expansion into new markets, and their adoption of new technologies and processes.
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The now-closed Jobs and Growth Fund (JGF) is a $700-million fund delivered by the regional development agencies (RDAs) to help businesses and the organizations who support them to future-proof, build resiliency and prepare for growth by transitioning to a green economy, foster an inclusive recovery, enhance competitiveness and create jobs. Of this support, $70 million has been dedicated to businesses and organizations created after January 2020.
Associated links
Contacts
Zeus Eden
Press Secretary
Office of the Honourable Patty Hajdu
Minister of Indigenous Services and Minister responsible for FedNor
Federal Economic Development Agency for Northern Ontario
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