With $1 million in support from province, initiative will create 66 new jobs
ST. THOMAS, Ont.—Formet Industries, a division of Magna International Inc., is launching a new lightweight product line.
With $1 million in assistance from the provincial government’s Southwestern Ontario Development Fund, the manufacturer plans to direct $23 million toward a new parts development project.
“The investment we’re announcing today at our St. Thomas facility is part of our company’s ongoing focus on using the latest materials, technologies and engineering innovation to offer body and chassis components that we believe set industry standards for structural integrity and lightweight performance,” Mark Johnson, Formet Industries’ general manager, said.
Following development, the company plans to ship the stronger, lighter-weight parts to an automaker with facilities in Ontario. The new investment will create 66 jobs at the plant and is expected to be completed by the end of 2018.
A division of Magna subsidiary Cosma International, Formet is located in St. Thomas, Ont. and employs approximately 1,300 workers.