BARRIE, Ont.—The federal government is loaning as much as $4.2 million to a Barrie, Ont., heating and cooling products manufacturer as it looks to expand its production capacity and add jobs at it four facilities in the city north of Toronto.
Issued through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) and its Investing in Business Growth and Productivity initiative, the loan is intended to help Wolf Steel Ltd. increase production capacity and add as many as 176 full-time jobs at its four facilities in Barrie by 2017.
“This (loan) … is a great example of the tremendous growth potential for manufacturing businesses in southern Ontario,” Simcoe North MP Bruce Stanton said in a statement released by FedDev Ontario, adding it will help boost revenues from locally manufactured products.
Wolf Steel manufactures the Napoleon brand of wood and gas fireplaces, barbecue grills, and heating and cooling products.
The loan will help fund the company’s expansion project, that includes launching a line of air conditioning products, expanding its existing line of heating and ventilation products, and upgrading its four manufacturing sites in Barrie to make them more energy- and cost-efficient.
Adding a line of air conditioning products will make Wolf Steel the only company to manufacture such products in Canada.
“We are delighted with the federal government’s investment as this will support us in the expansion of our manufacturing facilities, research and development and technology processes,” Wolf Steel president Ron McArthur said. “The demand for Napoleon’s quality products internationally generates a sense of pride that all of our associates acknowledge.”