FedDev Ontario invests $2M in Lorama Group Inc. to support cleantech manufacturing growth
by CM Staff
With the investment, Lorama will acquire advanced manufacturing equipment to commercialize and scale production of its novel, renewable, non-toxic bio-adhesive used in wood composite products.
MISSISSAUGA — On Apr. 21, on behalf of Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), Rechie Valdez, MP for Mississauga–Streetsville, announced an investment of $2 million for Lorama Group Inc. to commercialize and scale up production of its green adhesive products.
Lorama Group, located in Mississauga, is a manufacturer and distributor of colourants and additives in the paints and coatings sector. With the investment, Lorama will acquire advanced manufacturing equipment to commercialize and scale production of its novel, renewable, non-toxic bio-adhesive used in wood composite products. This investment will also create up to 20 new jobs in the Mississauga region.
The Government of Canada is committed to investing in clean economic growth by prioritizing projects that demonstrate clean growth outcomes, and promote the development and adoption of clean technologies.
“Our government is making smart investments in innovative Canadian companies like Lorama Group to drive green and innovative economic growth across Canada. This support protects Canadian businesses and Canadian jobs and helps businesses adopt new, innovative technologies and scale-up. These investments create good jobs for Canadians and help Canada to be a global leader in green technology.” said Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario.
“The funding from FedDev Ontario further strengthens our commitment to provide innovative, sustainable solutions to the market, as well as accelerating Lorama Group’s vision of a clean, greener future. This support aids in the building of advanced manufacturing capabilities critical in developing a competitive advantage needed to commercialize new bio-based solutions.” said Andrew Burnett, CEO, Lorama Group Inc.