IPG Photonics Inc. invests more than $21M in manufacturing operations
by CM Staff
Cancoil Thermal Corporation, a manufacturer and designer of heat exchangers and equipment used in refrigeration, air conditioning and heating is investing over $16 million to install new equipment at its existing facilities.
KINGSTON — IPG Photonics Inc., a manufacturer of optical sensors and software, is investing more than $21 million to build a new production facility. Cancoil Thermal Corporation, a manufacturer and designer of heat exchangers and equipment used in refrigeration, air conditioning and heating is investing over $16 million to install new equipment at its existing facilities. Together, these investments will reportedly create 70 new jobs.
“Building on a long history of manufacturing excellence in Kingston, these investments demonstrate that our government’s targeted approach to fostering economic stability and growth is working,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Through the Regional Development Program, our government is proud to support local businesses like IPG Photonics Inc. and Cancoil Thermal Corporation, as they strengthen their presence in Ontario through expansion and job creation.”
IPG Photonics Inc. is investing in the construction of a new 37,300 square-foot facility to expand production and meet growing demand from key clients in the automotive and consumer electronics industries. The project will create 20 new jobs.
With its investment, Cancoil Thermal Corporation, will install new manufacturing and R&D equipment at its Kingston facilities, boosting productivity and efficiency, while creating 50 new jobs.
As part of these investments, the Ontario government is also providing the companies with over $3.5 million in support through the Regional Development Program (RDP).
“The funding received will assist Cancoil with investments in new, state-of-the-art equipment, that will enhance our production capacity and efficiency. This investment also sustains our commitment to supporting and investing in our employees and community. Manufacturing is essential to the health of the economy and we are proud to contribute here in Kingston, Ontario,” says Monika Datta, Technical Marketing and Sales, Cancoil Thermal Corporation.
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