TORONTO—The government of Ontario has announced investments in three Cambridge, Ont.-based businesses in an effort to create and retain more than 600 jobs.
The province will pump nearly $2 million into Kodiak Group Holdings Co., Tenneco Inc. and Upland Technologies Inc. through the Southwestern Ontario Development Fund.
“These companies are valued employers in this community and these significant investments will attract jobs to the area and strengthen regional economy,” Ontario’s Minister of Economic Development, Employment and Infrastructure, Brad Duguid, said.
Kodiak, which has its head office and distribution centre in Cambridge, will receive $480,000. The footwear manufacturer is expected to create 80 jobs through the investment.
Meanwhile, the government will invest $1 million in Tenneco Canada, allowing the company to buy new equipment, train staff and support the launch of a new sport utility vehicle. The funds will create 29 new positions and ensure 463 jobs are retained at the company, which manufactures clean air products and exhaust systems for GM and Toyota.
The final investment is a $509,150 boost to fellow auto parts company, Upland. The muffler maker will use the funds to upgrade its facility, while creating 21 full-time positions and retaining 13 more over the next four years.
“Strategic partnerships with companies in our community will help create jobs and strengthen our region’s economy,” Kathryn McGarry, MPP for Cambridge, said. “These investments show the province’s commitment to the long-term success of local businesses and the families who live here in Cambridge.”
The government noted its development fund typically covers between 10 to 15 per cent of eligible project costs, with companies making up the remainder of the investment. Ontario added its SWODF has created and retained more than 37,000 Ontario jobs and attracted more than $1.5 billion investment.