WOODSTOCK, Ont.—The federal government has pledged close to $2.5-million in funding to help an Ontario auto parts firm expand its local operations.
North American Stamping Group (NASG) Canada Inc., located approximately 80 kilometres west of Hamilton in Woodstock, Ont., is receiving $2,488,875 in repayable funding from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) and its Prosperity Initiative.
“Our Government is committed to supporting the growth of the manufacturing industry,” local Member of Parliament Dave MacKenzie said in a statement.
“This investment in NASG Canada Inc. will bring skilled manufacturing jobs back to southern Ontario, create long-term stability for Woodstock, and support an important sector of Canada’s export economy.”
The FedDev Ontario funding will cover a portion of the total $10.9-million expansion project cost.
As part of the expansion, the company will create tool and die manufacturing operations at its Woodstock facility.
The expansion will also establish in-house research and development (R&D) capabilities helping NASG produce more cost-effective and higher quality prototypes for its clients.
The new capacity for R&D will also enable NASG to design and develop components that use lighter weight materials which will improve fuel economy in the automotive sector.
“We are very appreciative of the government’s support of this project, and their understanding of the challenges that the Canadian manufacturing industry faces,” Fred Gehring, NASG general manager, said.
“The decision to expand our Canadian operation, with the addition of our tool and die business unit, is a direct reflection of the confidence we have in our associates.”
According to Gehring, the project is NASG’s seventh expansion in the last 28 years in Woodstock.
NASG is a wholly-owned subsidiary of Oakville, Ont.-based Cambridge Investments Inc.