Elora rubber company receives provincial money to support expansion
Multi-million dollar boost to support international growth says company president
An Elora manufacturing plant is getting a multi-million dollar revamp thanks to the Ontario government.
Polycorp, a leading producer of engineered rubber products, is expanding its factory with a $2.5 million boost from the province.
"The purpose of the expansion is to support the growth that we're experiencing internationally," Peter Snucins, CEO of Polycorp told CBC News.
Over the next four years, the company will be spending $17 million to double the current size of the facility, and to purchase new equipment.
Provincial support was a natural choice, according to Snucins.
A number of U.S. jurisdictions had lobbied Polycorp for months, looking to get the company to move there.
"We had a choice to make in terms of our expansion," he said. "From the government's standpoint, they made the decision that some kind of support would increase the chances of us staying here, increase jobs, and maintain the base we have here in Ontario."
The province put up its portion of the $17 million price tag from its Jobs and Prosperity Fund. The fund allows the Ontario government to support private businesses that are creating jobs and enhancing productivity.
Polycorp itself will foot the remaining $14.5 million.
The revamp is set to be completed in 2022.