Ventra Plastics – Province Invests in Advanced Manufacturing Sector
Ontario’s partnership with Ventra Plastics has helped create 10 new jobs and retain 288 positions in Peterborough.
Ventra Plastics manufactures injection molding and assembles plastic automobile parts, supplying top automotive companies such as General Motors, Toyota, Ford and Chrysler. With just over $550,000 in support from the Eastern Ontario Development Fund, the company upgraded its facility with 25 new paint robots helping to improve the quality and efficiency of its output. The project has a total value of more than $5.5 million and was completed July 30, 2016.
The Eastern Ontario Development Fund is helping to create jobs and diversify the economy by encouraging regional businesses to pursue innovation and new markets. The fund was the model for the successful Southwestern Ontario Development Fund. Together these two funds are helping to create and retain more than 44,000 jobs and attract approximately $2 billion in investment.
The funds cover up to 15 per cent of eligible project costs, with the recipient company funding the remainder from its own resources. This leveraging of private sector investment provides enhanced value for taxpayers.
Investing in the manufacturing sector is part of the government’s economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest infrastructure investment in hospitals, schools, roads, bridges and transit in Ontario’s history and is investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.