The money is provided through FedNor's Regional Economic Growth Through Innovation Fund (REGI) and will be used to modernize and expand Wabi's foundry, the only facility of its kind in northern Ontario.
The expansion of the foundry was identified in Wabi's strategic plan as one of the top priorities to support the success and sustainability of the organisation for the next 100 years and will enable Wabi to purchase specialised energy-efficient equipment, manufacture larger products, and increase production and market share while tripling its revenue by 2027.
Just last summer, Wabi received a $294,100 unconditional repayable loan to upgrade and modernise its manufacturing processes, purchase new equipment and renovate its facilities. FedNor also provided an additional non-repayable contribution of $15,000 to help Wabi conduct an operational assessment that will enable the company to identify and plan for opportunities for potential growth.
Just two years ago, a $410,250 federal loan helped Wabi modernise and expand its operations, creating eight jobs in Temiskaming Shores
In addition to modernising and growing an existing business, the other benefits include the creation of 43 new jobs, the strengthening of the manufacturing sector in Northern Ontario and the further positioning of the region as a leader in critical minerals, which are essential to the success of the mining supply chain.
‘This funding will help Wabi Iron & Steel grow its business and support the development of the mining and critical minerals sectors in Northern Ontario for years to come,’ said Anthony Rota, Member of Parliament for Nipissing-Timiskaming. ’As the only foundry in Northern Ontario, Wabi provides an essential service while also being a major employer.
‘The foundry's expansion will help us take our business to the next level, create local jobs and position us for another 100 years of success,’ added Darryl Gutscher, President of Wabi Iron & Steel Corp.
Wabi Iron & Steel is a global leader in the design and manufacture of loading and hauling systems for the mining industry, as well as a leading manufacturer of general and abrasion-resistant iron and steel castings.
The integrated mining equipment and foundry divisions enable the company to offer a variety of manufacturing solutions from a single source and to provide customers with peace of mind through its brand quality, on-time approach and unwavering attention to detail. The products are delivered to customers in Canada and the United States, as well as Mexico and South America, the press release states.
Source: www.baytoday.ca
