$1.2 million project to create 10 new jobs and support 117 existing jobs
Jeff Leal, MPP Peterborough and Minister Responsible for Small Business, announced today (August 31) an investment of $137,700 into Dynacast’s Peterborough operation.
A die casting and metal injection molding company, Dynacast operates 25 manufacturing plants in 16 countries around the world, including the United States, China, Italy and Tunisia.
The company is upgrading its Peterborough facility to accommodate new equipment. It will also provide training to staff on the use of the new machinery. This will help the company boost its productivity and efficiency, increasing exports and creating jobs.
Ontario is investing $137,700 from the Eastern Ontario Development Fund for this project, supporting an additional investment of $1,009,800 from Dynacast.
The project is expected to be completed by December 31, 2019.
Dynacast is a leading manufacturer of precision engineered metal components. The company specializes in die casting and customized small component assembly systems, with products ranging from cell tower parts to gaming headsets. Its products are used around the world in various industries such as automotive, consumer electronics, and health care.
Dynacast’s Peterborough plant was originally operated by FisherCast Global, founded as Fisher Gauge in 1942 by Bill Fisher. At its peak, FisherCast Global employed 750 people in five countries, including 300 in Peterborough.
The impact of the 2008 economic crisis on the automotive sector, which accounted for over half of FisherCast Global’s business, resulted in the company entering bankruptcy protection. It was acquired in 2008 by long-time competitor Dynacast, which then downsized the workforce at the Peterborough operation.
Today’s announcement is unlikely to assuage fears of the health of Peterborough’s manufacturing industry, since General Electric Canada announced last week the closure of its manufacturing division in Peterborough, resulting in the loss of almost 360 jobs.