Ontario Welcomes $15 Million Manufacturing Investment

November 13, 2024

Clover Tool Manufacturing Ltd.’s expansion will create 14 new good-paying jobs in Thornhill

NEWS November 13, 2024

THORNHILL — The Ontario government is supporting an investment of $15 million by Clover Tool Manufacturing Ltd. to boost local manufacturing and create 14 new good-paying jobs in Thornhill.

The funding was announced today by Laura Smith, Member of Provincial Parliament for Thornhill.

“Our government is building a strong Ontario and creating the conditions for a strong economy by supporting key investments in our community,” said MPP Smith. “Clover Tool Manufacturing Ltd.’s investment will boost the local manufacturing sector and create more good-paying jobs for workers and families in Thornhill.”

With this investment, Clover Tool Manufacturing Inc. will expand their existing facility to accommodate the purchase of a 1,650-ton press as part of a recent contract. In addition to the anticipated revenue from the contract, the new press is expected to generate extra income from other sources, as its notable size and tonnage have already captured the interest of potential customers.

“Employing more than 800,000 workers across the province, Ontario’s manufacturing sector is the economic engine of our nation,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Our government is proud to support local companies like Clover Tool Manufacturing Ltd as they expand their operations, and we thank them for their contributions to Ontario’s dynamic and growing manufacturing ecosystem.”

In support of this investment, Ontario is providing Clover Tool Manufacturing Ltd. with $1,848,825 in funding through the Regional Development Program’s Advanced Manufacturing and Innovation Competitiveness (AMIC) stream.

“Thanks to the Ontario Government’s commitment to this project, we’re excited to make this investment, which will provide both our existing and new customers with access to the latest technology and upgraded services,” said George Zeni, Vice President of Clover Tool Manufacturing Ltd. “This investment not only enables our growth but also allows us to invest in our employees and their development, both now and in the years ahead.”

Ontario is investing $180 million through its Regional Development Program to help manufacturers across the province grow while supporting distinct regional priorities. To date, Ontario has supported more than 135 projects through the program, leveraging more than $1.9 billion in new investments and helping to create over 3,500 jobs.

QUICK FACTS

• As part of the 2023 Ontario Budget, the government is proposing a new Ontario Made Manufacturing Investment Tax Credit, which would provide a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.
• The 2024 Ontario Economic Outlook and Fiscal Review: Building Ontario for You continues to take a fiscally responsible and targeted approach to maintaining Ontario’s competitive status and unlocking new opportunities across key sectors.

• The government launched the Regional Development Program for Eastern and Southwestern Ontario in November 2019. Businesses and municipalities can get financial support through the Eastern Ontario Development Fund and Southwestern Ontario Development Fund and guided access to a range of complementary services and supports.
• In 2022, the Advanced Manufacturing & Innovation Competitiveness (AMIC) stream of the RDP was launched to support advanced manufacturers across the province. Ontario is now providing additional funds to enhance the AMIC stream by providing more firms with the financial support and tools needed to improve competitiveness, while strengthening essential supply chains.

QUOTES

“I am pleased that Clover Tool Manufacturing Ltd. is investing $15 million to enhance their facility and production capacity here in the City of Vaughan. This investment will generate additional revenue, create 14 new good-paying jobs and further strengthen our local economy. Vaughan is committed to fostering innovation and building a culture of continuous improvement. Our efforts to strengthen our automotive sector underscore our commitment to supporting the businesses that make this industry what it is today: one of our most economically vital. I want to thank Clover Tool Manufacturing for continuing to invest in Vaughan and the Province of Ontario for their continued support.”

Mayor Steven Del Duca, City of Vaughan

ADDITIONAL RESOURCES

• Learn more about the Regional Development Program

MEDIA CONTACTS
Laura Smith, MPP
Thornhill
905-731-1178