Ontario Welcomes More Than $2.1 Million Manufacturing Investment

November 26, 2024

Kristofoam Industries Inc. will create 18 new good-paying jobs in Thornhill

NEWS November 26th, 2024

THORNHILL — The Ontario government is supporting an investment of $2,125,865 by Kristofoam Industries Inc. to boost local manufacturing and create 18 new, good-paying jobs in Thornhill.

This 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. “Kristofoam Industries Inc.’s investment will boost the local manufacturing sector and create more good-paying jobs for workers and families in Thornhill.”

With this investment, Kristofoam Industries Inc. will expand their operations to meet increased demands within the electric vehicle sector. The project will equip the company to compete on fusion moulding’s inherent quality, performance and environmental advantages, securing business opportunities that would otherwise go to global competitors.

“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 Kristofoam Industries Inc as they expand their operations, and we thank them for their contributions to Ontario’s dynamic and growing manufacturing ecosystem.”

In support of their investment, Ontario is providing Kristofoam Industries Inc. with $318,880 in funding through the Regional Development Program’s Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream.

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

  • The government launched the Regional Development Program (RDP) for eastern and southwestern regions of Ontario in November 2019. Through this program, businesses and municipalities can get financial support and guided access to a range of complementary services and supports.
  • In 2022, the Advanced Manufacturing and 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 that will help more firms with the financial support and tools needed to improve competitiveness, while strengthening essential supply chains.
  • The government is delivering tax support to Ontario manufacturers by continuing to offer the Ontario Made Manufacturing Investment Tax Credit to eligible businesses. These manufacturers could receive up to $2 million per year in tax support to help lower their costs, encourage innovation, and enhance competitiveness.
  • 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.

ADDITIONAL RESOURCES

MEDIA CONTACTS
MPP Laura Smith’s Office
1136 Centre Street
Thornhill ON L4J 3M8
905-731-1178
Laura.smith@pc.ola.org