Ontario government is investing over $4.9 million into two local companies to help create jobs, strengthen manufacturing and boost Niagara's economy.
A pair of local businesses are getting some support from the province.
Vic Fedeli, Minister of Economic Development, Job Creation and Trade and MPP Sam Oosterhoff were in Welland for today's announcement.
Valbruna ASW Incorporated, Canada's only manufacturer of specialty steel products, is getting more than $4.4 million from the Southwestern Ontario Development Fund, to help renovate its existing furnace and replace it with a new high efficiency electrical arch furnace.
The Welland company is currently investing $50 million in new innovative equipment and facility upgrades.
The additional funds will also help Valbruna create 15 more jobs, as well as become the first in Canada to produce hi-nickel alloys and other specialty steels.
We spoke to Minister Fedeli about the investment.
"They are Canada's only manufacturer of specialty steel, and that's why we're so excited about partnering with them. They made a $50 million investment within Welland today."
The province is also investing $480,000 in Quick Plug CA Inc., to help the company centralize its facility in St. Catharines.
Quick Plug, which engineers and manufactures a variety of peat plug products for professional growers like greenhouses and hydroponic growers, is investing $3.2 million in the project, which will create 30 local jobs.
Fedeli says the investment will have significant benefits for Niagara.
"This is an additional 45 people in the region," he says. "Altogether, this is a really great example of the kind of companies that are leading our economy right throughout Ontario but particularly here in Niagara."
You can hear the full interview below.
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