Ontario is partnering with KSR International Co. to expand its production capabilities and invest in new equipment, creating 40 new jobs and retaining 607 positions in Ridgetown.
Ontario is investing $676,600 from the Southwestern Ontario Development Fund, supporting an additional investment of $6,093,400 from KSR, for a total value of $6,770,000.
The project is expected to be completed in December 2019.
“At KSR International Co., we know how important it is to adapt to change to compete in an increasingly tough auto sector,” stated Ed Kanters, Chief Financial Officer, KSR International Co.
“With Ontario’s support, our company is staying ahead in this competitive sector and creating jobs.”
Provincial officials say KSR International Co. is a leading auto parts manufacturer specializing in sensor, brake and accelerator assembly technology for the automotive sector.
The company designs, engineers and manufactures a wide range of auto parts including electronic throttle controls, steering system control modules, and adjustable and fixed pedals.
With support from the Southwestern Ontario Development Fund, the company is expanding its offerings by adding four new brake pedal assembly products and two new suspension sensors. The company is also investing in new equipment to increase efficiency and expand production capabilities to serve clients better, Ontario government officials said in a press release issued on Thursday.
“Our government’s investment is helping KSR diversify into new product lines, enhance its competitiveness and create good jobs in the community,” stated Jeff Leal, Minister Responsible for Small Business.
“Supporting advanced, value-added manufacturing is a key focus for our government, and the Southwestern Ontario Development Fund is just one of the ways we are helping the sector grow and thrive.”
More details:
– KSR International Co. operates three facilities in Ontario with two manufacturing sites in Ridgetown and Rodney and a research and development centre in Kitchener.
– Since 2013, the Southwestern Ontario Development Fund and Eastern Ontario Development Fund have helped to create and retain more than 48,500 jobs and attracted approximately $2.2 billion in investment. The funds cover up to 15 per cent of eligible project costs, with the recipient company funding the remainder from its own resources.
Ontario is accepting applications for the Southwestern Ontario Development Fund from qualified businesses that are growing and creating jobs. Sectors eligible for the fund include advanced manufacturing, food processing, life sciences, information and communications technology, tourism and cultural industries.
– Ontario’s five-year, $650 million Business Growth Initiative is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale-up and modernizing regulations for businesses.
