MTM Automation and Aerospace, a manufacturer based in Guelph, ON, is getting financial help from the Ontario government to support a project valued at $1.75 million expected to be completed by 2018.
Ontario is investing $175,100 from the Southwestern Ontario Development Fund for this project, with a total eligible value of more than $1.75 million.
The investment will help the company to purchase new equipment, create six new jobs and retain 12 positions in Guelph.
The company makes high precision metal components, gauges, automation systems and machines used by industries including aerospace, defence and oil and gas.
MTM is investing in new state-of-the-art equipment that will increase capacity and efficiency. It will also enable MTM to expand into new markets with more technically demanding components, and tap into new opportunities in the oil and gas industry.
MTM Automation and Aerospace Manufacturing’s customer base includes the aerospace, military, oil and gas, power generation and automotive industries. The company supplies customers such as Northstar Aerospace, Magellan Aerospace, Siemens, and Weatherford.
Since 2013, the Southwestern Ontario Development Fund and Eastern Ontario Development Fund have helped to create and retain more than 34,500 jobs and attracted approximately $1.68 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.