Macrodyne Technologies Inc., a manufacturer of hydraulic presses and automation systems, is investing $5 million to purchase the latest manufacturing technology for the company’s facilities in Vaughan, Ont.
With the $5 million investment, Macrodyne Technologies will purchase technology to expand its product line and add more automation and AI solutions. This new technology will also help the company double production to meet growing demand from customers around the world, including those in the steel and aluminum, automotive, aerospace and pulp and paper industries. As part of this investment, the Ontario government is providing Macrodyne Technologies with $750,000 in funding through the Advanced Manufacturing and Innovation Competitiveness (AMIC) stream of its Regional Development Program.
The Ontario government launched the Regional Development Program for Eastern and Southwestern 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.
Through the Regional Development Program, Ontario is investing $140 million to help companies like Macrodyne grow. To date, Ontario has provided more than $100 million to support more than 90 projects through the program, leveraging more than $1 billion in new investments. Applications for the latest round of the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program are open until September 14, 2023.