Ontario is set to invest $1 million in a St. Thomas auto parts supplier to help create and maintain jobs in the southwestern Ontario community.
The province announced on Thursday that it will support Formet Industries in developing new products and expanding its operations, resulting in 66 new jobs and preserving over 1,300 positions.
This funding will be sourced from the Southwestern Ontario Development Fund.
Formet is part of Cosma International, which is a division of Magna International, known as the world’s second-largest auto supplier based on sales.
In St. Thomas, the company produces automotive structural components designed for enhanced strength and safety while reducing vehicle weight.
These components will be provided to an automaker operating within Ontario.
“The investment we’re announcing today at our St. Thomas facility is part of our company’s ongoing focus on using the latest materials, technologies and engineering innovation to offer body and chassis components that we believe set industry standards for structural integrity and lightweight performance,” Formet Industries general manager Mark Johnson said in a news release.
“Ontario’s innovative and broad-based supply chain is a key strength as the province competes globally for new auto assembly investment,” Minister of Economic Development, Employment and Infrastructure Brad Duguid said in the same release. “This project with Formet targets the skills we’re working with the industry to develop – using the advanced production processes and lightweight materials required for the next generation of fuel-efficient vehicles.”
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