Ontario is partnering with Stackpole International to invest in new technology and product development at its five locations across the province, creating 326 new jobs and retaining 1,714 positions.
Ted McMeekin, MPP for Ancaster-Dundas-Flamborough-Westdale, made the announcement today at the company's headquarters in Ancaster. Ontario Premier Kathleen Wynne met with Stackpole's parent company, Johnson Electric, during her December 2017 business mission to Hong Kong, where the investment was confirmed.
Stackpole designs and manufacturers fluid power solutions and powder metal components for the global auto industry. With support from Ontario's Jobs and Prosperity Fund, the company is investing in a two-part project that will help Stackpole grow its customer base and respond to changing demand in the auto industry for more energy efficient and alternative fuel vehicles. The project includes:
- Establishing a Global Centre of Excellence for mechatronic systems development ― the centre will conduct advanced development into the electrification of the hydraulic system for hybrid powertrains which makes vehicles more energy-efficient and increases the driving range of an electric or hybrid vehicle.
- Purchasing new state-of-the-art equipment for powder metal manufacturing ― the technology will produce advanced powder metal components required for the next generation of 9- and 10-speed transmissions and fuel-efficient engines.
Supporting good jobs and helping businesses grow is part of the government's plan for fairness, and providing care and opportunity during this period of rapid economic change. The plan includes free prescription drugs for everyone under 25, and 65 or over, through the biggest expansion of medicare in a generation, free tuition for hundreds of thousands of students, a higher minimum wage and better working conditions, and free preschool childcare from 2 ½ to kindergarten.
- Ontario is investing up to $24.1 million through the Jobs and Prosperity Fund. This is part of a larger overall investment by the company valued at $351 million. The project is scheduled for completion in spring 2024.
- Vehicle assembly and auto parts production directly supports more than 100,000 jobs in Ontario, with hundreds of thousands more spin-off jobs across our province.
- Stackpole International is headquartered in Ancaster with five manufacturing plants in the province: Ancaster (2), Mississauga (2) and Stratford. The company also has manufacturing operations and technical centres in North America, Europe, Asia, and Turkey and employs over 3,400 people globally.
- The Jobs and Prosperity Fund helps secure private sector investment in Ontario, allowing the government to partner with businesses that are creating jobs and enhancing productivity, innovation and exports. Every dollar invested through the fund leverages an average of $10 in private sector investments. Since January 2013, Ontario has committed over $900 million in projects administered under JPF, leveraging over $11.5 billion in total investment. This is helping to create and retain approximately 48,000 jobs.
- As part of the Good Jobs and Growth Plan, Ontario will renew, enhance and extend the Jobs and Prosperity Fund with an increase of $900 million over the next 10 years. The fund will support investments designed to help Ontario’s businesses grow with the aim of creating and retaining over 70,000 jobs in Ontario and leveraging more than $9 billion in private-sector investments.
- Ontario plans to increase the number of post-secondary students graduating in science, technology, engineering and mathematics (STEM) disciplines by 25 per cent over the next five years, to 50,000 per year. This will give Ontario the highest number per capita of postsecondary STEM graduates in North America.