Speech Article from
Archived - Investing in Business Growth and Productivity Initiative - Funding Announcement for Artisan Metal Finishing
Member of Parliament for London North Centre
July 9, 2015
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Good morning/afternoon ladies and gentlemen, friends and guests.
It's a pleasure to be here to deliver some great news for Artisan Metal Finishing.
I'm looking forward to touring the facility and seeing first-hand your dynamic, customer-focused metal finishing company.
As many of you know, Canada has one of the best job creation records in the G7, with employment in Canada increasing by more than 1.2 million since the depth of the global recession.
One of the ways our Government is achieving economic growth is by investing in strong, innovative and competitive businesses.
As you know, the manufacturing sector is a major contributor to Canada's economy. It employs some 1.7 million Canadians, of which nearly 750,000 live in Ontario. In 2014, Canadian manufacturers generated nearly $622 billion in sales, of which some $287 billion came from Ontario.
Our manufacturing sector is concentrated here in southern Ontario, where over 32,000 manufacturing establishments contribute significantly to local economies across the region.
The fabricated metal products industry, including coating and finishing companies like Artisan Metal Finishing, accounts for some 10 percent of Ontario's manufacturing employment and supplies services. Not to mention, they contribute to other key Ontario sectors like automotive manufacturing, aerospace and construction.
Recently, my colleague Joe Oliver announced the Economic Action Plan 2015, which outlines our Government's commitment to the manufacturing sector.
In fact, it has substantial support in the form of an accelerated capital cost allowance for machinery and equipment used in manufacturing and processing.
This new, 10-year tax incentive will result in a deferral that is expected to reduce federal taxes for manufacturers by $1.1 billion over the period from 2016 to 2020.
Providing the new incentive over a 10-year period gives businesses greater planning certainty for larger projects that take time to fully realize, including those with multiple phases.
When Canadian companies invest in state-of-the-art equipment and structures, they increase their productivity and competitiveness.
Canada's auto parts sector is a fundamental part of our manufacturing sector.
To help this sector continue to create jobs for Canadians, our Government is launching the Automotive Supplier Innovation Program. This investment of $100 million over the next five years will support our auto parts industry as it continues to evolve, and to establish a secure role in global supply chains.
The program will help mitigate the risks involved in bringing research and development projects to commercial viability by supporting product development and technology demonstration on a cost-shared basis with participating firms.
Our Government knows that supporting innovation and diversification in industries across southern Ontario is crucial to our nation's economy and long-term prosperity – and we know that supporting our manufacturers is a critical part of this success.
I am pleased to be here today to show our continued support of the growing manufacturing, industrial and auto sectors here in London.
Today, through FedDev Ontario our Government is providing Artisan Metal Finishing with up to $974,338 to expand its facility and provide new and automated metal finishing services to existing and new market segments.
I'm sure the community will be pleased to learn that with this project, Artisan Metal Finishing expects to create up to 11 full-time jobs here in London, plus an additional 10 jobs following the completion of the project.
Ladies and gentlemen, our Government believes that it is support like this that can help southern Ontario businesses to grow and remain sustainable over the long-term.
I look forward to seeing all the great developments that will come from this project.
Thank you. Merci.
- News release: Harper Government Supports Manufacturing in London
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