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Polycorp Ltd To Receive Government Grant

Web posted on March 13, 2017

Ontario is partnering with Polycorp Ltd. to support a multi-million dollar expansion at the company's manufacturing facility in Elora, creating 26 new jobs and retaining 146 positions.

Polycorp is a leading Canadian designer and manufacturer of engineered rubber products that mitigate risk associated with corrosion, abrasion, impact, noise and vibration for a variety of applications in the transportation, mining and protective linings industries. The company serves customers in 38 countries worldwide.

"We appreciate the opportunity for Polycorp to partner with the Ontario government as we continue to grow our international presence. This funding will help us sharpen our competitive edge, expand our intellectual property, add capacity and hire more great people from the Elora area." Peter Snucins, CEO, Polycorp Ltd.

With support from Ontario's Jobs and Prosperity Fund, the company is investing to purchase new equipment, create a testing laboratory and expand its manufacturing facility. This will help boost productivity and competitiveness, increasing exports and revenues.

"Our government is pleased to support Polycorp's expansion plans. These efforts will allow Polycorp to strengthen its innovative product offerings and increase its global competitiveness. Ontario is committed to strategic partnerships like this, which help create jobs and build a competitive business environment." Brad Duguid, Minister of Economic Development and Growth.

Strengthening Ontario's manufacturing sector is part of our plan to create jobs, grow our economy and help people in their everyday lives. Ontario is investing up to $2.5 million through the Jobs and Prosperity Fund for this project, supporting an additional investment of more than $14.5 million from Polycorp, for a total project value of $17 million. The project is expected to be completed in 2022.