Hong Kong-based Johnson Electric, a global leader in electric motors and motion subsystems for automotive manufacturing and other industries, will invest $351 million in new equipment and capacity in Greater Toronto and Hamilton, Ontario.
The company's investment in Ontario will support the development of state-of-the-art electronic auto manufacturing through the purchase of new equipment for powder metal manufacturing, as well as the establishment of a Global Centre of Excellence for E-Pump Development. The project is scheduled for completion in 2024.
According to Ontario Provincial Government, the expansion is expected to create 326 new jobs and retain a further 1,714 manufacturing positions across the province.
To support this initiative, Ontario has committed up to $24.1 million through the Jobs and Prosperity Fund, which provides government funding to businesses, business associations and entrepreneurs to enhance productivity, create jobs in Ontario and help companies compete in the global marketplace.
“Johnson Electric's decision to invest in Ontario reflects our province's status as a leader in advanced manufacturing, and is further evidence of the value of international business missions to growing Ontario's economy. By working in collaboration, we are able to pool our resources to develop innovative solutions faster and more efficiently, and that leads to new opportunities and good jobs for Ontario workers,” said Kathleen Wynne, Premier of Ontario.
“Ontario is home to a highly skilled workforce, world-class research institutions and generous research and development tax incentives that make our province a leading jurisdiction to develop innovative technologies, ideas and products. Through the Global Trade Strategy, we are actively growing our economy through trade. Today’s announcement of Johnson Electric is a testament to our province’s competitive and attractive business environment,” Michael Chan, Minister of International Trade said.
Johnson Electric recently acquired Ontario-based Stackpole International, a leading manufacturer of innovative engine and transmission pumps and powder metal components to the global automotive marketplace.
According to economic development officials, Partnering with world-class companies and attracting investment are part of Ontario's plan to create fairness and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care, and free prescription drugs for everyone under 25 through the biggest expansion of medicare in a generation.