Provincial funding for a Stratford-based company will help create 30 new jobs and protect 80 current positions.
That's according to Perth-Wellington MPP Matthew Rae, who announced $500,000 in funding for Magest Building Systems Limited on Wednesday morning.
Rae claims that this investment, through the Southwestern Ontario Development Fund, alongside Magest’s own investment of over $12.3 million will create 30 new jobs and protect 80 current jobs.
The money will be invested into an expansion project at the Magest facility that will include building additions, installing automated equipment, and adopting new software to support growth. Additionally, with the increased space and equipment, Magest will begin a new production line.
"By investing in Magest’s expansion, we’re protecting local jobs and helping build more homes," said Rae. "This means increased production in Stratford and more supply to meet demand. This investment is strengthening our manufacturing sector and supporting workers across Perth-Wellington."
"Magest is proud to receive support from the Southwestern Ontario Development Fund for our new hollowcore production facility in Stratford. This investment has created 30 local jobs, strengthened vertical integration across our operations, and expanded capacity for the multi-residential housing sector," shared Brock Martin, President of Magest Building Systems Limited. "By increasing efficiency and production, this project supports the Government of Canada’s Build Canada Homes Faster initiative and helps address the growing demand for housing across the region."
