Formet Industries secures $1 million in Ontario funding
Funding will help the company launch a new lightweight product line and also create 66 new jobs.
The Ontario government will invest $1 million in Formet Industries, a division of Magna International Inc., to help the company launch a new lightweight product line.
The money will come from the Southwestern Ontario Development Fund.
St. Thomas, Ont.-based Formet is a manufacturing division of Cosma International, which in turn is part of Magna International, the world’s second-largest auto supplier by sales.
“The investment we’re announcing today at our St. Thomas facility is part of our company’s ongoing focus on using the latest materials, technologies and engineering innovation to offer body and chassis components that we believe set industry standards for structural integrity and lightweight performance,” said Mark Johnson, general manager of Formet Industries.
The new investment will create 66 jobs at Formet’s St. Thomas plant. The funding support secures an overall project investment exceeding $23 million, with the project scheduled for completion by the end of 2018.
Following development, the company plans to ship the stronger, lighter-weight parts to an automaker with facilities in Ontario.
Founded in 1997, Formet currently supplies five automakers with bumpers, front-end parts, and pillars.