Ontario molder Fourmark Manufacturing receiving FedDev Ontario funding
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The Oakville, Ont.-based company is receiving a $1.4-million-repayable contribution, towards total project costs of $4.1 million, to adopt new equipment to scale-up and increase production capacity by 75 per cent.
Custom injection molder Fourmark Manufacturing Inc. is one of four Southern Ontario firms receiving a total of $8.5 million to scale-up and grow from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
The funding for the four firms will support the creation of over 110 new jobs and maintain more than 75 existing jobs across the region, the federal government said in a Jan. 13 news release.
Founded in 1997, Oakville-based Fourmark is a family-owned business that manufactures recyclable packaging for the food, health, beauty and industrial sectors. The company is receiving a $1.4-million-repayable contribution, towards total project costs of $4.1 million, that will enable it to adopt new equipment to scale-up and increase production capacity by 75 per cent. “Through this investment, 12 skilled jobs will be created, and 67 jobs will be maintained across the Oakville and Halton Region, with $2.7 million in total private investment leveraged,” the news release said. “The project would also help eliminate approximately 970,000 lbs of non-recyclable waste material from landfills annually.”
“The funding came in the middle of a worldwide pandemic where timing was crucial,” Fourmark CEO Adam Cruickshank said. “This funding to Fourmark is supporting a rapid growth in sales spurred on by the pandemic and is helping Fourmark continue down the path of environmentally conscious manufacturing and green solutions to food packaging challenges.”
The other three Ontario business receiving funding are Equispheres Inc., which specializes in high-performance metal powders for additive manufacturing; pet food maker The Crump Group Inc.; and nanofiber fabric maker BIG-nano Corp.