FedDev Ontario Awards $2.9M to Molding Company for Pandemic Aid
When the international COVID-19 pandemic unearthed earlier this year, countless orders to the automotive sector came to a halt for many production companies across Canada. While some businesses decided to close their doors for the time being, Molded Precision Components (MPC), a responsive prototype molding shop located in the southern Ontario town of Oro-Medonte, saw the pandemic as an opportunity to shift its main production focus to produce necessary personal protective equipment (PPE).
“We are very proud of Canadian companies like Molded Precision Components that are answering the call to action to provide critical support to our country during this fight against COVID-19, all while supporting youth employment and creating skilled jobs in our communities.”
– The Honourable Mélanie Joly, Minister of Economic Development and Official Languages
FedDev Ontario has contributed $2.9 million of government funding to MPC to support the company’s increased use of transformative Cube Injection Molding System (CIMS) technology, which produces intricate molded parts for the automotive and medical sectors at twice the rate of conventional methods. The funding will be used for the business expansion of MPC’s production facility by 45,000 sq. ft. and to add three innovative CIMS units by 2024.
MPC Pivots Strategy to Support COVID-19 Prevention
With the help of FedDev Ontario funding, MPC has been able to utilize its advanced CIMS technology, developed in partnership with Sterling Industries, to pivot its main operations and deliver over 27 million Health Canada-approved medical face shields to health-care workers located in Canada and abroad. MPC plans to increase its production of face shields to 450,000 per day to keep up with the ongoing demand for PPE.
“Collaboration has and will continue to be essential in the future success of MPC and Canada’s businesses as a whole. FedDev Ontario has been and continues to be one of our key collaborators.”
– David Yeaman, President, Owner, CEO, Molded Precision Components
Moreover, MPC has managed to keep its full team of 55 people employed, while also creating an additional 40 permanent positions and adding an extra 65 student positions. MPC is heavily committed to supporting youth employment and local jobs in Oro-Medonte, especially in the areas of engineering, science, technology, and math.
FedDev Ontario Assists in Innovation and Job Growth
Through a strong collaborative partnership with Georgian College, MPC sits on the college’s advisory boards to support the ongoing research and development of innovative projects relating to design and engineering. Every year, MPC hires 65 co-op students, including youth, visible minorities, and immigrants as part of its pledge to diversity and economic growth.
“Strong businesses in rural communities like Oro-Medonte are vital to regional economies, and to the success of our young people. With MPC’s expansion, its contribution to the fight against COVID-19 and its ability to mobilize the community through collaboration, it is a clear example of why investments like this are so important for the local community, the region, and Canada as a nation.
– Kate Young, Parliamentary Secretary to the Minister of Economic Development and Official Languages
Government Funding Programs for COVID-19 Support
FedDev Ontario is a federal economic development agency that serves southern Ontario and provides financial support in the form of government funding to both for-profit and non-profit organizations to strengthen the province’s economic performance and drive innovation.
Learn more about grants and loans available for COVID-19 support by reaching out to a member of the Mentor Works Team or by visiting our COVID-19 Support Page to discover additional government funding programs that may aid your business in developing or implementing prevention solutions.
