Ontario Welcomes $4 Million Investment by CES Transformers, Creating 80 New Jobs in Markham
In a move set to invigorate local manufacturing and generate employment opportunities, CES Transformers, a leading power transformer manufacturer, is set to receive a significant $4 million investment from the Ontario government. This strategic investment aims to bolster the company's existing facility in Markham, fueling an expansion and a subsequent increase in production capacity. The result is projected to be the creation of 80 new, well-paying jobs, aligning perfectly with the government's drive to boost economic growth and local job markets.
The investment by CES Transformers intends to optimize their production capabilities by upgrading equipment, expanding their facility, and providing additional staff training. With the growing demand for power transformers, this expansion seeks to meet the increased market need while fostering local production and reducing reliance on external sources. The government's support isn't limited to financial backing; they're also contributing nearly $610,000 through the Advanced Manufacturing Innovation and Competitiveness (AMIC) stream of the Regional Development Program. The move is expected to enhance CES Transformers' role in supporting the province's electrical grid infrastructure growth, all while contributing significantly to the regional economy.
The Ontario government's commitment to nurturing local industries is evident in their $140 million investment via the Regional Development Program. With a history of successful projects resulting in over $1 billion in new investments and the creation of more than 2,100 jobs, this latest move reaffirms the government's dedication to catalyzing economic growth. The application window for the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program remains open until September 14, 2023, providing an avenue for further ventures to strengthen Ontario's economic landscape.
Source: ontario.ca