Archived — Canada's Economic Action Plan Invests in Businesses and Creates Jobs in Guelph
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L-R: Phil McColeman, Member of Parliament for Brant; Tony Steer, President of Teutech Industries Inc.; and The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), at a Community Adjustment Fund announcement in Guelph, Ontario. Source: FedDev Ontario
For immediate release
April 23, 2010
Guelph, Ontario — Guelph area residents will benefit from an investment of $5 million in Teutech Industries Inc. to expand its manufacturing capacity, announced today by the Honourable Gary Goodyear, Minister of State responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"This investment will create jobs in Guelph and help stimulate the local economy," said Minister Goodyear. "We are investing in southern Ontario businesses and communities to help this region recover from the economic recession."
With this contribution, Teutech Industries Inc., a supplier to the automotive and commercial industries, will acquire production equipment and install a new production line. This project is expected to result in 60 new full-time positions.
"Teutech greatly appreciates the contribution from FedDev Ontario, which will allow us to better meet our customers' needs," said Tony Steer, President of Teutech Industries Inc. "Without their assistance, we would not be able to take advantage of expansion opportunities in the rapidly changing manufacturing sector."
This project will be funded under the Community Adjustment Fund in southern Ontario, which will create immediate employment opportunities and support the local economies that have been struggling with the effects of the global economic downturn. Other projects approved under the Community Adjustment Fund will be announced over the coming weeks. Approved projects must meet the terms and conditions set out in their contribution agreements.
FedDev Ontario was created as part of Canada's Economic Action Plan to support economic and community development, innovation, and economic diversification with contributions to communities, businesses and non-profit organizations in southern Ontario. To learn more about FedDev Ontario and the Community Adjustment Fund in southern Ontario, please visit the website at www.feddevontario.gc.ca, or call 1-866-593-5505. For additional information on Canada's Economic Action Plan, visit www.actionplan.gc.ca.
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For more information, contact:
Director of Communications
Office of the Honourable Gary Goodyear
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