Wednesday, August 22, 2007

Toyota Ups Its Canadian Investment

The Ontario Government is investing $8.7 million in new jobs and leading-edge ideas at Toyota Boshoku Canada’s auto parts plant, announced Minister of Economic Development and Trade Sandra Pupatello. The project will create 365 new jobs in Woodstock.

Toyota Boshoku’s $87.3 million investment includes building a 25,000 square metre plant that will manufacture front and rear seats, interior door trim and other interior products for the RAV4 vehicle model produced at Toyota Motor Manufacturing Canada’s Woodstock plant.

The Toyota Boshoku Canada investment is provided under the Ontario government’s Advanced Manufacturing Investment Strategy (AMIS). The $500-million strategy provides repayable loans, interest free for up to five years, to support investments in technology and innovation. The innovative projects supported by this strategy will generate more than $600 million in new investment and support the creation or retention of about 4,000 jobs.

“We are proud to call Woodstock home to Toyota Boshoku Canada’s first Canadian facility,” said Haruo Murase, President of Toyota Boshoku Canada. “The skilled workers of Woodstock and the surrounding region will help us reach the next level of competitiveness and success. We couldn’t have found a better place to do business.”

The government is now accepting proposals for AMIS round four, with a submission deadline of August 30, 2007. For eligibility requirements and an application package visit (click on the “Programs and Services” link). In this year's budget the Ontario government lowered the project threshold for loan applications under the program to either 100 jobs created or kept or $25 million invested, to allow more small- and medium-sized companies to participate.

AMIS is part of the government’s overall strategy for jobs and prosperity that includes investments in infrastructure, postsecondary education, stable energy supply, research and innovation and key economic sectors.

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