FedNor will spend $3,250,000 to help Wabi Iron & Steel Corp. innovate, grow, increase sales and exports, and create jobs in Northern Ontario according to a news release.
Provided through FedNor's Regional Economic Growth Through Innovation Fund (REGI) the money will be used to upgrade and expand Wabi's foundry, the only facility of its kind in northern Ontario.
The foundry expansion was identified in Wabi's strategic plan as a key priority to support the success and sustainability of the organization for the next 100 years and will allow Wabi to purchase specialized energy-efficient equipment, produce larger products, increase production and market share while tripling its revenue by 2027.
Just last summer Wabi received an unconditionally repayable loan of $294,100 to improve and modernize its manufacturing processes, purchase new equipment, and renovate its facilities. FedNor also provided another non-repayable contribution of $15,000 to help Wabi complete an operational assessment, which will allow the company to identify and plan opportunities for potential growth.
Just two years ago, a government loan of $410,250 helped Wabi modernize its operations, scale up, and create eight jobs in Temiskaming Shores
See: New Liskeard company upgrades will produce jobs and expand manufacturing facilities
And: Wabi Iron & Steel expanding again
In addition to the modernization and growth of an existing business, other benefits include creating 43 new jobs, strengthening northern Ontario's manufacturing sector, and further positioning the region as a leader for critical minerals vital to the success of the mining supply chain.
“This funding will help Wabi Iron & Steel grow its business and support the evolution of northern Ontario's mining and critical minerals sectors for years to come," said Anthony Rota, member of parliament for Nipissing—Timiskaming. "As the only foundry in northern Ontario, Wabi offers an essential service while being a major employer."
“The expansion of the foundry will help us take our business to the next level, create local jobs and position us for another 100 years of success,” added Darryl Gutscher, president, Wabi Iron & Steel Corp.
Wabi Iron & Steel is a global leader in the development and manufacture of loading and conveyance systems for the mining industry, as well as a premier producer of general and abrasion-resistant castings in iron and steel.
Its integrated Mine Equipment and Foundry Divisions enable the organization to be a convenient one-stop-shop for a variety of manufacturing solutions, ensuring client peace of mind through its trademark workmanship, deadline-driven approach and unwavering attention to detail. Its products are shipped to customers in Canada and the United States as well as Mexico and South America, says the release.
