Ontario Welcomes a $3,364,206 Manufacturing Investment
Savage Arms will create 49 new good-paying jobs in Selwyn Township
Selwyn — The Ontario government is supporting an investment of $3,364,206 by Savage Arms Canada to boost local manufacturing and create 49 new good-paying jobs. As part of this investment, the government is providing Savage Arms with $504,631 in funding through the Regional Development Program’s Eastern Ontario’s Development Fund.
This funding was announced today by Dave Smith, Member of Provincial Parliament for Peterborough-Kawartha.
“Our government is building a strong Ontario and strengthening the economy by supporting key investments in communities Selwyn Township,” said Dave Smith, Member of Provincial Parliament for Peterborough-Kawartha. “This investment from Savage Arms, supported by the provincial government will grow local manufacturing and create more jobs for workers and families in Peterborough County.” MPP Smith added.
Savage Arms, Canada is investing over $2.5 million to introduce two new product lines to expand Savage Arm’s current award-winning rifle line, a new lever action rimfire rifle and centrefire hunting rifles. The development will open up additional capabilities in Ontario through new manufacturing and tooling equipment purchased to support this expansion of product lines.
“Savage Arms is a strong supporter of the community and pride ourselves on the quality products we design, build and deliver to our valued, multi-generational customers,” said Terry McCullough, Vice-President, and General Manager of Savage Arms (Canada). “With the help of government funding opportunities such as this, we’re able to fully realize our vision to be the most widely used firearms in the world and give back to our community through jobs created and opportunities for workforce growth.” Terry McCullough added.
Ontario is investing more than $140 million through the Regional Development Program to strengthen the advanced manufacturing sector across the province and create new, good-paying jobs. The program provides funding to businesses, municipalities and economic development organizations to help local communities attract investment, diversify their economies, and create jobs.
To date, Ontario has provided over $110 million to support 100 projects through the program, leveraging over $1.1 billion in new investments and helping to create more than 2,300 jobs.
“Our government is proud to support local manufacturers across the province as they grow and create more good-paying jobs in their communities,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Investing in these types of community-building projects will help us continue to build Ontario and strengthen the economy. We thank Savage Arms, Canada for making a significant impact in their community and for contributing to our province’s dynamic and growing manufacturing sector.”
QUICK FACTS
- As part of the 2023 Ontario Budget, the government is proposing a new Ontario Made Manufacturing Investment Tax Credit, which would provide a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.
- The government launched the Regional Development Program for Eastern and Southwestern Ontario in November 2019. Businesses and municipalities can get financial support through the Eastern Ontario Development Fund and Southwestern Ontario Development Fund and guided access to a range of complementary services and supports.
- The government recently launched the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program. It will support Ontario advanced manufacturers to invest in the equipment, advanced technologies and skilled workforce needed to improve competitiveness and growth, and to create, retain and bring jobs back to every region of the province.
ADDITIONAL RESOURCES
Regional Development Program
Open for Business