A pair of companies in Kingston have announced plans to invest $37 million into the city, while creating 70 new jobs. Ontario's minister of economic development was in the city to help make the announcement.Ontario’s minister of economic development visited Kingston Wednesday to announce new investments from two companies, bringing 70 new jobs to the city.
The minister began his day at IPG Photonics, a company known for manufacturing optical sensors and software. IPG Photonics is expanding and will invest over $20 million into a new Kingston facility. “Our work plays a critical role in the electric mobility revolution, a movement that is reshaping the automotive industry and the future of transportation. But our technology’s impact goes far beyond that. It is used in building F1 race cars, pacemakers, rockets to Mars, jet engines, food machinery, defence products and even commercial fusion technology,” said Paul Webster, president of IPG Photonics.
In addition to IPG Photonics’ investment, Cancoil Thermal Corporation will invest $16 million into its two existing facilities in Kingston’s east end, contributing to the creation of 70 new jobs across the city.“Any new job is certainly one that we celebrate, and we are excited that both companies, Cancoil and IPG, continue to invest in Kingston.
The province is contributing $3.5 million to the two projects. IPG will focus on automotive and consumer electronics, while Cancoil will install new manufacturing and research and development equipment at its newest facility.U.S. election will be a ‘tight race in a closely divided country’: Obama