The manufacturer will modernize its operations, scale-up and create eight high-quality jobs
A Government of Canada loan of $410,250 will help a New Liskeard manufacturer modernize its operations, scale up, and create eight high-quality jobs.
Wabi Iron and Steel Corp. will use the FEDNOR money to modernize and expand its manufacturing facilities in Temiskaming Shores and immediately create jobs. In addition, the funding will help pave the way for the company to create up to 20 jobs as part of future expansions, according to a news release today.
“This FedNor investment will allow us to purchase the cutting-edge equipment we need to scale up, increase production, expand into new markets and meet the growing demand for our products and services," said Jeremy Birnie, CEO, Wabi Iron & Steel Corp. "We are thrilled that the Government of Canada stepped up to help us create local jobs and become more competitive in the global marketplace.”
Birnie adds the money will help innovate, adopt new technologies and expand to meet the rising demand for its manufactured steel products.
The company presently employs 48, but is looking to grow to more than 56 by end of this year and is proud of its long history of excellent quality and engineering expertise.
"Our Foundry provides the highest quality wears parts used in heavy industry throughout North America.
"We ship products all over the world, with primary markets focused in mining and heavy industry in North and South America," Birnie told Village Media. "Wabi has been in business providing underground mining equipment and excellent quality castings from our site in Temiskaming Shores since 1907."
The Mine Equipment Division builds skips and cages for mine shafts and related equipment. Wabi’s underground mining products are known throughout the industry for high quality and durability.
"Our products reduce downtime and provide superior wear life when compared to other options," explained Birnie.
Provided through FedNor’s Regional Economic Growth through Innovation Program, the repayable contribution will help Wabi Iron and Steel Corp. to buy and install a variety of equipment, including milling, lathe and molding machines, as well as to complete structural and environmental improvements such as roof enhancements and lighting upgrades.
"The upgrades will enable the company to improve efficiencies, increase exports and expand product offerings to capitalize on growth opportunities in key sectors such as mining, forestry and mineral processing," adds the release.
“Nipissing-Timiskaming is a strategic hub for manufacturers that produce important products for mining, forestry and much more," said MPP Anthony Rota. "Investing in innovative businesses like Wabi Iron and Steel Corp. will support recovery efforts, create jobs, increase exports and maximize the economic potential and sustainability of our manufacturing sector.”
