NEWS RELEASE
TIMMINS ECONOMIC DEVELOPMENT CORPORATION
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Ontario’s North Economic Development Corporation (ONEDC) and the Timmins Economic Development Corporation (TEDC) will be helping northern companies become certified to supply the defence sector. Firms can increase and diversify revenue streams by participating in the Industrial and Technological Benefits (ITB) Capacity Building Program.
“Northern Ontario has a strong pool of expertise in mining, metal fabrication, and heavy industrial vehicle mechanics,” said Ross MacDonald, Business Development Specialist with the Timmins Economic Development Corporation (TEDC).
“This program opens a window of opportunity for northern companies to work with multinationals and tiered global supply chains in the defence sector,” noting that local firms already supply similar parts to the mining industry. “With a few minor adjustments to their products, local firms can access new revenue streams.”
At this time, firms need resources and support to meet the standards of the defence industry. These enhancements include formal quality control programs, proper security registration and adjusting business operations to compete in the defence sector and other industries. The ITB program will provide guidance and financial assistance to help our companies meet these standards.
“We’re looking forward to collaborating with other communities to see firms in the north expand their offerings,” said TEDC Chair Fred Gibbons. Northern Ontario is a designated region of Canada for the defence sector, so local companies have an advantage in working with the prime contractors. Gibbons noted that “in addition to leveraging partnerships, the project will enhance capacity building efforts, create jobs and diversify the economy.”
The five northern communities included in ONEDC are Timmins, Thunder Bay, Sault Ste. Marie, Sudbury and North Bay.
For more information about the program, contact Ross MacDonald: [email protected] or (705) 360-2600 x 7092.
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