New Liskeard, ON - Federal Economic Development Agency for Northern Ontario - FedNor
Anthony Rota, Member of Parliament for Nipissing-Timiskaming, today announced a FedNor investment of $3,250,000 to help Wabi Iron & Steel Corp. (Wabi) innovate, grow, increase sales and exports, and create jobs in Northern Ontario. The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.
Provided through FedNor's Regional Economic Growth Through Innovation Fund (REGI), this targeted investment 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. This investment will allow Wabi to purchase specialized energy efficient equipment, produce larger products, increase production and market share, while tripling its revenue by 2027.
In addition to the modernization and growth of an existing business, anticipated benefits of this investment include creating 43 new jobs, strengthening Northern Ontario's manufacturing sector and further positioning the region as a leader for critical minerals and vital to the success of our mining supply chain.
