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April 11, 2012

Govt. Loan given to Innovative Auto Technology Made in Markham

Novo Plastics Inc. is advancing the development and production of its innovative plastic muffler system for local and international markets, thanks to a federal investment of up to $975,000 announced today by Paul Calandra, Member of Parliament for Oak Ridges-Markham, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
“Our government is proud to invest in helping this made-in-Ontario technology reach global markets,” said MP Calandra. “Novo Plastics is expanding its facilities, creatinghigh-quality jobs and targeting new customers, all of which support the company’s growth.”
The contribution through FedDev Ontario’s Prosperity Initiative is helping Novo Plastics expand its Markham facility and buy new equipment, geared at producing the plastic muffler system to meet varied transportation industry client needs.
Compared to traditional metal systems, the plastic muffler technology is lighter, stronger,longer-lasting and cheaper to produce. This product will also help transportation industry manufacturers go green, as it helps to reduce help reduce carbon dioxide emissions and improve fuel efficiency.
The commercialization of this product will diversify the company’s product line, expand the company’s export market, and support its longer-term sustainability.
“We are very honoured to receive this recognition and endorsement of our company and our technology from the federal government and are proud that our Member of Parliament, Mr. Paul Calandra, is here today on behalf of the Honourable Gary Goodyear,” said Baljit Sierra, President and CEO, Novo Plastics Inc.
For more information about the project and the Prosperity Initiative, please refer to thebackgrounder.
The investment announced today supports the Government of Canada’s science, technology and innovation agenda, which is focused on increasing the country’s productivity, creating jobs and growing the economy.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region’s strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region’s businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
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For more information, contact:
Natalie James
Office of MP Paul Calandra
Media Relations
FedDev Ontario