Seaway Yarns Expands with Help from Province
Cornwall manufacturer Seaway Yarns Limited has received a $315,300 grant from the Province of Ontario to help offset the cost of purchasing new, state-of-the-art equipment. The grant is being funded through the Eastern Ontario Development Fund.
"Seaway Yarns is a great company that wants to increase its global competitiveness, and modernize the way it does business. This investment will mean more economic activity in Eastern Ontario. It is a great example of the success coming out of the region." Michael Bryant, Minister of Economic Development.
Seaway Yarns Limited is a specialty manufacturer of twisted, air entangled and air texture high-performance yarns. Their products are used by a number of companies in the manufacture of a variety of products, including hoses, clothing, seat belts and dental floss. The company currently employs 55 employees.
Seaway Yarns will be using the new equipment to expand its product line, change how it does business and in the process better service its customers. The project will increase productivity and reduce waste, with a view to being more competitive in the global marketplace. The company plans to add an additional 10 jobs and upgrade 12 others over the next five years.
"We're excited about our equipment upgrades and view it as necessary to remain competitive in a global market. The government grant will help us retain and create jobs, build our product line, and better service our customers' needs," said Donald Ariagno, General Manager of Seaway Yarns.
The annoucement was made by Jim Brownell, MPP for Stormont-Dundas-South Glengarry, at a tour of their facility in Cornwall's Business Park.
"The Ontario government is prepared to help companies across Ontario, regardless of their size. Seaway Yarns is one among many successful businesses that benefit from the Eastern Ontario Development Fund."
Eastern Ontario businesses that invest $500,000 or more in projects that create or retain at least 10 jobs over five years are eligible for a grant of up to 15% from the Eastern Ontario Development Fund. The EODF was created by the Province in 2008.
"We are pleased to see Seaway Yarns step forward with a project that is innovative and will improve their competitiveness", said Mark Boileau, Manager of Economic Development for the City of Cornwall. "The success of the company is a true testament to the power of hard work and entrepreneurial thinking".