FedDev Ontario supports growth of Stratford manufacturer
$950,000-contribution to expand facility, increase production and create 10 quality jobs
May 14, 2019 – Stratford, Ontario
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced a FedDev Ontario contribution of $950,000 for New-Form Tools Ltd., a leading manufacturer of innovative, specialty saw blade and cutting systems for automotive, oil and gas, and construction industries.
New-Form Tools Ltd. manufactures innovative high-strength steel circular saw blades, developed in-house by skilled engineers and process developers. Additonally, the company produces tungsten carbide-tipped circular saw blades, which offer higher precision and quality.
FedDev Ontario’s contribution will allow New-Form Tools Ltd. to expand its Stratford facility by 22,500 square feet and acquire more advanced manufacturing equipment to increase production capacity and diversify its offerings. The enhanced capabilities will enable the company to add a new line of TCT Circular Saw Blades and grow its innovative re-sharpening process, which helps to extend the lifespan of blades, significantly reducing waste from the disposal of single use blades.
This project will support the creation of up to 10 full-time skilled manufacturing jobs in Stratford. New-Form Tools Ltd. will also be better positioned to meet growing client demands and pursue export opportunities in new global markets.
“Our government is proud to support the growth plans of a forward-thinking advanced manufacturer like New-Form Tools Ltd. that’s poised to scale up operations and seize global market share. Through FedDev Ontario’s investment, we are creating more opportunities to drive growth, support businesses and attract talent to Stratford, which will result in a stronger rural community.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
“FedDev Ontario’s contribution will be instrumental in allowing New-Form Tools Ltd. the opportunity to expand our operations with the most advanced manufacturing systems in the industry. Our new plant expansion will also provide us room for planned productivity improvements and further our production capabilities. Innovation has been the core to success at New-Form Tools Ltd. and this support will allow us to increase our skilled employment and expand our exports throughout the world.”
- Barry Magna, CPA, CMA, Chief Financial Officer, New-Form Tools Ltd.
Established in 1984, New-Form Tools Ltd. is a family-owned and operated manufacturer of high-quality, cost-effective metal cutting solutions.
FedDev Ontario’s repayable contribution of $950,000 will leverage more than $3 million in private sector and other investment.
In 2017, New-Form Tools Ltd. participated in the Government’s Accelerated Growth Service, as nominated by the Business Development Bank of Canada.
FedDev Ontario recognizes the vital role rural communities play in the region’s economy, and is demonstrating support through an initial $100 million allocation for projects that drive innovation and growth in rural communities.
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