By Renée Francoeur
July 18, 2016 – Northern Cables is happy to announce it has secured some financial help for its key projects over the next five years.
With $820,000 in support from the Eastern Ontario Development Fund, the company says it will expand production and grow its business in Prescott and Brockville, creating 18 new jobs and retaining 163 positions.
A 40,000-sf expansion at the main plant in Brockville is already underway, plus a 5-acre addition of yard, said Todd Stafford, president of Northern Cables.
The funding will also help add equipment to manufacture aluminum products in the Prescott location.
“We are long term planners when it comes to capital and our current projects—scheduled for completion by 2020—have a total value of $8.2 million,” Stafford added.
According to the province, the fund covers 10% of eligible project costs, with the recipient funding the remainder from its own resources. In some cases, the fund covers up to 15%.
This is Northern Cables’ second time working with the Eastern Ontario Development Fund.
“It definitely helps our capital go that much further when it comes to these projects,” Stafford said.
Northern Cables, established in Brockville in 1996, manufactures copper, aluminum and low-voltage cables for industrial, mining and commercial use in North America.
Since 2008, the government says it has committed over $89 million through the Eastern Ontario Development Fund, leveraging private-sector investment of more than $840 million.
“We are pleased when forward-thinking companies like Northern Cables choose to grow their business here,” said Brad Duguid, Ontario’s minister of economic development and growth. “This project will help Northern Cables increase productivity, stay competitive and create good paying jobs in the province.”