MP Del Mastro announces $725,000 to stimulate local economy

December 16, 2009

Southern Ontario Development Program committed to supporting vital region’s economic recovery.
 
(PETERBOROUGH, ON) McCloskey International Limited will benefit from an investment of $725,000 under the Southern Ontario Development Program (SODP) to develop a rock crusher at its facility located here in Peterborough.  The announcement was made by Dean Del Mastro, Member of Parliament for Peterborough on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario.
 
“Our government is committed to creating jobs and supporting the people, communities and businesses of south- ern Ontario,” said MP Del Mastro. “This investment will stimulate the economy today and in the future by creating jobs locally and by further anchoring McCloskey International’s reputation as a world-wide leader in the crushing and screening industry.”
 
“They say this is the worst recession since the great depression.” stated Paschal McCloskey, President of McCloskey International.  “I have been through 2 recessions in the 25 year history of McCloskey International and I agree that there is a need for governments around the world to partner with companies like McCloskey who have a track record of creating jobs.  This assistance is a vote of confidence in McCloskey International and the future of our local economy.  This is a sound investment strategy and partnership with a company who over the past five years has turning into a global powerhouse in the crushing and screening industry.”
 
The total capital required to complete this project through to production is $1.1 million - $400,000 of this will be used to purchase capital equipment including a machining center, specialized wielding equipment and other tooling required in the manufacturing process.  The non-capital portion will be $700,000 which will be allocated to designing, engineering, materials and labour to manufacture and test 2 prototype crushers.  This will bring the project right through to the production process with a goal of starting production by mid to early April 2010.

McCloskey International will need to hire about 20 skilled employees to enable them to reach the production phase.  The final product will primarily be sold into the North American market through McCloskey’s North American dealer network. 
 
Funding for this project comes from the $55-million intake process under the SODP.  This project more than meets the goals of the Agency by demonstration economic diversification, innovation, commercialization and the ability to create and sustain job in the local economy and in Southern Ontario.  The SODP is just one in a series of initiatives introduced in the Government of Canada’s Economic Action Plan designed to address the short-term effects of the economic decline on communities across Canada, while preparing our communities for long-term growth. Overall funding for the SODP is $100 million in 2009-10. For more information on Canada’s Economic Action Plan, please visit www.actionplan.gc.ca.