The Minister of Economic Development in Ontario recently visited Kingston to announce new investments from two companies that will bring 70 new jobs to the city. The first company, IPG Photonics, known for manufacturing optical sensors and software, will be investing over $20 million into a new facility in Kingston. The president of IPG Photonics highlighted the company’s role in the electric mobility revolution and its wide range of applications in industries such as automotive, healthcare, aerospace, and defense. This investment follows Goodyear Canada’s recent announcement of a $575-million investment in its Napanee plant, showing a growing trend of companies expanding and investing in the Kingston area.
In addition to IPG Photonics’ investment, Cancoil Thermal Corporation will be investing $16 million into its two existing facilities in Kingston’s east end, leading to the creation of 70 new jobs across the city. The economic development minister mentioned that Ontario graduates 70,000 STEM graduates every year, showcasing the talent pool in the region and the potential for companies to thrive and grow in Kingston. The province is contributing $3.5 million towards these projects, showing support for the continued economic growth and job creation in the area.
Shelley Hirstwood of Kingston Economic Development expressed excitement over the investments made by Cancoil and IPG in Kingston, attributing it to the talent pool and the supportive business community in the city. IPG Photonics will focus on automotive and consumer electronics applications, while Cancoil will be installing new manufacturing and research and development equipment at its newest facility. The investments from these companies are seen as a positive sign for Kingston’s economy and job market, creating opportunities for local residents and contributing to the city’s overall growth and development.
The focus on STEM graduates in Ontario and the presence of technical talent in Kingston are highlighted as key factors driving the investments from companies like IPG Photonics and Cancoil Thermal Corporation. The province’s support for these projects through financial contributions further demonstrates a commitment to fostering innovation and economic development in the region. The diversification of industries benefiting from these investments, from automotive and consumer electronics to healthcare and aerospace, reflects the versatility and applicability of the technologies developed by these companies.
Overall, the investments made by IPG Photonics and Cancoil Thermal Corporation in Kingston signify a positive outlook for the city’s economic landscape. With the creation of 70 new jobs and the infusion of millions of dollars into new facilities and technology, Kingston is poised for continued growth and prosperity. The collaborative efforts between the private sector, government, and local economic development agencies are crucial in attracting and retaining companies that contribute to job creation and innovation in the region. Kingston’s reputation as a hub for technical talent and innovation is further solidified by these recent investments and developments.
