Veritas Tools Inc. is investing $4.5 million to boost local manufacturing and create 30 new, well-paying jobs in Ottawa. The Ontario government is supporting the project. As a component of this speculation, the public authority is giving $675,000 in subsidizing through the Territorial Improvement Program’s Eastern Ontario Improvement Asset.
According to Minister of Economic Development, Job Creation, and Trade Vic Fedeli, “Local manufacturers like Veritas Tools play a key role in communities across the province, and our government is proud to support them as they expand and create more good-paying jobs.” Over 20,000 jobs were added to the manufacturing sector in Ontario just last month. We keep creating the right conditions for domestic and international businesses to invest.
Lee Valley’s manufacturing division, Veritas Tools, is a global innovator in the design of woodworking tools. To meet rising global demand, the Ottawa-based company is making an investment of $4.5 million to boost production and acquire cutting-edge new equipment. Veritas Tools makes some of the most sought-after woodworking tools in the world, with more than 1,250 products and over 100 patents.
“Lee Valley and Veritas Devices are focused on homegrown assembling, making and safeguarding significant business. We accept these to be essential to a solid economy. Lee Valley President Jason Tasse stated, “Investment in these areas is critically important and remains a priority.” We are appreciative of Ontario’s Regional Development Program’s assistance. As this expansion initiative demonstrates, working together is the most effective way to strengthen Canada’s manufacturing sector.
Through its Regional Development Program, Ontario is contributing $140 million to various regional issues and priorities. Through the program, Ontario has contributed more than $91 million to 84 projects, leveraging more than $940 million in new investments and contributing to the creation of over 1,800 jobs in the province.