NIAGARA FALLS, ONTARIO--(Marketwire - July 17, 2012) - With a $10 million investment from the Government of Canada, Cytec Canada will expand its Niagara plant to introduce new innovative products, help to grow the regional chemical sector, create jobs, and increase productivity. The Honourable Rob Nicholson, P.C., Q.C., Member of Parliament for Niagara Falls, Minister of Justice and Attorney General of Canada, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), made the announcement today alongside representatives of the Government of Ontario and the company.
"Our Government's top priority remains creating high-value jobs, growth and long-term prosperity for Canadians," said Minister Nicholson. "Our investment is supporting the expansion of Cytec Canada to meet growing global demand for its innovative made-in-Niagara products."
FedDev Ontario's $10 million contribution, in addition to Cytec's own investment of more than $100 million, will be used to build a new chemical plant beside its existing plant in Niagara. This expansion will create 30 new jobs and help maintain 105 existing positions. Cytec is currently operating at capacity and, through support from the federal government, the company will be able to introduce new products and double its production of phosphine and phosphine derivatives. These products are used in a wide range of materials, including electronics for LEDs, mineral processing, solvent extraction and fumigation.
"This significant expansion will allow us to meet the growing needs of the global markets we service and we are very thankful to have the strong support from the Government of Canada," said Rene Lemay, Site Manager, Cytec Canada.
For more information on this project and the Prosperity Initiative, please see the backgrounder.
The investment announced today supports the Government of Canada's science, technology, and innovation agenda, which is focused on increasing the country's productivity, creating jobs, and growing the economy.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative, and diversified. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
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This news release is available online at: www.actionplan.gc.ca.
Contribution to Cytec Canada
FedDev Ontario is providing Cytec Canada with a repayable contribution of up to $10 million through its Prosperity Initiative. Cytec has been operating a phosphine and phosphine derivatives plant in Niagara Falls for more than 40 years. As the largest of only three such plants in the world, it produces the most diverse range of phosphine-based products. These products are used as agricultural fumigants and catalysts in various chemical processes, and are used in solvent extraction, mining and microelectronics.
This investment, in addition to a contribution from the Ontario Ministry of Economic Development and Innovation, will allow Cytec to complete its expansion project. Cytec will build a new phosphine plant, which will be used for production, packaging and warehouse operations. As part of this project, research staff at the Niagara facility will also be working to bring new products to market, which will now be possible due to the plant expansion. Construction of the buildings is underway and is expected to be completed by March 31, 2014.
For more information, please visit www.cytec.com.
FedDev Ontario's Prosperity Initiative is designed to encourage businesses, not-for-profit organizations and post-secondary institutions in southern Ontario to undertake projects that will result in a more productive, diversified and competitive economy in the region.
Funding is available for projects that:
- enhance productivity, by accelerating the adoption of new technologies, processes and skills to enhance businesses and sectors in southern Ontario to achieve higher output in relation to their investments;
- diversify the regional economy, by increasing the number of new industries or opportunities in southern Ontario communities or regions with the potential to have long-term impacts on their economic diversity; and
- build a competitive advantage for southern Ontario, by building on the assets and strengths of southern Ontario businesses and regions to create or expand economic clusters and enhance their global competitiveness.
Applications for funding are being accepted and assessed on an ongoing basis. For more information and to apply, please refer to the Program Guidelines available on the website at www.feddevontario.gc.ca.