April 10, 2015
Ontario is helping Ritz Plastics Inc. invest in new equipment to grow its business and create 14 new jobs while retaining 95 existing positions in Peterborough.
Ritz Plastics Inc. makes injection moulded plastic components and assemblies for the automotive industry and has customers around the world. The company also produces products for the medical, consumer goods, and electronics sectors. With support from the Eastern Ontario Development Fund, Ritz will invest in new production equipment and employee training to increase the company’s competitiveness and boost sales and exports.
The Eastern Ontario Development Fund is helping to create jobs and diversify the economy by encouraging regional businesses to pursue innovation and new markets. The fund was the model for the successful Southwestern Ontario Development Fund. Together, these two funds have created and retained more than 31,000 jobs and attracted more than $1.3 billion in investment.
Helping businesses compete and grow in the highly competitive global economy is part of the government's economic plan for Ontario. The four-part plan is building Ontario up by investing in people's talents and skills, building new public infrastructure like roads and transit, creating a dynamic, supportive environment where business thrives and building a secure savings plan so everyone can afford to retire.
“This investment will help Ritz Plastics grow its market share both at home and abroad, creating new jobs and boosting the local economy. This project supports our Going Global Trade Strategy, and demonstrates the value of strategically partnering with businesses to help innovative Ontario companies expand their business and compete globally.”
— Brad Duguid, Minister of Economic Development, Employment and Infrastructure
“Ritz Plastics is a valued member of our Peterborough business community and I’m delighted our government is a partner in the company’s growth plans. We’re fortunate to have a vibrant and diversified economy in eastern Ontario and our government will continue working with businesses and organizations to build on these strengths.”
— Jeff Leal, MPP for Peterborough
“Our focus at Ritz Plastics is providing a comprehensive suite of services — from the prototype stage through to product launch. This investment in industry-leading technology will enable our team to offer even greater innovation, flexibility and cost-effectiveness to our valued customers.”
— Steve Akerfeldt, President, Ritz Plastics Inc.
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