66 new jobs coming to Formet thanks to $1M investment by province
Thanks to a $1million grant from Queen's Park, 66 new jobs and 1300 current positions will be retained at Formet Industries in St. Thomas.
Officials from the province made the announcement Thursday morning at the company's facility.
The cash will come from the Southwestern Ontario Development Fund.
It will go towards the development of auto parts that will increase strength and safety while reducing vehicle weight.
The funds typically cover up to 15 per cent of eligible project costs, with the recipient company funding the remainder from its own resources.
Formet is a manufacturing division of Cosma International, which is part of Magna International, the world's second-largest auto supplier by sales.