Contract Pharmaceuticals Limited Canada will expand its contract manufacturing capabilities and generate business growth in the life sciences sector, with the aid of up to $8,992,672 by a member of parliament for Mississauga, Streetsville Brad Butt, on behalf of FedDev Ontario minister Gary Goodyear.
The Harper government’s investment is through FedDev Ontario’s Investing in Business Growth and Productivity initiative, which is aimed at helping established businesses to expand their operations, invest in productivity improvements and compete globally.
Mr Brad Butt said: "The life sciences sector in Mississauga and the greater Toronto area, will greatly benefit from this investment to grow contract manufacturing services and products."
The company’s project will include purchasing new equipment to establish more automated systems and services.
This will allow the company to work more efficiently, reduce waste costs and produce at a greater volume, to better meet the needs of its growing client base.
Contract Pharmaceuticals Limited Canada’s strategic investment will allow the company to increase its manufacturing capabilities and introduce new technologies that will increase capacity to further diversify in global markets.
This project is expected to create up to 155 full-time jobs by 2018 and an additional 20 jobs within two years of project completion. It will also leverage $26,978,016 in additional funding for the project.
Facts about the company:
- Contract Pharmaceuticals Limited Canada was established in 1991 and operated initially as a third-party packaging contractor for pharmaceutical products.
- Contract Pharmaceuticals Limited Canada has grown significantly over the last 24 years, expanding its operational capacity from a 59,000ft² plant in Mississauga to a 140,000ft².
- Investing in Business Growth and Productivity funding is currently available for eligible small and medium-sized enterprises and not-for-profit industry associations or regional economic development organisations.
- Since 2009, FedDev Ontario has committed nearly $350 million to an expected 2,100 direct and indirect manufacturing projects.
- The Economic Action Plan (EAP) 2015 will support manufacturers with the aid of a ten-year tax incentive, which will boost productivity, enhance investments and support business growth. EAP 2015 will also invest in growing trade and expanding markets, which will boost job-creating opportunities for Canadian businesses.