Over $1.4 million from FedNor is supporting the expansion and modernization of a couple area businesses.
Corexplore Drilling Services will receive $1 million while North Bay Plastic Molders in Corbeil will receive just over $420,000.
Both are repayable investments.
“Strong local economies rely on the growth of local businesses,” says Anthony Rota, Member of Parliament for Nipissing-Timiskaming. “Strategic investments such as these will allow the two businesses to purchase equipment, increase production and find new ways to become more energy efficient.”
Along with hiring and training staff, Corexplore Drilling Services will be purchasing clean-tech drilling equipment and supplies to establish the business.
Three new energy-efficient plastic injection moulding machines are being purchased by North Bay Plastic Molders to increase product diversity and to reach new markets.