MPP Rae Announces Investment in Local Manufacturing Company

[Stratford, ON] – Today, Matthew Rae, MPP for Perth-Wellington, announced $500,000 in funding for local manufacturing company, New-Form Tools Ltd.

“Our provincial government will continue to support our thriving manufacturing sector across rural Ontario,” said MPP Rae. “This investment will help retain and create new high-skilled, good-paying jobs in the City of Stratford. It will also help make a local employer more resilient to global supply chain shocks.”

This funding is part of New-Form Tools’ total investment of $5.9 million to expand its existing Tungsten Carbide Tip (TCT) circular sawblade manufacturing, as well as developing new manufacturing processes to enhance in-house production. It will also help maintain 48 jobs in the community and create 13 new ones.

“Our government is proud to support local manufacturers across the province as they grow and create more, good-paying jobs in their communities,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Investing in these types of community-building projects will help us continue to build Ontario and strengthen the economy. We thank New-Form Tools for making a significant impact in the community and for contributing to our province’s dynamic and growing manufacturing sector.”

The project will utilize advanced technology and proprietary methods to improve efficiency and reduce waste. The investment will also reduce reliance on the global supply chain, as saw bodies will be manufactured in-house.

“In conjunction with the Southwestern Ontario Development Fund and the provincial government, New-Form Tools has been able to grow in technologies for the Steel Industry for both tube manufacturing and sold steel bar cutting,” said Jim Jantzi, President of New-Form Tools. “New-Form Tools has become a world leader in cutting technologies with exports to most industrialized countries.”

Ontario is investing $150 million through its Regional Development Program to help manufacturers across the province grow while supporting distinct regional priorities. To date, Ontario has supported more than 110 projects through the program, leveraging more than $1.6 billion in new investments and helping to create over 3,000 jobs.