Concept Plastics, a manufacturer of food packaging and car mats (Canada's only source of the latter) will be getting an injection of capital to fuel innovation from the provincial government. A $3.07 million grant from the Ministry of Economic Development announced
earlier this month will finance new equipment for the company's production line, including upgrading the process to allow the innovative injection of PVC powder. The improved process should lower costs by about 40 per cent and ramp up production for the Mississauga company.
According to company President Kiran Kulkarni, the investment will allow the company to be far more competitive internationally, which he expects to lead to significant growth, especially in the auto market. As Canada's only manufacturer of car mats, the company is hoping to claw some market share in a sector reported to be worth $50 million annually in Canada, and more than a quarter billion dollars per year in the US. The investment is projected to add 27 new jobs to the company's current staff of 26 over the next five years.
Writer: Edward Keenan
Sources: Leigh-Ann Popek, Ministry of Economic Development; Kiran Kulkarni, Concept Plastics