Markham-based injection-moulded plastics manufacturer
Novo Plastics, whose manufacturing facility employs 70 people in the GTA, has received $1 million in support for an innovative car parts line. The money, provided in the form of a loan facility, is provided by the Ontario Ministry of Innovation through its
Innovation Demonstration Fund.
The company was founded in 2006 to design and manufacture parts for heating and air conditioning systems and for automobiles. It's products for cars aim to be more environmentally friendly than alternatives. Novo Plastics President and CEO Baljit Sierra said
in a statement that the loan from the government will help fund the continued testing and commercialization of a muffler system that is lightweight and offers lower carbon emissions than traditional metal mufflers. "Novo Plastics in honoured to have this vote of confidence from the government of Ontario," Baljit said, calling it an "investment in advanced, green technology."
In its five years of operation, Novo Plastics has grown to fill an 80,000-square-foot headquarters in Markham that runs three production shifts, as well as establishing sales and manufacturing facilities in the US, Germany, India and South Korea.
Writer: Edward Keenan
Source: Baljit Sierra, President and CEO, Novo Plastics