Federal Industry Minister Tony Clement announced FedNor is investing $455,000 in Rotacan to help the North Bay mining equipment manufacturer enhance and expand its product line.
"Today's announcement further demonstrates the Government of Canada's commitment to strengthen and diversify the economy of the Nipissing–Timiskaming region," said Clement, in a Dec. 19 news release.
"Through strategic investments in projects that promote innovation and technology development, such as this one, the federal government is helping to create jobs and generate immediate economic results for the people of Northern Ontario."
A FedNor investment of $455,000 will support technical enhancements to Rotacan's existing product lines, allowing for the development of a new, sealed bearing drill bit. In addition to its mining application, this unique product will also be used in the oil & gas industry, which will enable the local company to expand its client base and enter new domestic and international markets.
Rotacan is currently the only Canadian company with design and production capabilities dedicated to the manufacturing of rotary blast hole drill bits.
"We are very excited about the positive impact this investment will have on our ability to enter new markets and grow our business," said Rotacan owner Joe Guido.
"This funding will allow us to diversify our product line, hire additional staff and help position our organization for long-term growth and prosperity."
