MISSISSAUGA-The Ontario government is providing a $3.07-million loan to Concept Plastics Ltd., which makes food and plant packaging and containers and is Canada’s only car mat manufacturer.
Concept Plastics will use the financing to buy new injection molding equipment for its Mississauga facility.
The company currently uses PPE in the injection molding process. By switching to PVC powder, it expects to increase production and cut material costs by as much as 40 per cent.
The new process will also reduce energy consumption by eliminating an injection molding step, says Kiran Kulkarni, president of Concept Plastics Ltd.
He says the province’s loan will help with the total $10.7-million in new equipment costs.
Kulkarni expects the investment will pay off by more than doubling sales over the next five years.
As Concept Plastics ramps up production at the 100-sq.-ft facility, it will add 27 positions.
“Most of the jobs will be related to plant supervision, maintenance and tooling set up,” Kulkarni said.
Installations are expected to be complete within 18 months.