Ontario gives Formet Industries $1M to add jobs in St. Thomas

Ontario will invest $1 million in an auto parts supplier in St. Thomas to create and retain jobs in the southwestern Ontario town.

The province announced on Thursday it will help Formet Industries develop new products and grow its business, creating 66 new jobs and retaining more than 1,300 positions.

The money will come from the Southwestern Ontario Development Fund.

Formet is a manufacturing division of Cosma International, which in turn is part of Magna International, the world's second-largest auto supplier by sales.

In St. Thomas, the company makes automotive structural components that provide added strength and safety and a reduction in vehicle weight.

The company will supply the components to an automaker with operations in Ontario.

"The investment we're announcing today at our St. Thomas facility is part of our company's ongoing focus on using the latest materials, technologies and engineering innovation to offer body and chassis components that we believe set industry standards for structural integrity and lightweight performance," Formet Industries general manager Mark Johnson said in a news release.

"Ontario's innovative and broad-based supply chain is a key strength as the province competes globally for new auto assembly investment," Minister of Economic Development, Employment and Infrastructure Brad Duguid said in the same release. "This project with Formet targets the skills we're working with the industry to develop — using the advanced production processes and lightweight materials required for the next generation of fuel-efficient vehicles."