Image Courtesy of: Dot Com Dot Au Image Library

Million Dollar Manufacturing Boost

published  First Published: 20/11/2009
Article written by: News Editor: Nigel Brookson
The money will be invested from the $40 million South Australian Innovation and Investment Fund established by the federal and state governments in response to the closure of Mitsubishis Tonsley Park assembly plant in March last year.
The fund includes $30 million for industry development and $10 million for infrastructure development.
In a joint statement, federal Innovation Minister Senator Kim Carr and Treasurer Kevin Foley said the funds would generate $78.3 million in private manufacturing investment and create up to 476 new jobs.
Grants range from $250,000 to $2.5 million and are made to assist the establishment and expansion of manufacturing capabilities.
Funding will be provided to eleven SA manufacturers including:
Developing an integrated R&D engineering, test and manufacturing facility for a new range of drill rigs (Boart Longyear, Lonsdale 67 jobs)
A facility to manufacture environmentally friendly building blocks (Benex Technologies, Lonsdale 70 jobs)
A mass production facility to manufacture Modpods demountable and flat pack accommodation, storage and service solutions (Modra Hayes, Warooka 80 jobs)
The ministers said the first round funding of $14.4 million, announced in February this year, was generating a total investment of $63 million and creating around 430 new jobs.
Senator Carr said the competition for support under the fund had been fierce and showed how passionate and committed local businesses were.
Mr Foley said that at a time when capital for expansion could be hard to come by, support through measures like the innovation fund could make all the difference.
These projects only serve to strengthen this Governments belief that South Australian manufactures are among the most innovative and determined in the country.


news tags



If you enjoyed reading this article on Million Dollar Manufacturing Boost; share it with your friends & the world.


Comments made on Million Dollar Manufacturing Boost