Ontario, Canada Supports Novocol Pharmaceuticals Expansion
TORONTO, Dec 21, 2011 (BUSINESS WIRE) -- Ontario, Canada is helping Novocol Pharmaceuticals of Canada Inc. expand and modernize its Cambridge facility, including converting an outdated production line into an R&D centre. The entire project will help the company diversify and develop new infection control products, increasing the global company's competitiveness.
In total, Novocol is investing over $54 million in this project over the next five years, which includes a loan of $10 million from the Ontario Government.
Novocol Pharmaceutical of Canada Inc. (Novocol), and its affiliated owner, Septodont SAS of France, are world leaders in the production of dental anaesthetic cartridges. Novocol controls a large portion of the U.S. market, through its own brands, or the manufacture of other brands, and private label products.
"Ontario is pleased to support companies like Novocol with investments toward the types of innovation and R&D initiatives guaranteed to bring jobs to our communities and strengthen Ontario's economy. With 41,500 Ontarians working in the life sciences industry, it plays an important role in the province's economy."
-- Brad Duguid, Minister of Economic Development and Innovation
"We are extremely proud of the fact that Novocol is a world leader in manufacturing of dental injectable products here in Cambridge, Ontario and in our skilled workforce that has helped build our 100 year history in the industry. On the highly competitive global stage, modernization is no longer an option used for getting ahead of the competition; it's an essential just to stay in business. Ontario's support to help us invest in advanced R&D and innovation is what it takes to get us to the next level and to help create local jobs and give back to the community that has helped make this company such a success."
-- Kent Chiu, President -- Septodont North America
-- In 2010, Ontario's Pharmaceutical sector exported $5.8 billion in goods.
-- In 2010, Ontario was named a top destination for foreign direct investment in North America, second only to California. The province attracted a total of 127 Foreign Direct Investment projects, which created more than 11,200 jobs.
-- As a result of the tax changes implemented in Ontario, taxes on business investment were cut in half, making Ontario more competitive and encouraging business growth.
-- Take a look at the programs and services available to help businesses grow.
SOURCE: Ministry of Economic Development and Trade