Facilitating Adoption of Advanced Technologies

OTTAWA, ONTARIO--(Marketwired - April 27, 2015) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Today, FedDev Ontario Minister Gary Goodyear announced an important investment of up to $100,000 in OZ Optics Limited, a worldwide supplier of fiber optic products for optical networks.

OZ Optics Limited will use the funding to automate and optimize a laser writing process. This will allow the company to manufacture better devices and at a faster rate. It will also help develop new devices for advanced applications.

In addition to designing and manufacturing components and test equipment for fiber optics markets, the company offers fiber optic sensor systems for remote monitoring of oil and gas pipelines, wells, refineries, bridges, dams and other large structures, security fences and for fire detection.

This is the first project announced through the Harper Government's joint partnership with Canadian Manufacturers & Exporters' (CME) SMART Advanced Technologies for Global Growth program, which opened on December 1, 2014.

Quick Facts

• Economic Action Plan 2015 provides manufacturers with a 10-year tax incentive, to boost productivity-enhancing investments and support business growth.
  
  
• It also proposes to reduce the small business tax rate to 9 percent by 2019, putting an estimated $2.7 billion back in the pockets of job-creating small businesses and their owners between now and 2019-20.
  
  
• OZ Optics Limited's seven different product groups are marketed and sold globally to more than 10,000 customers in more than 60 countries.
  
  
• Export-oriented manufacturers are encouraged to apply for CME SMART funding to conduct technology assessments and adopt advanced technologies, such as robotics, 3D printing and automated materials handling.
  
  
• Since 2009, FedDev Ontario has committed almost $350 million to an expected 2,100 direct and indirect manufacturing projects, including investments for CME's SMART programming.
  
  

Quotes

"Our Government remains committed to helping our manufacturers expand their operations, invest in productivity improvements and adopt advanced technologies. I am proud to make the first funding announcement for OZ Optics Limited through the CME's SMART Advanced Technologies for Global Growth program."

- Gary Goodyear, Minister of State for FedDev Ontario

"The Ontario economy depends on manufacturers to drive exports, commercialize most new technologies and create high paying jobs across a variety of industrial and services sectors, so in many respects our economic prospects are directly tied to the future of manufacturing in Ontario. Advanced manufacturing technologies are revolutionizing products and production processes for Ontario manufacturers and, while competitive pressures remain extremely strong, adoption of advanced manufacturing technologies will help keep Ontario firms competitive."

- Jayson Myers, President and CEO of Canadian Manufacturers & Exporters

"For 30 years, OZ Optics has led the way in fiber optics components, test equipment and sensors, not just for telecommunications, but also for biomedical, industrial, energy, and research sectors. To do so, it has and must continuously invest in research and development, creating new products and new, better ways to manufacture these products. The SMART program gives OZ Optics and other companies the resources and ability to continue that work, ensuring that Canada plays a leading role in the global economy, both now and in the future.

- Garland Best, Vice President, Components, OZ Optics Limited

Related Products

Speech: CME SMART Program Funding Announcement for OZ Optics Limited

Associated Links

- OZ Optics Limited

- CME SMART Advanced Technologies for Global Growth Program

- FedDev Ontario

- Economic Action Plan 2015

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