Horizon Plastics International Inc. is leveraging government aid for new-product development.
The Cobourg, Ontario, firm has been awarded C$1.9 million (US$1.98 million) through the province of Ontario's Innovation Demonstration Fund. The fund is administered by the Ministry of Research and Innovation. Horizon is receiving a forgivable loan. It will match the loan for a total program cost of C$3.8million (US$3.95 million).
Our team at Horizon Plastics is excited, energized and eager to use the support we are receiving in order to develop and produce new, innovative products which will support high-paying manufacturing jobs that are an important element of our community, stated Horizon President Peter Garvey in a news release.
Horizon specializes in structural foam and structural web molding to make items that can replace wood, metal and concrete. Markets include industrial, environmental, marine and consumer applications.
[The loan] will allow us to do research and development on our technology, Garvey said in a telephone interview. We can get the process to the stage where we can go to market.
Garvey said the program will involve capital expenditures but he declined to provide details. He also avoided talking about specific aspects of the program.
Horizon has taken a fresh look at making plastic products and the results will be exciting new markets and new economic growth, said Minister of Research and Innovation Glen Murray. The ministry lauded Horizon's work with plastics technologies that use less energy, oil, gas and water than conventional plastics.
Horizon officials were unavailable to elaborate on the firm's development plans.
The innovation fund focuses on environmental, alternative energy, bioproducts, hydrogen and other globally significant technologies at the pilot stage of development.