McGuinty Government Announces $6 Million Investment with AGS Automotive / Tiercon
August, 2007

On Tuesday, August 28, 2007, the Honorable Sandra Pupatello, Minister of Economic Development and Trade of the Government of Ontario, together with Joe Loparco and Joe Leon, Co-Presidents of AGS Automotive and Tiercon, announced that the Government of Ontario is making a $6 million investment in AGS Automotive and Tiercon under the Ontario Automotive Investment Strategy Program. This investment by the Government entails a combined investment by AGS/Tiercon and the provincial government of a total of $62 million over a five year period and will result in the creation of more than 300 new jobs in Ontario.

The investments being made are designed to help AGS/Tiercon grow their businesses and will be made in such areas as:

• Research and development in advanced and fully integrated bumper systems, including high performance coatings, lightweight materials and imbedded electronics;
• Leading edge flexible manufacturing technologies;
• Green energy projects and waste reduction; and
• Skills training for our employees.

“This investment, and the growth and diversification of our product portfolio it will bring, signals the future for our companies,” said Joe Loparco. “The talents of our employees, plus investments in research and development and new technologies, will enable us to provide ever more innovative and industry-leading products for our customers.”

This announcement demonstrates the government’s confidence that AGS Automotive and Tiercon will be key players in the automotive industry of tomorrow. It also demonstrates that AGS/Tiercon’s business objectives for growth are sound and the investment will clearly enhance the competitiveness of both companies.

To be competitive in the global automotive industry, substantial investments in technology, in quality and in people need to be made and AGS and Tiercon are very pleased that the Government of Ontario will provide some support to them in their endeavor to become more competitive. Decisions regarding the locations of the investments under this program have not yet been made by AGS and Tiercon. However, all employees of both companies will ultimately benefit from these investments, as will the companies’ supply base, their customers and the economy of the Province of Ontario.

Both companies are very pleased to have received the Government’s support. A special thanks is owed to all the employees of both AGS and Tiercon for their efforts to date and in advance as they continue to support AGS and Tiercon to face the challenges of the global automotive industry. With great challenges come great opportunities and this support by the Government of Ontario better positions both companies to face the challenges and capitalize on the opportunities.

About the OAIS Program

In April 2004 the McGuinty government launched the $500-million Ontario Automotive Investment Strategy (OAIS) to leverage private sector investment in key areas: skills training, innovation and research, new manufacturing techniques, energy efficiencies and environmental technologies. OAIS has supported projects by General Motors, Ford, Chrysler, Toyota, Linamar, International Truck and Engine Corporation, Honda, Valiant Corporation, and Nemak. AGS Automotive and Tiercon are proud to be the newest participant in this program.

View the Press conference

Read the Press Release from Ontario MEDT