Clayton manufacturer Monash Furniture Pty Ltd has been awarded a $137,500 grant to acquire new equipment that will boost productivity, reduce waste and improve worker safety.
Minister for Manufacturing David Hodgett, who announced the grant on Thursday, said the money will be used to support the company’s purchase and installation of a state-of-the-art five axis computer numerically controlled (CNC) machine, a flatbed CNC machine and a loading crane.
“This major upgrade will improve the company’s productivity by enabling it to manufacture furniture 40% faster than was previously possible, while also further boosting the quality of its products,” Mr Hodgett said in a media release.
The grant is part of the Victorian Coalition Government’s Manufacturing Strategy, A more competitive manufacturing industry, which includes the $10.85 million Manufacturing Productivity Networks program to provide flexible support to networks seeking to expand their activities and the $26.9 million Investing in Manufacturing Technology (IMT) program to support investment in new and transformative technologies.
The IMT program is primarily targeted at medium-sized manufacturers and provides grants of up to $250,000 to promote growth, productivity and international competitiveness of manufacturing businesses by stimulating investment in new technologies.
Grants are matched by a minimum co-contribution from the business of 75% of total eligible project expenditure, or $3 for every $1 granted.
The Coalition Government has thus far approved IMT grants totalling $18.1 million to 103 businesses, supporting investment worth more than $86 million, creating 577 new jobs and resulting in the transition of over 715 jobs to higher value roles.