Tasmanian Deputy Premier Jeremy Rockliff has announced that 5 advanced manufacturing companies will share $1 million in Government funding through the Caterpillar Transition Taskforce Advanced Manufacturing Transition Fund.
The fund, which was established earlier this year to fast-track job creating projects and ensure that the sector has a strong future following CAT’s relocation to Thailand, is part of the $3 million allocated for the recommendations of the CAT Transition Taskforce.
“Today, I am pleased to announce that five Tasmanian businesses will share in $1.05 million, which will leverage a further $1.44 million in private investment,” Mr Rockliff said.
“This $2.49 million total co-investment is projected to create 61 new jobs, and will have an immediate flow-on effect on suppliers. For every dollar invested in advanced manufacturing another four is spent down the supply chain, one of the highest multiplier impacts of any sector. This investment has also resulted in new, innovative products that will increase Tasmania’s reputation in advance manufacturing and change the way many do business.”
According to the Premier’s announcement, the funding will go to Specialised Vehicle Solutions ($591,000), Highco ($285,320) Island Block and Paving, ($60,000), Definium Technologies, ($16,014) and Tas-Fab, ($98,500).
Specialised Vehicle Solutions will use the money to develop a carrier for service vehicles operating at underground hard rock mines.
Highco will design and construct a manufacturing plant to produce an innovative, cost saving, protective commercial food contact product.
Island Block and Paving will use the $60,000 for a brick machine manufacturing plant, which incorporates waste glass product.
Definium Technologies will upgrade its advanced electronics manufacturing facility, while Tas-Fab, will use the $98,500 to introduce a storage solution to reduce product handling, improve delivery performance and free-up current storage areas for production and development of products.
Aside from this, all of the companies will add a number of full time positions. The investment is expected to result in the generation of nearly 60 new jobs.
“The five projects highlight what Tasmania’s advanced manufacturing industry is capable of and that’s the creation of new innovations, increased market share and future opportunities for expansion. It’s great to see what we are already achieving in the first round, and it’s exciting to think what is ahead of us with almost another $1 million available in the second round,” the Premier concluded.
Applications for Round Two can be submitted until 26 February, 2016.