On July 22, 2026, the federal government announced it would be investing a little over $2.1 million in three Guelph-based manufacturers through FedDev Ontario.
FedDev Ontario, or Federal Economic Development Agency for Southern Ontario, is a federal agency which is focused on business growth and development in Southern Ontario.
Evan Solomon, minister of artificial intelligence and digital innovation and the minister responsible for the FedDev Ontario, said these investments support Canadian businesses caught the crosshairs of tariffs on Canadian goods.
U.S. Donald Trump vowed to enact a new wave of 50 per cent tariffs on various Canadian industries to “offset Canadian discrimination against commerce of the United States,” which will take effect in August.
American tariffs have blanketed Canadian industries such as automotive manufacturing and metalworks; the three Guelph businesses receiving the funding operate in tariff-afflicted industries.
Comoldco specializes in composite molding, such as producing bus seats, and is receiving $900,000 to support a $3 million project to enhance manufacturing which includes the acquisition of a 4000 tonne press.
Poly-Nova produces rubber-molded components such as automotive parts and transmission insulators for electrical grids and is receiving around $530,000 for greater manufacturing capacity by increasing domestic tooling.
Last but not least, Benmet Steel is receiving $700,000 for facility upgrades to further improve their specialty of metal recycling.
Solomon said the goal is not only to survive in the North American market, but to thrive.
He also said Guelph in particular is a city with world-class industries, such as agriculture, and continuing to invest in those local industries further enhances Southern Ontario’s economic impact.
