A Richmond company received $2.3 million in funding from the province to support its wood products manufacturing.
Richmond Plywood, a long-time Richmond-based forestry company that produces wood products, is one of the eight wood-product or fabricated-metal manufacturers that received funding from the province on Wednesday.
The province earmarked another $8.6 million on Wednesday through the BC Manufacturing Jobs Fund (BCMJF) to help manufacturers expand and diversify their operations, set the stage for a sustainable business and create new jobs.
Richmond Plywood will use the funding to purchase and install new equipment to enhance its manufacturing processes using second-growth fibre and waste wood.
The project will result in improving job skills for 24 employees and creating 14 new jobs at the company, according to a press release from the province.
“BCMJF funding is crucial as the need for value-added plywood is increasing rapidly… Through our investments into new, safer and innovative technology, those currently at Richmond Plywood will wholly benefit from this project, contributing to long-term, well-paying secure jobs in the region,” said Bhavjit Thandi, CFO of Richmond Plywood, in a statement.
Brenda Bailey, Minister of Jobs, Economic Development and Innovation, told the Richmond News the fund aims to support viable companies that have a good track record in producing jobs and being successful, and Richmond Plywood, which has been operating for more than 60 years in Richmond and has more than 400 employees, is a great fit.
“It's not a start-up program or anything of that nature. These are for currently functioning viable companies that have workers in place. It can be a program that helps them continue to provide high-quality jobs or to expand quality jobs,” said Bailey.
The BCMJF is a $180 million program that any company interested in expanding manufacturing in B.C. can apply for. It has committed $44.6 million to 33 capital projects and 13 planning projects so far to date.
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