A hydraulic equipment manufacturer and supplier is embarking on a nearly $2-million expansion that will create a handful of new jobs in Welland.
Hydac Canada, at 14 Federal Rd. facing Prince Charles Dr., has been awarded a Welland Niagara Gateway Economic Zone and Centre community improvement plan grant towards construction of its $1.825-million project.
The company plans to build a 1,214-square-metre shop addition to its existing 3,088-square-metre manufacturing facility.
According to a city report, the new facility will create the equivalent of five to six full-time jobs, while retaining 43 full-time jobs.
The development will include nine sheltered bicycle parking spots.
Hydac has qualified for $194,400 through the city’s Tax Increment Based Grant Program, for which costs are shared by Niagara Region. The annual grant payment will be about $38,867 over each of the coming five years, the report showed.
When the project is completed, it will represent an additional $28,608 in tax revenues to the city and $26,900 to the region, combined more than $55,500 annually.
Hydac was founded in 1995, as a division of Hydac International based out of Germany. Its products can be found in numerous applications, including for wind turbines, roller-coasters and airplanes.
It was established as the sole distribution centre for Hydac International in Canada, but in Welland is now progressing more heavily toward manufacturing.