Cytec Canada to double production in next two years
NIAGARA FALLS, Ontario — Specialty chemicals company Cytec Canada announced Tuesday that it has received a $20 million investment by provincial and federal governments that will allow it to double its production in the next two years, Niagara Falls Review reported.
The company currently employs 105 people, but plans to hire 30 more by the time its new $150 million factory is up and running in the spring of 2014.
The federal government awarded $10 million toward the project through its FedDev Ontario loan program, and the province is giving Cytec a $2 million grant and an $8 million interest-free loan through its Strategic Jobs and Investment Fund.
Cytec Canada is owned by New Jersey-based Cytec Industries and has been operating in Niagara Falls for more than a century.