MEDIA RELEASE: Grant to help local manufacturers modernise
The Morrison Liberal National Government is backing local Lilley companies to modernise how they do business, as they grapple with the impact of the coronavirus.
CNC Components and Magnetica will receive $360,000 and $100,000 respectively from the Manufacturing Modernisation Fund (MMF).
The grant will enable CNC Components to satisfy expected production increases allowing this local company to accept more medical, mining and mechanical projects nationally; and better position the company for additional orders and further import replacement endeavours.
Magnetica has developed disruptive MRI technology that is incorporated into clinical MRI scanners for the global human dedicated diagnostic imaging market. As the only independent MRI accessory company in Australia, and with growing international sales, this project will transform Magnetica’s manufacturing capability, ensuring that they can manufacture innovative MRI accessory coils in-house.
Senator Gerard Rennick said the support came at an incredibly important time for the local manufacturing sector.
“The Morrison Government is committed to Australian manufacturing and supporting small and medium sized local Lilley businesses” Senator Rennick said.
“This investment will not only strengthen local manufacturing and create jobs, it will provide a much needed confidence boost for the whole region as we face this unprecedented pandemic.”
200 projects worth more than $215 million dollars are being supported through the Manufacturing Modernisation Fund (MMF). The Federal Liberal National Government is contributing $48.3 million.
Minister for Industry, Science and Technology Karen Andrews said the projects are expected to create 2,600 Australian jobs and were about preparing Australian manufacturing beyond COVID-19 and the challenges of today.
“We established the MMF before the coronavirus pandemic to help small and medium sized manufacturers invest in capital equipment and new technologies to transform and upgrade their manufacturing operations,” Minister Andrews said.
“Now as we face the coronavirus pandemic and look to come out the other side stronger, this investment will be more critical than ever.
“I am determined to further strengthen Australian manufacturing and the current pandemic gives us the opportunity as a nation to reassess and commit to the values of Australian-made goods.”
The MMF builds on other Federal Government investments in manufacturing growth and competitiveness, including the $100 million Advanced Manufacturing Fund, the Advanced Manufacturing Growth Centre, the Entrepreneurs’ Programme, and the $40 million Innovative Manufacturing Cooperative Research Centre.
For more information on the Manufacturing Modernisation Fund visit www.business.gov.au/MMF