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News Details
TORONTO
February 25, 2008NANO: THE ONTARIO CONNECTION: ONTARIO COMPANY CAPITALIZING ON GLOBAL PARTNERSHIPScarborough-based Samco Machinery Limited has teamed up with Tata Ryerson Ltd., India to produce parts for the Nano, the new 'people's car.'
The Nano will soon be available in India and is expected to be the cheapest car on the planet with an estimated price tag of $2,500.
The $3-million + deal between Samco and Tata Ryerson entails:
- Contract to build roll-forming equipment required for the chassis components in Tata's Nano car
- The construction and completion of several chassis machines that have been in development for almost a year that will be used to produce six components for the Nano
Minister of Small Business and Entrepreneurship Harinder Takhar toured Samco's facility earlier today. He also met Ratan N. Tata, Chairman of Tata Group, earlier this year at Auto Expo 2008 in India where the Nano was unveiled.
"Samco is an excellent example of a small enterprise reaching out and winning contracts with global partners," said Takhar. "Small and medium sized-enterprises make up 99 per cent of all businesses in Ontario and there are many global opportunities out there for them. We will continue helping our companies make connections that bring jobs and investment to Ontario." "Waiting for the world to come to us was not an option," said Joe Repovs, CEO of Samco. "We wanted to diversify and expand our markets so we had to go out to the world."
"Congratulations to Samco on pursuing and securing a global partnership," said Brad Duguid, MPP Scarborough Centre and Minister of Labour. "We applaud their efforts and encourage other Ontario companies to follow in their direction to keep Ontario competitive on the global stage."
"Teamwork plays a very important role in building long term relationships and I have no doubts in my mind that the Tata Ryerson - Samco partnership will find many opportunities to work together in the future," said Subir Khasnovis VP Engineering of Tata Ryerson. Tata Ryerson is a 50/50 joint venture of Tata Steel, India and Ryerson Tull, USA.
Samco Machinery:
- Designer and manufacturer of roll-forming systems worldwide.
- Founded in 1972, based in Scarborough, presently employs 120 people.
- Samco's annual sales is valued at $30 million
Ontario's Automotive Industry:
- Largest in North America for the past three years.
- Employs over 130,000 people.
- Represents about 20 per cent of the province's total manufacturing output
India & Ontario: A Strong Connection:
- Two-way trade between Ontario is currently valued at around $2 billion.
- Ontario exports to India has increased to more than $200 million since 2003.
- India's exports to Ontario increased to $990 million since 2003.
- Ontario is home to more than 500,000 people of Indian descent, making it one of the largest South Asian communities in the Western hemisphere.
For more information:
Sarbjit Kaur
Minister's Office
Tel: +1-416-326-1939
Aneesa Ghany
Communications Branch
Tel: +1-416-325-6998
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Ontario's Global Presence
