Codan awarded $0.5m govt grant
As part of a $47.5 million federal government boost to advanced manufacturing in Victoria and South Australia, Codan Limited has been awarded $528,333 to implement a new surface-mount technology production line that will help improve productivity and the quality of high-value products in the local and global supply chains.
With the addition of company funds, the expected total investment in the new line will be $1.585 million.
The government initiative aims to support regions affected by closures of automotive manufacturing plants.
The Advanced Manufacturing Growth Fund is part of the $100 million Advanced Manufacturing Fund, announced in the 2017–18 Budget, and builds on the federal government’s $155 million Growth Fund.
“Supporting these businesses to transition and expand into advanced manufacturing activities will boost innovation, skills and employment opportunities for Australians,” said Acting Minister for Industry, Innovation and Science Senator Michaelia Cash.
“This injection of funds will help transition Australia’s manufacturing sector from traditional, heavy industrial processes to knowledge-based manufacturing of higher value products.”
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