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Canadian Government to Invest C$10 Million in Hanon Systems for Ontario Manufacturing Plant

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The Canadian government will invest a total of C$10 million in automotive parts manufacturing firm Hanon Systems (KRX:018880) through the Strategic Response Fund to aid in the construction of a manufacturing plant in Ontario's Vaughan city, according to a government release on Thursday.

The new plant will manufacture vapor-injected electric compressors for electric and hybrid vehicles, as well as serve as a product development center.

The plant is expected to produce up to 1.5 million e-compressors annually by 2034 and create about 300 jobs in Vaughan, the release said.

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