Advanced Manufacturing - Business Profile
It would be an understatement to suggest that Durham Region’s manufacturers are facing new challenges.
The Canadian dollar may have retreated below its U.S. counterpart, but today’s values are still well above the exchange rates that existed just over a year ago. Coupled with the recent turmoil in the world’s financial markets, many long-standing U.S. buyers have simply withered away.
Input costs also continue to rise along with the price of everything from energy to raw materials. New competitors are emerging from countries that feature artificially reduced labour costs. Employers in every sector are struggling to attract and retain the next generation of skilled workers.
But there are solutions – and they can be found right at home. Durham Region’s manufacturers are embracing strategies that make them more competitive in today’s challenging economic climate. They are refining business processes, investing in emerging technology, and forming new research and development partnerships to create the next generation of products.
These companies prove time and again that they are innovative, lean and ready to explore new markets.
Durham Region’s Economic Development Department, with its eight local municipal
partners, approached 16 of these manufacturers and asked them to discuss their secrets of success.
Their stories can be found in the following pages.
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