A provincial funding boost will add 194 new jobs and maintain another 199 positions in the automotive and manufacturing sectors in southwestern Ontario, according to the government.

Vic Fedeli, the minister of economic development, job creation and trade made the $2 million announcement at Precision Stamping Group Tuesday in Lakeshore, Ont. calling it "another example of ... continued commitment to supporting key Ontario sectors."

Five businesses will receive funding, which comes from the Southwestern Ontario Development Fund.

"We know that today's global marketplace moves at an aggressive pace," said Fedeli. "Government must move at the speed of business to attract investment."

Jonathon Azzopardi, president and CEO of Laval Tool and Mould said companies like his are quickly growing.

"As automotive companies become tech companies, all the rest of the companies are now having to become manufacturers," he said.

Azzopardi added that there are more than 6,000 employees in the mould making industry — and that adding investments to these companies will benefit the entire supply chain.

Precision Stamping Group

A grant of almost $815,000 will create 20 new jobs by increasing exports to the U.S. and investing in technology for the stamping company. The project is expected to be completed by August 2021.

APAG Elektronik Corp.

Funding of almost $500,000 will allow APAG to build its first production plant in North America. The company designs and manufactures lighting and electronics for cars. The project will create 134 new jobs and should be completed by March 2024.

Universal Fabricating Inc.

The metal products manufacturer will receive $295,000 to expand its building and double in size, increasing production by about 43 per cent. The project will create 13 new jobs and should be completed by October 2022.

Global Pack Packaging Solutions Inc.

The company, which provides produce and food processing industries with recyclable packaging products, will receive $292,000 to expand its facility. The project will add 15 jobs and is expected to be completed by October 2022.

Laval Tool and Mould Ltd.

Laval Tool and Mould will receive $185,000 to diversify its product and service offerings. Twelve new jobs will be created by December 2023.