Macrodyne Technologies Inc, a manufacturer of hydraulic presses and automation systems, is investing $5 million to modernize the company's facilities in Vaughan, Ontario.

Specifically, Macrodyne Technologies plans to invest in technology, including automation and artificial intelligence, that will allow it to expand its product line. This new technology will also help the company double production to meet growing demand from customers around the world, including those in the steel and aluminum, automotive, aerospace, and pulp and paper industries.

The Ontario government has allocated Macrodyne Technologies a $750,000 grant through the Advanced Manufacturing and Innovation Competitiveness (AMIC) fund for regional development.

The Ontario provincial government is investing $140 million to help companies like Macrodyne grow. To date, Ontario has allocated more than $100 million to support more than 90 projects through the program, leveraging more than $1 billion in new investment.