$4.3m initiative to help auto suppliers enter new markets
Seven Australian automotive supply chain firms will receive a total of $4.3 million to diversify their product and customer bases through Round 3 of the Automotive New Markets Program (ANMP).
The $42 million ANMP is a joint initiative of the Federal, Victorian and South Australian governments to help automotive component producers win work in non-automotive markets domestically and internationally.
"These ANMP funded projects display the leading edge manufacturing capabilities of our local automotive supply chain firms," said Federal Minister for Industry, Ian Macfarlane.
"These grants will help automotive firms remain viable by diversifying into non-automotive markets and ensure that vital manufacturing capabilities remain in Australia."
The projects to be funded include:
- manufacturing cycling training simulators;
- casting metal components for the aerospace and defence industries;
- transforming production lines to producing new packaging products for the food and medical/pharmaceutical industries; and
- producing emergency pipe repair clamps for the oil and gas industries.
Victorian Minister for Manufacturing David Hodgett said local automotive companies have valuable skills which have been developed over many years, and these capabilities can be adapted to a wide range of industries.
"The ANMP provides the much needed support for companies to innovate and diversify their products away from the automotive industry and into new sectors," Hodgett said.
South Australian Minister for Automotive Transformation Tom Koutsantonis also pointed to the commitment SA firms are making to keep up with changes to the industry.
"These ANMP projects show that South Australian automotive firms are determined to adapt in changing times to ensure that SA continues to have an advanced manufacturing industry," Koutsantonis said.
"Our recipients are committed to maintaining their manufacturing capabilities and the ANMP provides crucial support to allow them to diversify and develop new products for new customers."