Mr. Speaker, it is my pleasure to rise in the House today to announce that the FAG Bearings Limited of Stratford has recently opened a $23 million, 12,000 square metre plant in Stratford, Ontario. Production lines begin moving on August 18, 2000.
FAG Bearings currently employs 215 people in the manufacturing of high quality aerospace bearings with another 10 to 15 employees to be added by the end of the year. Stratford now has the most modern aerospace bearing plant in the world. This will allow the strategically important Canadian division of FAG Bearings to continue to increase its annual sales, which have grown from $10 million in 1995 to $50 million in 1999, and on and on.
This new plant facility is a perfect example of the growing strength of Canada's economy, which has outpaced even the United States over the past year. This is welcome news for the expanding local economy of Stratford and the riding of PerthâMiddlesex, which maintains one of the lowest unemployment rates in Canada.