Windsor auto parts supplier praised for entrepreneurial success
AGS Automotive Systems on Eugenie Street in Windsor, Ont., on Wednesday, Aug. 24, 2016. (Rich Garton / CTV Windsor)
An auto parts supplier in Windsor is being used as a model of entrepreneurial success during a downturn in the economy.
AGS Automotive Systems on Eugenie Street was once in danger of closing during the recession, but now the stamping and welding facility is thriving.
In fact, the Business Development Bank of Canada is highlighting AGS in its annual financial report.
Co-President Joe Loparco says “timely investments in technology” positioned the company well for the post-recession marketplace.
Loparco also credits teamwork, especially the staff who worked under duress during the recession.
AGS employs about 70 staff at the Windsor facility, and about 1,500 in total across Canada.
AGS now makes bumpers, crossmembers, brackets and panels for vehicles like the Chevy Acadia, the Canyon mid-sized truck and now battery trays for the Chevy Volt.
Loparco tells CTV News the company is involved in another industry trend -- vehicle lightweighting – which he feels will position AGS well into the future.
BDC reports a slight increase in the financing it offered to $4.8 billion. That led to an increase of net income by more than $50 million to just over $490 million.
As a Crown Corporation, BDC will pay a dividend to nearly $69 million to the federal government.