Steady Leadership in Unsteady Times: Waterloo EDC’s 2024 Annual Report

The organization’s credibility was built during past crises – including COVID-19. That trust is why local governments continue to turn to Waterloo EDC for leadership, even beyond its core mandate.

After guiding the organization through another successful year – and following the launch of a public search for his successor – Tony LaMantia was asked by the Board to stay on as President and CEO through the end of 2026. His continued leadership brings stability during a time when it’s needed most.

“I understand the community’s need for a steady hand at this time,” LaMantia shared in a recent press release. “My team and I are ready to meet the moment.”

This year’s Annual Report shows how that steady approach delivered real results for the community in 2024 – and how Waterloo EDC is ready for what’s ahead.

Download the full report or explore the highlights below.

Deals closed, despite headwinds

Despite a challenging global environment – from inflation to political events – Waterloo EDC surpassed its core investment targets in 2024.

We closed nine deals valued at more than $288M, including six foreign direct investments (FDI) and three local expansions. These investments created 267 new jobs across the Waterloo region.

Our pipeline also grew to 101 potential investments valued at $1.48B, with $86.4M already in the forecast stage heading into 2025.

“In every way that’s important, the Waterloo EDC team delivered,” says LaMantia.

Global brands, local results

Much of that momentum came from international companies choosing to invest in Waterloo.

Waterloo EDC secured six FDI deals worth nearly $225M across a range of sectors, including technology, advanced manufacturing, automotive and nuclear energy. New investments came from global leaders like Siemens, Westinghouse and OVHcloud.

Behind these results was a proactive, relationship-driven approach. The team conducted 23 outbound missions across nine countries and welcomed 25 inbound missions from companies exploring expansion. We met with businesses in the US, Germany, France, the UK, Brazil, Mexico, Spain, Italy and Japan.

Our business development team also held 120 investment meetings with international companies and 99 meetings with local companies exploring expansion. We connected with 395 intermediaries – including trade commissioners, immigration lawyers, commercial real estate leaders and site selectors – throughout the year.

Investment stories worth watching

In Kitchener, Westinghouse announced plans to open a new global engineering hub to support the growing demand for nuclear technologies. The facility houses design engineering teams, high-tech training capabilities and a dedicated fire protection lab.

“The new engineering hub in Kitchener will expand our employee base with approximately 100 additional engineers by 2025,” said Patrick Fragman, Westinghouse President & CEO, when the launch was announced.

Meanwhile in Cambridge, OVHcloud launched its second Canadian data centre – with a $145M investment over eight years. Housed in a former BlackBerry building, the facility employs a “Private Powered Shell” model, marrying the high security of an existing structure with the company’s advanced operational technologies, such as patented water-cooling systems.”

“Expanding in Waterloo opens a crucial chapter in our Canadian story, in one of the most vibrant innovation and tech ecosystems in North America,” said Guillaume Gilbert, Senior Communications Manager – Americas at OVHcloud.

Both investments highlight how our community’s talent, infrastructure and innovation ecosystem continue to attract top global brands.

Supporting local growth and readiness

Helping local companies grow is another key part of our work.

In 2024, we closed three local expansion deals worth $64.5M, creating 62 new jobs in our community and securing nearly 200 more.

One highlight was Golden Windows’ $30M investment in a new 240,000 sq. ft. facility in Kitchener. The expansion, supported by $4.5M in provincial funding, will boost production capacity and create 50 jobs.

Thanks to new funding from FedDev, we expanded our team, adding roles focused on the France and the Netherlands markets, rural and peri-urban investment, the EV industry and local ecosystem content.

Focused on the future

As Waterloo EDC moves into the second year of its five-year Strategic Plan, our goals are ambitious but clear: $2.4B in new investment and a pipeline worth at least $1B.

With $1.48B already in the pipeline, we’re ahead of schedule – but the road ahead won’t be easy.

Global pressures, local land availability and evolving trade dynamics all present challenges.

“It will not be easy. There will be disappointments. There will be setbacks,” Fransen says. “But with the clear vision, commitment to the communal good, and credibility that comes from proven collaboration, we are confident this period of uncertainty will pass – and that Waterloo Region will emerge stronger than ever.”

With steady leadership and strong preparation, Waterloo EDC is ready for what the rest of 2025 brings.