The Consortium for Aerospace Research and Innovation in Canada (CARIC) Welcomes the Federal Government's Support to Aerospace R&D

ABBOTSFORD, BC, Aug. 8, 2014 /CNW Telbec/ - The Consortium for Aerospace Research and Innovation in Canada (CARIC) and Industry Canada announced today the signature of an agreement of $30 million over five years.

This amount will help CARIC fund collaborative R&TD projects, support its operations and deploy networking activities across Canada. The Honourable Ed Fast, Minister of International Trade, made the announcement on behalf of the Honourable James Moore, Minister of Industry, at the 2014 Aerospace, Defence and Security Expo, in Abbotsford, British Columbia. "This industry-led network will enhance the global competitiveness of the Canadian aerospace industry by bringing together key players from industry and academia and funding collaborative research and technology development projects to move our industry forward," indicated James Moore through a release.

The announcement was welcomed by Walter Di Bartolomeo, Chairman of CARIC's Board of Directors and Vice President, Engineering, Pratt & Whitney Canada: "On behalf of CARIC's Board of Directors, I am grateful for the federal government's support. This important milestone enables the official launch of our operations and support to research projects. With these projects, the Canadian aerospace community will stay at the forefront of the industry," shared Mr. Di Bartolomeo.

Denis Faubert, President and CEO of CARIC, also highlighted the consortium's strategic role in the Canadian economy. "The relative importance of the aerospace industry to the Canadian economy is second to none in the world," explained Mr. Faubert. "CARIC will be instrumental in pulling together the resources of the aerospace R&D community across Canada to maintain the leadership of our industry despite tough competition worldwide."

About CARIC

The Consortium for Aerospace Research and Innovation in Canada (CARIC) is a non-profit organisation that unites Canadian stakeholders and promotes coast to coast collaboration. Its mission is to develop advanced technologies for the Canadian aerospace community.

The creation of CARIC resulted from the recommendations of the Emerson report. Officially launched on April 17, 2014, the initiative was supported among others by the Aerospace Industries Association of Canada (AIAC) and the Consortium for Research and Innovation in Aerospace in Quebec (CRIAQ). www.caric.ca

SOURCE Consortium for Aerospace Research and Innovation in Canada (CARIC)

For further information: Anne-Marie Beauregard, Communications Officer, 514 313-7561, ext. 266, Cell.: 514 743-2789, info@caric.ca