Lockheed Martin investment in four Canadian companies creates jobs and strengthens our economy
OTTAWA, May 31, 2017 /CNW/ - Canada's defence sector plays an important role in Canada's economy. Recent investments in equipment for the Canadian Armed Forces and Coast Guard are resulting in economic benefits such as the creation of good middle-class jobs and the growth of innovative Canadian small businesses.
That was the message delivered by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, at CANSEC 2017, Canada's premier defence and security trade show. These benefits are the direct result of the Industrial and Technological Benefits (ITB) Policy, which requires successful suppliers to make investments in Canada equal to the value of the defence contract they have won.
Minister Bains announced investments in four Canadian small businesses made by Lockheed Martin, a supplier of equipment to Canada's Armed Forces:
- Gastops Ltd., an Ottawa firm that provides state-of-the-art sensing equipment for use in advanced fluid testing;
- Contextere, an emerging Industrial Internet of Things software company in Ottawa that is developing a new wearable and mobile technology to help industrial workers be safer and more efficient;
- Metamaterial Technologies Inc., a Halifax company that is designing and developing new multi-functional materials to help solar panels absorb more light; and
- Solace Power Inc., a wireless power research and development company based in Mount Pearl, Newfoundland and Labrador.
Lockheed Martin is making these investments as part of its ITB obligations for the in-service support of the C-130J Super Hercules, a transport aircraft.
Minister Bains highlighted how the investments resulting from the ITB Policy enable Canadian businesses to grow, innovate and export. It supports the development of new products and next-generation technologies that will position Canadian companies to meet the future needs of the Armed Forces and pursue new global opportunities.
At the trade show, Minister Bains also unveiled the Innovation Wall, which is sponsored by the Canadian Association of Defence and Security Industries. The wall is a photo and story collage of Canadian defence and security innovations over the last century, with each decade represented by an important innovation.
"The investments that result from the Government of Canada's Industrial and Technological Benefits Policy create high-skilled, well-paying middle–class jobs for Canadians. Under this policy, Lockheed Martin is supporting research and technological breakthroughs that will help these firms grow and become part of supply chains here and abroad. We are using investments in the Canadian Armed Forces and Coast Guard to drive the kind of innovation that will grow small businesses and boost our economy as a whole."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
- The Canadian defence industry includes over 650 firms, supports the employment of more than 63,000 full-time workers and contributes $9.4 billion in revenue. The sector employs highly skilled workers in high-quality jobs.
- Since 1986, Canada's ITB Policy and Industrial and Regional Benefits Policy (as it was previously called) have led to investments of $30 billion in Canada's economy. These investments have led to good jobs for Canadians across the country.
- To date, there have been 137 contracts with more than $41 billion in obligations for contractors to invest in Canada. Over 90 percent of ITB obligations have been completed or have activities in progress.
- The ITB Policy requires winning contractors to invest in Canada at an amount equal to the contract they have won. The policy's Value Proposition ensures that defence contracts are awarded based on each bidder's economic commitment to Canada, alongside price and technical merit.
- Recent contract awards, such as the fixed-wing search and rescue project, have generated high-value investments in Canada and work for the Canadian aerospace and defence sectors.
Follow Minister Bains on Twitter: @MinisterISED
SOURCE Innovation, Science and Economic Development Canada
For further information: Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, email@example.com