The $2.2 million in support will help the businesses adopt leading-edge technology to develop innovative products and will generate over 90 jobs
MONTRÉAL, June 19, 2017 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
More than 90 new manufacturing jobs linked to the aerospace industry could be created in Quebec thanks to the Government of Canada's $2.2 million investment in the form of repayable contributions. The funding will help the Canadian aerospace industry continue to provide high-quality jobs for all Canadians.
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, announced the investment while visiting the International Paris Air Show (SIAE) Paris-Le Bourget, which will welcome over 420 Canadians this year, representing more than 130 businesses.
The funding will help the six following enterprises acquire leading-edge technology to develop and commercialize innovative products that will contribute to making Canada a global leader in the aerospace industry:
- Libellule Monde Inc. designs and manufactures custom products for aircraft surfaces. The $600,000 in financial assistance will help the business commercialize its innovative products on the international market and purchase technological equipment to support its growth.
- APN Inc. manufactures high-precision parts for various industries, including the aerospace industry. The $500,000 investment will help the enterprise purchase new production equipment that will improve the plant's productivity and environmental performance.
- DCM Group Inc. provides turnkey solutions for aerostructure manufacturing and repair, maintenance tooling and ground equipment for aircraft. The $400,000 contribution will help the business continue to offer quality custom products at competitive prices.
- BHS Composites Inc. develops innovative custom composite parts that meet very specific requirements. The $325,000 investment for equipment purchases will help the business expand in Canada and the United States.
- Rapid Precision Industries Ltd. Specializes in the machining and manufacturing of custom high-precision metal parts. The $225,000 investment will help the business diversify the range of products that meet its clients' highest expectations.
- TRAF Industrial Products Inc. provides specialized high-precision machining services, along with the design, manufacturing and assembly of components for the aerospace industry. The $150,000 in financial assistance will help the business diversify its clientele and develop new markets through the purchase of state-of-the-art equipment.
"Canada's aerospace industry is defined by its global leadership in the development of new technologies, which depend on the talents of the highly skilled men and women who work in this sector. The innovations and business opportunities that are created as a result support well-paying, middle-class jobs across the country. And they allow Canadian companies to grow into globally competitive successes."
The Honourable Navdeep Bains, Minister responsible for CED
- In 2016, the Canadian aerospace industry maintained its position as global leader, having been responsible for over 60% of aerospace product exports linked to the supply chain.
- This industry was the number one R&D player across all Canadian manufacturing industries, generating close to 30% of total investments in R&D in the Canadian manufacturing sector in 2016.
- Still in 2016, the aerospace industry contributed $28 billion in GDP to the Canadian economy and 208,000 jobs.
- The Government of Canada has launched the Innovation and Skills Plan , a multi-year strategy intended to create good-paying jobs for the middle class and those working hard to join it.
- One of the main programs supporting innovation and diversification of Quebec's economy is CED's Quebec Economic Development Program.
- CED is one of six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
SOURCE Canada Economic Development for Quebec Regions
For further information: Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, Tel.: 343-291-2500; Media Relations, Canada Economic Development for Quebec Regions, Tel.: 514-283-7443, Email: firstname.lastname@example.org