Bombardier is Canada's Largest Spender at $2.2 Billion
TORONTO, Nov. 3, 2014 /CNW/ - Canada's leading firms raised their combined research spending to $12.5 billion in Fiscal 2013, an increase of 4.1% over the previous year, according to the annual Canada's Top 100 Corporate R&D Spenders list released today by Research Infosource Inc., Canada's Source of R&D Intelligence. In total, R&D spending increased at 57 companies, fell at 41, and was flat at 2 others.
"The Fiscal 2013 result is respectable," said Ron Freedman, CEO of Research Infosource. "But, Fiscal 2013 research spending growth lagged last year's 12.6% improvement even though corporate revenues were up by 7.0%".
The top spender this year is Bombardier Inc., which holds on to its first-place ranking with $2.2 billion of research spending – an increase of 15.4% from the previous year. BlackBerry Limited held on to 2nd place even though its R&D spending dropped by -12.2% to $1.3 billion. Magna International jumped 3 places in the ranking to third overall with a 12.0% spending increase to $576.8 million. Several firms displayed especially strong growth in their R&D spending in Fiscal 2013 with triple-digit year-on-year increases: Redknee Solutions Inc. (278.0%), TransCanada Corporation (203.9%), CGI Group Inc. (164.1%) and Valeant Pharmaceuticals International Inc. (104.3%).
Although the leading spending sector was Aerospace with 23.0% of the Top 100 total, aggregating the R&D spending of various Information and Communications Technology-related sub-sectors put the ICT industry in the lead in research investment with 40.3% of the Top 100 total.
Ontario was home to 43.7% of all Top 100 research spending, compared with 39.9% in Quebec, 11.3% on the Prairies, and 5.1% in British Columbia. Spending declined in Ontario (-2.7%), but increased in Quebec (12.4%), British Columbia (11.2%), and the Prairies (2.7%).
Research Infosource included 28 firms in its $100 Million Club, an elite group that spent over $100 million on research in Fiscal 2013. New to the Club are CGI Group Inc. ($252.1 million), Valeant Pharmaceuticals International ($161.5 million) and MacDonald, Dettwiler and Associates ($116.6 million).
According to Mr. Freedman, "Corporate R&D performance continues to lag policymakers' expectations. Next year's performance will be conditioned by broader economic prospects, in particular: the value of the loonie and the pace of world economic growth. In the medium term, corporate R&D spending needs to be reflected in new products and improved productivity."
For complete information: http://www.researchinfosource.com/top100_corp.php
About Research Infosource Inc.
Research Infosource Inc. is Canada's source of R&D intelligence. Drawing from proprietary databases, Research Infosource Inc. publishes Canada's Innovation Leaders, which includes Canada's Top 100 Corporate R&D Spenders List, Canada's Top 50 Research Universities List, Canada's Top 40 Research Hospitals List and Canada's Top 50 Research Colleges List. As well, Research Infosource publishes specialized reports and The Innovation Atlas of Canada™ – a web-based research and innovation mapping tool and data information product.
SOURCE: Research Infosource Inc.
For further information: or for an interview, please contact: Ron Freedman, CEO, Research Infosource Inc., Telephone: 416-481-7070, ext. 31; Cell: 416-879-9000, Email: [email protected]