Funds will leverage millions of dollars in private sector investment
FARNBOROUGH, U.K.—It’s not the $1 billion in federal assistance a certain high-profile Quebec-based company has been pining for, but the Canadian government has agreed to dole out several million dollars to help nearly a dozen aerospace firms in la belle province boost their output.
Coinciding with the aviation sector’s largest trade show of the year in Farnborough, U.K., the federal government announced just shy of $5 million in funding for 11 Quebec aerospace and defence companies.
Making the announcement at the big ticket trade show while brushing shoulders with representatives from some of the world’s largest manufacturers, Canada’s Minister of Innovation, Science and Economic Development, Navdeep Bains, said the investments would create good-paying jobs and strengthen the Canadian businesses’ expertise.
“Aerospace manufacturing is the number one investor in research and development among all Canadian manufacturing industries,” Bains said. “The industry is a key economic engine for our country.”
The largest contributions include a $1.2 million investment in Sonaca Montreal Inc. and $1 million in funding for Mesotec Inc. The funding for the 11 companies will leverage millions of dollars in related private sector investments.
Details of the funding packages for all 11 Quebec companies can be found here.