Koss Aerospace will use financing to buy new equipment to produce larger structural aerospace components for OEMs
MISSISSAUGA, Ont.—The federal government is loaning as much as $5 million to help a Mississauga, Ont., aerospace component manufacturer purchase new equipment.
Announced by Federal Economic Development Agency for Southern Ontario (FedDev Ontario) Minister Gary Goodyear and local MP Bal Gosal, the loan to Koss Aerospace will be used to buy and install new equipment to help the company produce larger structural aerospace components for OEMs.
The new equipment at Koss will allow the company to manufacture structural components as long as 30 ft. in length.
The company, which produces structural aerospace components such as wing ribs, floor and cross beams, bulk heads and seat tracks, expects to create 25 new full-time jobs.
“Our government is proud to support companies such as Koss Aerospace, who help create highly skilled jobs and strengthen the Canadian aerospace manufacturing sector,” Goodyear said in a statement. “Today’s announcement will allow Koss Aerospace to increase its production capabilities and position the company as a stronger supplier in the global aerospace supply chain.”
The FedDev Ontario loan, issued through the Investing in Business Growth and Productivity initiative, is the second announced in as many days.
Barrie, Ont.’s Wolf Steel Ltd. received a loan worth as much as $4.2 million to help increase production capacity and add as many as 176 full-time jobs at its four facilities in that city by 2017.
Investing in Business Growth and Productivity funding is available for eligible small and medium-sized firms and not-for-profit industry associations or regional economic development organizations.
To find out more about this and other programs, log on to the FedDev Ontario website.