FedDev Ontario invests close to $1.4M in Racer Machinery International Inc.
by CM Staff
With this repayable investment, the company will further develop and manufacture complex aerospace parts for helicopters and gas turbine engines, through a process that will help reduce material waste.
CAMBRIDGE — On Oct. 13, Valerie Bradford, MP for Kitchener South–Hespeler, announced nearly $1.4 million for Racer Machinery International Inc. (RACER). This investment will try and improve the company’s productivity and competitiveness, and position it to emerge from the pandemic as a key player within the global aerospace supply chain.
RACER is a second-generation, family-owned aerospace manufacturer in Cambridge, Ontario. With this repayable investment, the company will further develop and manufacture complex aerospace parts for helicopters and gas turbine engines, through a process that will help reduce material waste. As a result of this project, the company will be able to create and maintain up to 31 jobs, as well as grow its annual domestic and international sales by up to $7 million.
“The Government of Canada is supporting small- and medium-sized aerospace businesses and protecting the thousands of workers in this sector. These businesses have an important role to play in southern Ontario’s economic recovery. Companies like Racer Machinery International Inc. are helping to strengthen Canada’s position in the global aerospace supply chain and reduce the environmental footprint of our aerospace sector,” said Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.
“Today’s investment in Racer Machinery International Inc. is great news for Cambridge and Canada’s aerospace sector. The project will help the company boost global competitiveness and support 31 local jobs while contributing to growth of the aerospace sector here in southern Ontario,” said Valerie Bradford, Member of Parliament for Kitchener South–Hespeler.
