$3.1 million to help local company add a new production line and create 70 jobs
November 6, 2020 – Burlington, Ontario
As the world’s fifth-largest aerospace industry, Canada’s aerospace manufacturers are globally recognized for their talent and collaboration to develop and build the technologies of the future.
Revenue and order losses due to COVID-19 have forced some aerospace companies to greatly reduce their operations and lay off employees. As we work toward a strong recovery from the economic impact of the pandemic, southern Ontario companies are innovating and revolutionizing their processes and pursuing new business lines to stay on the cutting edge.
FedDev Ontario funding fuels local job creation and national growth in the aerospace sector
Today, the Honourable Karina Gould, Member of Parliament for Burlington and Minister of International Development, announced a FedDev Ontario investment of $3.1 million to support the scale-up and growth of Formula Solutions Inc. (FSI), a composite manufacturer that specializes in Carbon Fibre Reinforced Plastic aerospace components. The announcement was made on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario.
FedDev Ontario’s investment will help FSI acquire new equipment and establish a highly-automated production line to manufacture 10,000 complex aircraft components per year. The expansion project will also fulfill production requirements and position the company as one of the leading manufacturers in the world employing the Vacuum Assisted Resin Transfer Moulding process, which allows for the production of high-quality large-scale components.
FedDev Ontario’s repayable contribution will help the company to create 70 new high-quality jobs in Burlington and enhance southern Ontario’s competitive position as a global supplier in the aerospace sector in Canada and abroad.