FedDev Ontario Supports Flying Colours Corp. Expansion
News Release
April 15, 2016 – Peterborough, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Today, the Honourable Maryam Monsef, Minister of Democratic Institutions and Member of Parliament for Peterborough–Kawartha, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced an investment of up to $4.87 million for an expansion at Flying Colours Corp.
The Government has defined a new vision in Budget 2016: to build Canada as a centre of global innovation, renowned for its science, technology, creativity and globally competitive companies. This includes helping companies, like Flying Colours Corp., to succeed in exporting and commercializing the technologies and services of tomorrow.
A global aviation services company, Flying Colours Corp. retrofits a range of aircrafts and provides fully customized aircraft interiors, outfitted with the latest technologies and state-of-the-art electronic equipment. This repayable contribution, through FedDev Ontario's Investing in Business Growth and Productivity initiative, is for the construction of a 100,000-square foot hangar at the Peterborough Airport. The new facility will enable Flying Colours Corp. to take on work for larger airplanes and will help the company address the increasing global demand for customized aircraft retrofitting.
This investment in the Peterborough area is expected to have spill-over benefits for more than 200 Ontario-based suppliers within the Flying Colour Corp. supply chain.
Quick Facts
- With a total project cost of $20.15 million, this project will leverage a $1.2-million investment from the Government of Ontario and more than $14 million from private sector investment. The project is also expected to create up to 50 skilled manufacturing, engineering, management and technical field full-time equivalent jobs.
- Established in 1994, Flying Colours Corp. previously received a repayable contribution of up to $900,000 from FedDev Ontario to expand its facilities and acquire new equipment. The successful completion of this project resulted in 37 new jobs and has positively benefited the surrounding community.
Quotes
"The Government of Canada's investment in Flying Colours Corp. shows that we are committed to strengthening the manufacturing and aerospace sectors by helping companies, like Flying Colours, become more innovative, competitive and successful. Today's announcement is supporting a stronger, more competitive economy in this region."
– The Honourable Maryam Monsef, Minister of Democratic Institutions and Member of Parliament for Peterborough–Kawartha, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"This is an exciting day for Peterborough and the region. It took an endless supply of perseverance, hard work, determination, and I would argue the most important ingredient, imagination, which are all things represented in the Flying Colours Corporation. Every time a company in Canada expands, invests in new equipment, or hires a new employee, we all benefit. This event is more than funding; it’s about laying the groundwork for the collective prosperity for our whole region."
– Kim Rudd, Parliamentary Secretary to the Honourable Jim Carr, Minister of Natural Resources and Member of Parliament for Northumberland-Peterborough South
"Support from FedDev Ontario, will allow Flying Colours Corp. to strengthen our international brand presence within the aviation industry. This project is an expansion of our facilities in Canada, with a major emphasis on innovation, training and standardized processes to compete in a competitive global marketplace. This is advantageous for Flying Colours, as it will help accelerate the development of new skills for our Canadian workforce and increase our overall capacity to support additional customer requirements."
– Kate Ahrens, Vice-President, Corporate Development, Flying Colours Corp.
Associated Links
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FedDev Ontario
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fdo.mediarel-relmedias.fdo@canada.ca
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Website: www.FedDevOntario.gc.ca
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Hon. Navdeep Singh Bains Hon. Maryam Monsef Federal Economic Development Agency for Southern Ontario Science and Technology Economics and Industry
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