Government of Canada invests in scale-up of aerospace manufacturer in Burlington
$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.
“I look forward to seeing the benefits of Formula Solutions Inc.’s expansion project with the addition of new capabilities that will draw in key clients in aerospace, and allow the company to enter new markets. Locally, this investment will boost the manufacturing supply chain and add 70 new skilled jobs in Burlington.”
- The Honourable Karina Gould, Member of Parliament for Burlington and Minister of International Development
“Advanced manufacturing supports well-paying jobs in communities across Canada, while producing the quality goods that the world needs. The pandemic has deeply affected supply chains and today’s announcement further highlights our government’s commitment to support our manufacturers in the aerospace sector through this challenging time. Our message to them is clear: we’ve long supported the manufacturing industry, we’ve been here for you with immediate measures, we’re here for you through this crisis for as long as it lasts, whatever it takes. We’re working with you to create quality jobs and help Canadian manufacturing businesses adapt to this economic context to come back strong.”
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario
“FedDev Ontario is working closely with communities like Burlington and local companies to restore key sectors that require additional support during and after the Pandemic. Today’s investment will add good-paying, highly-skilled jobs to our community during this critical time of regrowth and ensure that our industries are strong, resilient, innovative, globally competitive and inclusive as we rebound from COVID-19.”
- Pam Damoff, Member of Parliament for Oakville North–Burlington
“This FedDev Ontario investment will enable FSI to advance our unique Vacuum Assisted Resin Transfer Moulding technology and position FSI as a Global Technology Leader in Advanced Composites specifically in the aerospace sector. Our unique capabilities enable us to bring products to market faster and more economically than our competition with exceptional quality.”
- Gerry Kavanaugh, CEO, Formula Solutions Inc.
FedDev Ontario’s repayable contribution will leverage an additional $9 million in private sector and other investment.
Since November 2015, FedDev Ontario has invested more than $521 million in 428 manufacturing projects across southern Ontario. The Agency has also invested over $9.8 million in 38 projects in Burlington.
More than one in 10 of Ontario’s jobs are in the manufacturing sector, recognized as Canada’s manufacturing heartland.
Advanced manufacturing has contributed to a large share of job creation, accounting for half of the approximately 45,000 skilled jobs created in Ontario since 2010.
Canada’s aerospace sector contributes over $25 billion in GDP and about 213,000 jobs to the Canadian economy.
Aerospace manufacturing firms in Canada are known to use double the key emerging technologies and nearly 50 percent more advanced technologies than the average manufacturer.
Press Secretary, Office of the Minister of Economic Development and Official Languages
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