January 14, 2015 – Mississauga, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Koss Aerospace will strengthen its aerospace production capabilities thanks to an investment of nearly $5 million announced today by FedDev Ontario Minister Gary Goodyear and Minister for Sport and Member of Parliament for Bramalea-Gore-Malton Bal Gosal.
Koss produces structural aerospace components such as wing ribs, floor and cross beams, bulk heads and seat tracks for original equipment manufacturers (OEMs), including Boeing and Bombardier. The federal funding of up to $4,985,210 will be used to buy and install new equipment to help the company produce larger structural aerospace components for OEMs both in Canada and in international markets, such as the United States, Europe and Asia. In addition, the new equipment will reduce lead times and production costs, giving Koss Aerospace a competitive advantage in the aerospace supply chain sector. The investment will also benefit the company's supply chain in southern Ontario.
The Government of Canada's repayable contribution is through FedDev Ontario's Investing in Business Growth and Productivity initiative, which aims to help established businesses to expand their operations, invest in productivity improvements and compete globally.
Erica Furtado
Director of Communications
Office of the Honourable Gary Goodyear
613-943-7599
Media Relations
FedDev Ontario
416-954-6652
FedDevMedia@FedDevOntario.gc.ca
Toll Free: 1-866-593-5505
Website: www.FedDevOntario.gc.ca
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