Harper Government Supports Manufacturing at Koss Aerospace

MISSISSAUGA, ONTARIO--(Marketwired - Jan. 14, 2015) - 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.

Quick Facts

• The new equipment at Koss Aerospace will enable the company to manufacture structural components up to 30 feet in length.
• The company anticipates creating 25 new full-time highly skilled positions.
• This investment will positively impact the Ontario aerospace industry, which is made up of more than 350 firms, employs more than 22,000 people and generates $6.4 billion in annual revenues.
• Investing in Business Growth and Productivity funding is available for eligible small- and medium-sized enterprises and not-for-profit industry associations or regional economic development organizations.

Quotes

"Our Government is proud to support companies such as Koss Aerospace, who help create highly skilled jobs and strengthen the Canadian aerospace manufacturing sector," said the Honourable Gary Goodyear. "Today's announcement will allow Koss Aerospace to increase its production capabilities and position the company as a stronger supplier in the global aerospace supply chain."

- The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

"Koss Aerospace is an important manufacturer in our community, in Canada and abroad. Our Government's investment will assist Koss Aerospace in purchasing new equipment in order to manufacture larger structural aerospace components, for both Canadian and international aerospace manufacturers, more efficiently and cost effectively."

- The Honourable Bal Gosal, Minister of State for Sport and Member of Parliament for Bramalea-Gore-Malton

"The geography of the supply chain is changing; it is essential that Ontario companies stay on the map. With the support of FedDev Ontario, the Government of Canada is ensuring Koss Aerospace remains competitive and Ontario continues to be a major player in the global aerospace market."

- Alex Cajic, Vice President, Business Development, Koss Aerospace

Related Products

Speech: Investing in Business Growth and Productivity funding announcement for Koss Aerospace

Associated Links

Investing in Business Growth and Productivity initiative

Koss Aerospace website

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