$5M FedDev loan buys new equipment for Koss Aerospace
Jan. 14, 2015 – Aircraft component manufacturer Koss Aerospace hopes to strengthen its production capabilities with an investment of nearly $5 million from Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
The Mississauga, Ont.-based company 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 in Canada and in international markets. In addition, the new equipment — which enables the company to manufacture structural components up to 30 feet in length — is anticipated to reduce lead times and production costs.
Up to 25 new full-time jobs will also be created.
“The geography of the supply chain is changing,” said Alex Cajic, vice-president, business development at Koss Aerospace. “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.”
The repayable contribution is part of 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.
“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 Gary Goodyear, minister of state for FedDev Ontario, adding that this will position the company as a “stronger supplier in the global aerospace supply chain.”
Photos © FedDev Ontario