Mississauga, Ontario, Canada – The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) is providing up to $8 million for Cyclone Manufacturing Inc. to enhance production capacity, expand its services, and grow its customer base.
The federal funding will be used to buy and install new equipment, expand facility space, and introduce new advanced production lines to help the company produce and finish specialized aerospace components for original equipment manufacturers (OEMs). FedDev Ontario's investment will allow the company to produce on a larger scale and enhance its production and finishing technologies and services.
"This funding will allow our company to better meet consumer needs in the aerospace industry. We will be able to purchase new equipment, and expand our production space, which will result in a new production line," according to Andrew Sochaj, president, Cyclone Manufacturing.
FedDev Ontario's repayable contribution is through the Investing in Business Growth and Productivity initiative, which is aimed at helping established businesses to grow their operations, invest in productivity improvements, and compete globally.
Quick Facts
- Cyclone Manufacturing Inc. was formed in 1964 as an aircraft parts manufacturing company for the aerospace industry. The company continues to expand by securing new production contracts with clients that include Airbus, Boeing, Bombardier, and Embraer.
- Cyclone Manufacturing Inc. has four locations, totaling 270,000ft2, in Mississauga and Milton. This project will support the addition of 180,000ft2 of facility space.
- The project has a total cost of $65+ million, resulting in more than $57 million in private sector investments. According to Cyclone Manufacturing Inc., the project is expected to create up to 135 full-time, high-quality jobs in Mississauga by 2018.
- In 2014, Cyclone Manufacturing Inc. received a contribution of up to $147,000 from the National Research Council Canada's Industrial Research Assistance Program (IRAP) to optimize titanium material removal rate for the aircraft industry.
- The aerospace industry contributed more than $29 billion to Canada's GDP in 2014. This sector includes 180,000 jobs, most of which are skilled labor.
- The manufacturing sector is a major contributor to Canada's economy, employing more than 1.7 million Canadians, of which nearly 750,000 live in Ontario. It also accounts for half of the business R&D in Canada and generated sales of $619.1 billion in 2014, including $284.6 billion in sales for Ontario alone.
Source: FedDev Ontario
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