Estimated reading time 4 minutes, 8 seconds.
In Canada–and around the world–innovation and the aerospace sector go hand-in-hand. That is why the Government of Canada is supporting businesses in this important sector as it adopts advanced technologies, drives innovation and creates good, well-paying jobs.
On May 23, Maryam Monsef, Minister of International Development, Minister for Women and Gender Equality and Member of Parliament for Peterborough-Kawartha, announced a FedDev Ontario repayable contribution of $5 million for Flying Colours Corp., to build a 90,000-square-foot hangar and acquire new state-of-the-art equipment.
This announcement was made on behalf of Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
With FedDev Ontario’s investment, Flying Colours Corp. will automate and improve its production processes to meet growing demand in the large-cabin and long-range aircraft market, as well as expand business services to the executive helicopter industry.
Flying Colours Corp. is the largest tenant at the Peterborough Airport and an important employer both locally and as part of Ontario’s aerospace cluster. With this expansion project, the company expects to bring 60 new full-time, quality jobs to the greater Peterborough region.
“Today’s investment in Flying Colours Corp. demonstrates the Government of Canada’s commitment to help businesses scale up, adopt innovative technologies, increase competitiveness and gain greater access to export market business opportunities,” said Monsef. “This FedDev Ontario project is an excellent example of government and private sector working together to strengthen Canada’s manufacturing and aerospace sectors, while at the same time contributing substantially to local employment in the greater Peterborough region.”
“Canada’s aerospace sector is a significant driver of innovation, economic growth and job creation,” said Bains. “Supporting businesses in this sector, like Flying Colours Corp., boosts our economy, strengthens our competitiveness and creates good, well-paying jobs for Canadians.”
“This investment through FedDev Ontario supports Flying Colours Corp.’s continued expansion in new product lines and innovations that significantly contribute to our Canadian and international brand presence in the high-growth aviation industry,” said John Gillespie, president and chief executive officer, Flying Colours Corp. “This project represents the largest expansion of our facilities in Canada to date, with an emphasis on implementing new technologies, enhanced skills training, and new operational capabilities that will allow us to continue to compete effectively in the global marketplace. As a growing advanced manufacturing employer in the Peterborough region, we appreciate the commitment from and are pleased to partner with the Government of Canada.”
Quick facts
- Established in 1989, Flying Colours Corp. is a leading aviation service provider specializing in aircraft maintenance, repair and overhaul (MRO) as well as completions, modifications, avionics and paint. Key clients include Bombardier, Cessna and Gulfstream Aerospace.
- Flying Colours Corp. works closely with Fleming College to offer aircraft interior programming that directly reflects its labour needs to support local workforce growth.
- Flying Colours Corp. is one of the largest private sector employers in Peterborough currently employing 250 people.
- This investment builds on a previous FedDev Ontario repayable contribution of almost $5.7 million towards the company’s previous expansion plans, which included adding 122 jobs to its workforce.
- In addition to FedDev Ontario’s $5 million repayable contribution, this project will leverage an additional $37.5 million in private sector and other investment towards the total project cost of $42.5 million.
- This year marks 10 years of FedDev Ontario delivering funding and business services to support innovation and growth in southern Ontario.
