Aerospace Innovation Taking Off In Toronto
McGuinty Government Supports Local Manufacturing And Job Creation
Ontario is helping a Toronto-based aerospace company develop new technologies and create jobs.
Firan Technology Group (FTG) is expanding their range of advanced materials and other technologies for printed circuit boards used in aircraft. These new boards will provide airplanes with smaller, lighter electronics helping to enable more efficient and safer air travel, and contributing to Ontario’s role as a leader in the aerospace industry.
Ontario is contributing $5.11-million to support the $17.03-million project which will create 30 new jobs over the next five years and retain 50 other positions.
Partnering with local manufacturers is a key component of the five-year Open Ontario plan to create new job opportunities and promote economic growth in the province.
QUICK FACTS
- The value of the Aerospace and Defence printed circuit board market globally is estimated to be $1.8-billion.
- Ontario’s Aerospace and Defence industry employs about 19,000 people with annual sales of approximately $4 billion, about 80 per cent of which are exports.
- The value of the commercial aerospace market for new planes is estimated to be $2.6-trillion over the next 20 years.
- As a result of business tax cuts and the move to a Harmonized Sales Tax, the tax on business investment in Ontario is being cut in half, making Ontario businesses more competitive.
