Koss Aerospace gets boost from federal government
Jan. 15, 2015, Mississauga, Ont. - 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.
- 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.