As the world’s fifth-largest aerospace industry, Canada’s aerospace manufacturers are globally recognized for their talent and collaboration to develop and build the technologies of the future.
Karina Gould, Member of Parliament for Burlington and Minister of International Development, announced a FedDev Ontario investment of $3.1 million to support the scale-up and growth of Formula Solutions Inc. (FSI), a composite manufacturer that specializes in Carbon Fibre Reinforced Plastic aerospace components.
FedDev Ontario’s investment will help FSI acquire new equipment and establish a highly-automated production line to manufacture 10,000 complex aircraft components per year. The expansion project will also fulfill production requirements and position the company as one of the leading manufacturers in the world employing the Vacuum Assisted Resin Transfer Moulding process, which allows for the production of high-quality large-scale components.
FedDev Ontario’s repayable contribution will help the company to create 70 new high-quality jobs in Burlington and enhance southern Ontario’s competitive position as a global supplier in the aerospace sector in Canada and abroad.
Said Gerry Kavanaugh, CEO FSI, “This FedDev Ontario investment will enable FSI to advance our unique Vacuum Assisted Resin Transfer Moulding technology and position FSI as a Global Technology Leader in Advanced Composites specifically in the aerospace sector. Our unique capabilities enable us to bring products to market faster and more economically than our competition with exceptional quality.”