FedDev Ontario invests over $7 million for Firan Technology Group Corporation to green operations and support nearly 300 local jobs
TORONTO, July 04, 2022 (GLOBE NEWSWIRE) -- Aerospace is a pillar of the economy and of innovation in Canada. It is one of the most research-intensive and export-focused manufacturing industries, employing thousands of highly qualified people in every region across the country. In Ontario, manufacturers are part of the global supply chain for virtually every passenger aircraft in the world, and the aerospace industry works closely with local academia to develop and commercialize new products and technology.
Today, on behalf of the Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), Shaun Chen, Member of Parliament for Scarborough North, announced over $7 million, through the Aerospace Regional Recovery Initiative (ARRI), for Firan Technology Group Corporation (FTG) to enhance productivity and expand offerings.
FTG is a leading Canadian supplier of electronic products and subsystems to the global aerospace and defence markets. With this support, FTG will invest in automation equipment to improve efficiency and reduce its environmental footprint; green operations by reducing waste, conserving energy and reducing water consumption; improve cybersecurity systems; produce and test new products; and create and maintain nearly 300 jobs. The project will help to increase domestic and international sales and enable the company to pursue new initiatives and gain a competitive advantage as the sector recovers.
The Government of Canada is committed to supporting southern Ontario’s aerospace sector by providing businesses the support they need to grow, create jobs and contribute to a strong recovery and future economic growth.
“Small- and medium-sized aerospace businesses have an important role to play in southern Ontario’s economic recovery, which is why the Government of Canada is committed to supporting these businesses and protecting the thousands of workers this sector employs. Businesses like Firan Technologies Group Corporation are helping strengthen our region’s economy, while ensuring the industry remains competitive and creating good jobs locally.”
– The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario
“Today’s investment in Firan Technology Group Corporation is great news for the local aerospace sector in Scarborough. Not only is the company greening operations to reduce its environmental footprint, it is also supporting nearly 300 local jobs and setting the groundwork to ensure it remains competitive for years to come.”
– Shaun Chen, Member of Parliament for Scarborough North
“FTG has a proven track record of growth resulting from investments in people, processes and tools. The pandemic made for challenging times in the aerospace sector, but the recovery has started. With the help of the ARRI funding, FTG will accelerate its investment in its Canadian businesses to get back on a strong growth trajectory to the benefit of all stakeholders including customers, employees, suppliers and the Canadian economy.”
– Brad Bourne, President and CEO, Firan Technology Group Corporation
Founded in Canada in 1983, Firan Technology Group Corporation is a publicly traded company and has international operations in Canada, the U.S. and China. The company designs, certifies and manufactures illuminated cockpit panels, keyboards, bezels and sub-assemblies and assemblies for Original Equipment Manufacturers of avionics products as well as for airframe manufacturers. They also manufacture advanced printed circuit boards for the aerospace and defense markets.
Ontario’s aerospace industry contains over 200 firms, employing more than 44,000 workers and is responsible for more than $6 billion in revenues.
Delivered by Canada’s regional development agencies, the Aerospace Regional Recovery Initiative (ARRI) is part of a Government of Canada strategy that includes measures being implemented by Innovation, Science and Economic Development Canada to boost the aerospace industry. With a national budget of $250 million over three years, FedDev Ontario is delivering $67.5 million in support in southern Ontario.
Since 2015, FedDev Ontario has invested over $120 million in the aerospace sector in southern Ontario, including a $10-million investment to establish McMaster University’s iHub, a university-based integrated automotive, aerospace and advanced manufacturing network.
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
Bradley C. Bourne, President and CEO
Tel: (416) 299-4000, ext. 314
Firan Technology Group Corporation
Jamie Crichton, Vice President and CFO
Tel: (416) 299-4000, ext. 264
Firan Technology Group Corporation
Additional information can be found at the Corporation’s website www.ftgcorp.com