The Federal Economic Development Agency for Southern Ontario has announced a $4.87 million finance injection into Flying Colours the Canadian aviation services company that deals with aircraft refits.
Maryam Monsef, Canadian minister of democratic Institutions, and Navdeep Bains minister of innovation for science and economic development, announced the deal.
A global aviation services company, Flying Colours retrofits a range of aircrafts and provides fully customised aircraft interiors, outfitted with the latest technologies and state-of-the-art electronic equipment.
The investment is a repayable contribution, through FedDev Ontario’s Investing in Business Growth and Productivity initiative and is for the construction of a 100,000-square foot hangar at Peterborough Airport in the Canadian State of Ontario.
The new facility will enable the company to take on work fitting larger airplanes and will help the company address the increasing global demand for customised aircraft retrofitting. This investment in the Peterborough area is expected to have increased benefits for more than 200 Ontario-based suppliers within the Flying Colours supply chain.
Kate Ahrens, vice-president of corporate development at Flying Colours, said: “Support from FedDev Ontario, will allow Flying Colours to strengthen our international brand presence within the aviation industry. This project is an expansion of our facilities in Canada, with a major emphasis on innovation, training and standardised processes to compete in a competitive global marketplace.”
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