FedDev Ontario invests nearly $1.4 million in Racer Machinery International Inc. to boost productivity, global competitiveness and support over 30 jobs
October 13, 2022 - Cambridge, Ontario
Employing thousands of highly qualified people in every region across the country, aerospace is one of the most research‑intensive and export-focused manufacturing industries in Canada. In Ontario, manufacturers are part of the global supply chain for virtually every passenger aircraft in the world, and the industry works closely with local academia and businesses to develop and commercialize new products and technology.
Today, on behalf of the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), Valerie Bradford, Member of Parliament for Kitchener South-Hespeler, announced nearly $1.4 million for Racer Machinery International Inc. (RACER). This investment will improve the company's productivity and competitiveness, and position it to emerge from the pandemic as a key player within the global aerospace supply chain.
RACER is a second-generation, family-owned aerospace manufacturer in Cambridge, Ontario. With this repayable investment, the company will further develop and manufacture complex aerospace parts for helicopters and gas turbine engines, through a process that will help reduce material waste. As a result of this project, the company will be able to create and maintain up to 31 jobs, as well as grow its annual domestic and international sales by up to $7 million.
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 in a greener and more sustainable way.
