p.e.i. aerospace company getting $110 million in government funding
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adam casey, vice president of operations at mds coating, said that the $110 million in funding announced on may 13 shows the government’s belief in the company and its ability to grow.
kristin gardiner
/
journal pioneer
summerside, p.e.i. — a slemon park aerospace company’s expansion has received a financial boost from both the p.e.i. and federal governments.
on may 13, mélanie joly, federal minister of industry, and premier rob lantz held a press conference at mds coating technologies to announce a combined total of $110 million invested into the company.
the federal government, joly announced, will be contributing $55.7 million through the department of innovation, science and economic development.
she said it is the largest contribution the federal government is making in the aerospace industry, and one of the largest in a private company in p.e.i.
“it’s a big investment, but it’s totally worth it,” said joly. “it will help create and maintain 200 jobs right here in p.e.i. and it will position the company for the next decade.”
the province, likewise, is contributing $55 million, $45 million of which is a loan through finance p.e.i. the rest is from a $3 million grant through innovation p.e.i., as well as $6.75 million through the labour rebate program.
“today’s announcement shows what a small island is capable of when innovation, vision and strategic investment come together. that’s what’s happening here today,” said premier rob lantz.
“it also shows the role that p.e.i. can play in canada’s future in aerospace, advanced manufacturing, green technology and, increasingly, defence.”
lantz added the province’s contribution is the largest private-sector investment in p.e.i. to date.
“we’re making that investment because we believe in this company, we believe in its leadership, we believe in the future they’re building here on prince edward island.”
premier rob lantz, left, and mélanie joly, minister of industry, attended a press conference in slemon park today to announce funding for mds coating technologies. the provincial and federal governments are each contributing $55 million.
kristin gardiner
/
journal pioneer
growing business
adam casey, mds coating’s vice president of operations, said the funding is not just an investment in the company, but demonstrates a belief in its team and the ability to grow in the industry.
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“it’s been a very successful partnership since we started here in 2003,” he said.
“that kind of right balance of government financing and incentive to do business, and then letting the companies develop and expand and meet their target. there’s a significant aerospace hub in slemon park, and we’re very happy to be part of it. i do think we’re a world-leading coating facility.”
the funds go toward a 50,000-square-foot expansion, improving manufacturing equipment, adding specialized equipment and creating up to 120 new jobs.
casey explained that the coating helps keep engine parts from degrading, making them more fuel-efficient and reducing greenhouse gas emissions.
on may 13, the p.e.i. and federal governments announced a combined $110 million in funding for mds coating technologies in slemon park.
kristin gardiner
/
journal pioneer
the work will be done in phases; already, said casey, the company has ordered two new coating machines.
mds coating technologies ceo phil rodger was thrilled about the funds, remarking that to say it’s a “big day for mds coating would be an understatement.”
he recalls when the company opened in slemon park 23 years ago with a staff of 15, and is glad to see how mds has grown to become a preferred coating partner for aerospace engine manufacturers across the globe.
“and here we are today, about to take this monumental next step, expansions, and venturing into new coating technologies and into new areas of the jet engine,” said rodger.
“the vision is for us to be here, a world-leading aerospace coating centre of excellence. take that in. we’re not talking about this being a little coating shop in p.e.i., (but) being the best in the world.”
kristin gardiner is a reporter for the journal pioneer in prince edward island. she can be reached at kgardiner@postmedia.com.
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