The federal government has announced an investment of up to $4.87 million for an expansion at Peterborough-based aviation company Flying Colours Corp.
The Honourable Maryam Monsef, Minister of Democratic Institutions and Member of Parliament for Peterborough-Kawartha, made the announcement today on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development who’s also responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
“The Government of Canada’s investment in Flying Colours Corp. shows that we are committed to strengthening the manufacturing and aerospace sectors by helping companies, like Flying Colours, become more innovative, competitive and successful,” said Minister Monsef. “Today’s announcement is supporting a stronger, more competitive economy in this region.”
Established in 1994, Flying Colours Corp. is a global aviation services company that retrofits a range of aircraft and provides fully customized aircraft interiors, outfitted with the latest technologies and state-of-the-art electronic equipment.
The federal investment will support the construction of a 100,000-square foot hangar at the Peterborough Airport, which will enable Flying Colours Corp. to take on work for larger airplanes and will help the company address the increasing global demand for customized aircraft retrofitting.
The federal investment is a “repayable contribution” — similar to an interest-free loan — and was provided through FedDev Ontario’s Investing in Business Growth and Productivity program, which assists existing southern Ontario businesses to adopt new technologies with the potential to improve productivity and expand their global operations.
It follows an earlier repayable contribution from FedDev Ontario to Flying Colours Corp. of up to $900,000 to expand its facilities and acquire new equipment. The successful completion of that project resulted in 37 new jobs.
The $4.87-million investment from the federal government announced today accompanies a $1.2-million investment from the Government of Ontario and more than $14 million from the private sector.
The project, with a total cost of $20.15 million, is projected to create as many as 50 full-time equivalent jobs in skilled manufacturing, engineering, management, and technical fields. It’s also expected to have spill-over benefits for more than 200 Ontario-based businesses within Flying Colour Corp.’s supply chain.
“Support from FedDev Ontario will allow Flying Colours Corp. to strengthen our international brand presence within the aviation industry,” said Kate Ahrens, Vice-President of Corporate Development at Flying Colours Corp.
“This project is an expansion of our facilities in Canada, with a major emphasis on innovation, training and standardized processes to compete in a competitive global marketplace,” she added. “This is advantageous for Flying Colours, as it will help accelerate the development of new skills for our Canadian workforce and increase our overall capacity to support additional customer requirements.”
All photos courtesy of the office of Honourable Maryam Monsef, Member of Parliament for Peterborough-Kawartha.