Read the original News Release from Government of Canada from October 2022.
Cambridge-based Racer Machinery International Inc. (RACER) is on the cusp of an exciting development in its journey within the aerospace industry. The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has announced a substantial investment of nearly $1.4 million in RACER. This investment is poised to enhance the company’s productivity, global competitiveness, and pave the way for over 30 new jobs. It’s a significant move that reaffirms the company’s commitment to innovation and growth within the global aerospace supply chain.
“Today’s investment in Racer Machinery International Inc. is great news for Cambridge and Canada’s aerospace sector. The project will help the company boost global competitiveness and support 31 local jobs while contributing to the growth of the aerospace sector here in southern Ontario.”
– Valerie Bradford, Member of Parliament for Kitchener South–Hespeler.
Aerospace Manufacturing in Canada
The aerospace industry in Canada is a research-intensive and export-focused powerhouse, employing thousands of highly skilled individuals across the country. Ontario, in particular, plays a crucial role in the global supply chain for passenger aircraft, working closely with local academia and businesses to develop and commercialize cutting-edge products and technologies.
FedDev Ontario’s Support for Racer Machinery International
On October 13, 2022, in a press release from Cambridge, Ontario, Valerie Bradford, Member of Parliament for Kitchener South–Hespeler, made a significant announcement on behalf of the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. The government has allocated nearly $1.4 million in support of Racer Machinery International Inc., a family-owned aerospace manufacturer located in Cambridge, Ontario.
RACER specializes in the development and production of complex aerospace parts for helicopters and gas turbine engines. With this repayable investment, the company is set to revolutionize its manufacturing processes, reducing material waste and ultimately boosting productivity. As a result, this project will create and sustain up to 31 jobs and increase annual domestic and international sales by as much as $7 million.
A Greener and More Sustainable Future
The Government of Canada is committed to supporting the aerospace sector in southern Ontario, ensuring that businesses have the necessary support to grow, generate employment, and contribute to a robust recovery and future economic growth in a greener and more sustainable manner.
In conclusion, Racer Machinery International’s strategic investment by the Canadian government is a promising development for the aerospace industry. It reflects a commitment to innovation, growth, and sustainability, ensuring that the company remains a key player in the global aerospace supply chain while contributing to the local and national economy. This investment is a testament to the ongoing collaboration between government, businesses, and the aerospace sector in southern Ontario.