Koss Aerospace awarded $5 million funding

Koss Aerospace has been awarded a nearly $5 million investment. The Government of Canada's repayable contribution is through FedDev Ontario's Investing in Business Growth and Productivity initiative, which aims to help established businesses to expand their operations, invest in productivity improvements and compete globally.

"Our Government is proud to support companies such as Koss Aerospace, who help create highly skilled jobs and strengthen the Canadian aerospace manufacturing sector," said the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). "Today's announcement will allow Koss Aerospace to increase its production capabilities and position the company as a stronger supplier in the global aerospace supply chain."

The Mississauga-based company says the money will go towards purchasing new machinery or equipment that will help strengthen its aerospace production capabilities. The new equipment at Koss Aerospace will enable the company to manufacture structural components up to 30 feet in length.

Koss anticipates creating 25 new full-time highly skilled positions.

"The geography of the supply chain is changing; it is essential that Ontario companies stay on the map. With the support of FedDev Ontario, the Government of Canada is ensuring Koss Aerospace remains competitive and Ontario continues to be a major player in the global aerospace market," says Alex Cajic, Vice President, Business Development, Koss Aerospace.

Koss produces structural aerospace components such as wing ribs, floor and cross beams, bulk heads and seat tracks for original equipment manufacturers (OEMs), including Boeing and Bombardier. The federal funding of up to $4,985,210 will be used to buy and install new equipment to help the company produce larger structural aerospace components for OEMs both in Canada and in international markets, such as the United States, Europe and Asia. In addition, the new equipment will reduce lead times and production costs, giving Koss Aerospace a competitive advantage in the aerospace supply chain sector. The investment will also benefit the company's supply chain in southern Ontario.

This investment will positively impact the Ontario aerospace industry, which is made up of more than 350 firms, employs more than 22,000 people and generates $6.4 billion in annual revenues.