Canadian-based Cyclone MFG offered US$29,700 per job created from OntarioAll Articles
Ontario is partnering with Cyclone Manufacturing to invest in new technology and expand its Mississauga facilities, creating 132 new jobs and retaining 554 positions.
A Canadian company that builds precision parts for a long list of international aerospace companies, including Airbus, Boeing, Bombardier and Lockheed Martin, is launching a major expansion at its facilities in the Toronto suburbs.
Cyclone Manufacturing Inc. plans to spend CAD $64.9 million to buy new equipment, set up new processing lines and add 80,000 sq ft of production space in Mississauga, Ontario.
The project will create 132 new jobs and retain 554 positions at the aerospace components company, which offers fabrication, machining, welding, assembly and final processing services. Cyclone works on a diverse list of aircraft programs, such as Lockheed Martin’s F-35, Bombardier’s CSeries and Boeing’s 787.
Ontario is providing a grant of up to CAD $5.19 million through the Jobs and Prosperity Fund for the project. The Jobs and Prosperity Fund helps secure private sector investment in Ontario, allowing the government to partner with businesses that are creating jobs and enhancing productivity, innovation and exports. Every dollar invested through the fund leverages an average of CAD $9 in private sector investments.
The company’s president Andrew Sochaj said the project marks the start of a “new chapter” for Cyclone.
“With this investment in the latest production and finishing technologies, Cyclone will be able to offer even greater innovation and flexibility for our valued customers,” he said in a statement.
Founded in 1964, the Mississauga-based company currently operates three manufacturing plants in the Mississauga, one in nearby Milton, Ont. and another in Poland.
The major plant expansion project aims to boost the company’s competitiveness, improve its energy efficiency and cut costs. Along with the extra 80,000 sq ft of floor space in Mississauga, the province said Cyclone is also looking at adding a new facility in the long-term.
Cyclone expects to complete the scale-up effort by late 2021.
All Articles Arrange a Demo of Incentives Monitor