Business Wire – Thu Mar 07 15:45:00 CST 2013
Ontario, Canada Welcomes Sumitomo Precision Products
New Location Becomes Global Headquarters for Sumitomo’s Aerospace Division
TORONTO (BUSINESS WIRE) --
Ontario, Canada is helping Sumitomo Precision Products open its new production facility for aerospace landing gear in Mississauga. The facility, located in Mississauga, Ontario, will become the Japanese company’s global headquarters for its aerospace division.
Ontario is providing a $3.25 million loan that will support the final assembly project, which has a total value of $10 million. Sumitomo’s overall investment in its new Mississauga facility is valued at over $50 million.
“With support from our government, Sumitomo’s investment will further strengthen our province’s aerospace sector and create direct and spin-off jobs right here in Ontario. The new Ontario government will continue our proactive approach to attracting investment that creates jobs and strengthens our economy.”
— Dr. Eric Hoskins, Minister of Economic Development, Trade and Employment
“Our new Mississauga facility is ideally located at the heart of Ontario’s concentration of landing gear expertise. From this base, Sumitomo looks forward to offering an expanded suite of products and services to our North American aerospace customers.”
— Shinichi Nakamura, President, Sumitomo Precision Products (SPP) Canada Aircraft, Inc.
- Ontario is providing a $3.25 million loan in support of the final assembly project. This is part of an overall investment by Sumitomo of over $50 million in its new Mississauga facility.
- The company will undertake final assembly for aircraft landing gear and landing gear control systems.
- Sumitomo sources about a third of its landing gear components from Ontario suppliers, and this will grow with the new facility.
- Ontario’s aerospace industry employs approximately 22,000 people and manufactures about 60 per cent of the world’s large commercial landing gear and about 40 per cent of all commercial landing gear.
- Ontario has cut taxes on business investment in half, making the province more competitive for foreign investment.
Learn more about Ontario’s Aerospace sector.
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