FedDev Ontario invests nearly $1.4 million in Racer Machinery International Inc. to boost productivity, global competitiveness and support over 30 jobs
October 13, 2022 – Cambridge, Ontario
Federal Economic Development Agency for Southern Ontario (FedDevOntario)
Employing thousands of highly qualified people in every region across the country, aerospace is one of the most research‑intensive and export-focused manufacturing industries in Canada. In Ontario, manufacturers are part of the global supply chain for virtually every passenger aircraft in the world, and the industry works closely with local academia and businesses to develop and commercialize new products and technology.
Today, on behalf of the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), Valerie Bradford, Member of Parliament for Kitchener South–Hespeler, announced nearly $1.4 million for Racer Machinery International Inc. (RACER). This investment will improve the company’s productivity and competitiveness, and position it to emerge from the pandemic as a key player within the global aerospace supply chain.
RACER is a second-generation, family-owned aerospace manufacturer in Cambridge, Ontario. With this repayable investment, the company will further develop and manufacture complex aerospace parts for helicopters and gas turbine engines, through a process that will help reduce material waste. As a result of this project, the company will be able to create and maintain up to 31 jobs, as well as grow its annual domestic and international sales by up to $7 million.
The Government of Canada is committed to supporting southern Ontario’s aerospace sector by providing businesses the support they need to grow, create jobs and contribute to a strong recovery and future economic growth in a greener and more sustainable way.
Quotes
“The Government of Canada is supporting small- and medium-sized aerospace businesses and protecting the thousands of workers in this sector. These businesses have an important role to play in southern Ontario’s economic recovery. Companies like Racer Machinery International Inc. are helping to strengthen Canada’s position in the global aerospace supply chain and reduce the environmental footprint of our aerospace sector.”
- The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario
“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 growth of the aerospace sector here in southern Ontario.”
- Valerie Bradford, Member of Parliament for Kitchener South–Hespeler
“Manufacturers, like Racer Machinery International Inc., play an important role in southern Ontario’s aerospace sector. Today’s investment will help the company emerge from the pandemic as a key player within the global aerospace supply chain, while also creating local jobs.”
- Bryan May, Member of Parliament for Cambridge
“The ARRI program is allowing RACER to pursue the expansion of its product line by addressing advanced manufacturing and the global technology convergence right here in Canada. Our project would not have been possible without their critical support.”
- Alex Vojinovich, Chief Operating Officer, Racer Machinery International Inc.
Quick Facts
- Established in 1990, RACER manufactures large machining tools and manufacturing solutions for producing lightweight parts with fewer materials, reducing the carbon footprint of the aerospace the aerospace sector and has notable relationships with MDA and Siemens.
- Ontario’s aerospace industry contains over 200 firms, employing more than 44,000 workers and is responsible for more than $6 billion in revenues.
- Delivered by Canada’s regional development agencies, the Aerospace Regional Recovery Initiative is part of a Government of Canada strategy that includes measures being implemented by Innovation, Science and Economic Development Canada to boost the aerospace industry. With a national budget of $250 million over three years, FedDev Ontario is delivering $67.5 million in support in southern Ontario.
- Since 2015, FedDev Ontario has invested nearly $134 million in the aerospace sector in over 27 aerospace projects across southern Ontario, creating over 980 jobs and maintaining over 927 jobs, including over $2.6 million for Downsview Aerospace Innovation & Research (DAIR) to help improve the aerospace sector’s overall environmental footprint and will help SMEs enhance operations to meet customer needs and become more competitive in the global supply chain.
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