News
For Immediate Release
Peterborough
12/09/2011
Ontario Helps Peterborough Company Create New Jobs: McGuinty Government investment in Safran Electronics will create and protect 111 jobs
NEWS
Ontario is helping Safran Electronics Canada better serve its customers and expand its global market reach, creating 10 new full-time jobs and protecting 101 jobs at their Peterborough facility.
With the province’s support, Safran Electronics is investing in new equipment and expertise to adapt its existing innovative technologies to new markets around the world. Serving the commercial aerospace and defence sectors, the company plans to enhance its line of control units, which are currently used for aircraft engines and landing gears.
The Eastern Ontario Development Fund has been very successful to date. It has created and retained 11,700 in Eastern Ontario, including the creation of 173 jobs and the protection of 848 jobs in Peterborough. The McGuinty government recently introduced the Attracting Investment and Creating Jobs Act to make the Eastern Ontario Development Fund permanent.
Partnering with local businesses and supporting made-in-Ontario technologies is part of the McGuinty government’s plan to create and support new and existing jobs for Ontario families, and to strengthen local economies.
QUOTES
“Job creation is our government’s top priority. We recognize the value and unique nature of our regional economies and that’s why we are proposing to make the Eastern Ontario Development Fund permanent. Success stories such as Safran Electronics demonstrate that these types of funds are a prudent way to attract investment and create jobs.”
— Brad Duguid, Minister of Economic Development and Innovation
“Today’s announcement recognizes Safran Electronics’ business leadership and contribution to the community. It also builds on the collaboration that is occurring in Peterborough to create good local jobs.”
— Jeff Leal, MPP for Peterborough
QUICK FACTS
- A subsidiary of Sagem and member of the Safran Group, Safran Electronics Canada develops, produces, and supports embedded computers and systems for aerospace and defence applications.
- Since October 2003, Ontario has created 502,000 net new jobs for Ontario families.
- In 2010, Ontario was named a top destination for foreign direct investment in North America, second only to California. The province attracted a total of 127 Foreign Direct Investment projects, which created more than 11,200 jobs.
- As a result of the tax changes implemented in Ontario, taxes on business investment were cut in half, making Ontario more competitive and encouraging business growth.
LEARN MORE
- See how Ontario's Budget 2011 is supporting job creation and helping the province's economy to turn the corner.
- Explore government programs and services for Ontario businesses.
- Visit the Ministry of Economic Development and Innovation’s website for comprehensive economic, trade and innovation news, including a toolkit for businesses.
For more information:
Andrew Block
Minister's Office
416-325-0362
Dominique Paquet
Communications Branch
416-325-8775
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