Vector Aerospace expands, commits to P.E.I.
P.E.I. government offers up to $5M in financing. Another $1.5M from ACOA.
Vector Aerospace is adding a fourth engine test cell to its production facility in Slemon Park, just outside of Summerside, with the promise of more than $5M in aid from the provincial government.
The company specializes in repairing and maintaining aircraft engines.
In a news release, Premier Wade MacLauchlan emphasized the importance of Vector to the P.E.I. economy. "Vector Aerospace is a cornerstone of this province's aerospace industry and the second biggest private sector employer on the Island," said MacLauchlan.
There are 440 people working for Vector in Slemon Park.
The provincial contribution to the new test cell includes a $4,020,986 loan and the promise of a $1,352,807 grant to be paid in 2017 should Vector exceed or maintain current staffing levels at that time.
The fourth test cell will expand the company's options when pursuing new contracts, and allow uninterrupted service when one of the current cells is offline.
ACOA is also providing a $1,500,000 repayable contribution to the Summerside Regional Development Corporation to build the new 4,000 square foot test cell facility in Slemon Park which will be leased to Vector.
At the same time, Vector Aerospace has signed a new 15 year lease with Slemon Park Corporation, firming up the company's commitment to stay in Slemon Park until 2030.
- This will be the fourth engine test cell, not the third as this story previously stated. There was an error in the provincial government press release.Jun 25, 2015 1:56 PM AT