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TORONTO -- Bombardier says it will be pouring millions of dollars into various projects aimed at creating an aerospace hub in the Greater Toronto Area.
The aerospace giant says the funding strengthens its partnership with a local consortium whose primary goal is getting the hub established.
The Downsview Aerospace Innovation and Research Consortium will set up a centre where academic and industry leaders can collaborate.
Bombardier says it will dedicate $1.5 million a year for the next five years toward funding research at that centre.
The company also plans to spend a total of $5 million towards creating aerospace research centres at Ryerson University and the University of Toronto.
It will also fund a landing gear research project underway at Toronto's Centennial College and pour millions into boosting operations and refurbishing a key building for the consortium.
"This agreement is great news for Ontario's aerospace industry and for the people of Toronto," Bombardier Aerospace Chief Engineer Francois Caza said in a release on Thursday.
"Since acquiring de Havilland in 1992, Bombardier has built strong relationships with local institutions to promote aerospace research and innovation. Through our new partnership with DAIR, we will continue to support the development of this unique ecosystem for many years to come."
Bombardier was the long-time owner of the property that will now form the centre of the planned hub. Last month, the company announced it was selling the facility to the Public Sector Pension Investment Board for $816 million.
Under a lease agreement, the company will continue to operate from the facility for up to three years following the closing of the deal, with two optional one-year extension periods.
Bombardier spending millions to create GTA aerospace hub | CTV Toronto News
The aerospace giant says the funding strengthens its partnership with a local consortium whose primary goal is getting the hub established.
The Downsview Aerospace Innovation and Research Consortium will set up a centre where academic and industry leaders can collaborate.
Bombardier says it will dedicate $1.5 million a year for the next five years toward funding research at that centre.
The company also plans to spend a total of $5 million towards creating aerospace research centres at Ryerson University and the University of Toronto.
It will also fund a landing gear research project underway at Toronto's Centennial College and pour millions into boosting operations and refurbishing a key building for the consortium.
"This agreement is great news for Ontario's aerospace industry and for the people of Toronto," Bombardier Aerospace Chief Engineer Francois Caza said in a release on Thursday.
"Since acquiring de Havilland in 1992, Bombardier has built strong relationships with local institutions to promote aerospace research and innovation. Through our new partnership with DAIR, we will continue to support the development of this unique ecosystem for many years to come."
Bombardier was the long-time owner of the property that will now form the centre of the planned hub. Last month, the company announced it was selling the facility to the Public Sector Pension Investment Board for $816 million.
Under a lease agreement, the company will continue to operate from the facility for up to three years following the closing of the deal, with two optional one-year extension periods.
Bombardier spending millions to create GTA aerospace hub | CTV Toronto News
