Ottawa makes C$300 million Pratt and Whitney investment
TORONTO (Reuters) - The Canadian government is contributing C$300 million ($300 million) toward a C$1 billion Pratt and Whitney Canada Corp research and development project to make lighter aircraft engines.
The funds will be made available through Ottawa's Strategic Aerospace and Defense Initiative, Industry Minister Tony Clement said on Monday.
"The government's C$300 million repayable investment is expected to create or maintain an average of more than 700 high-skilled jobs during the project's work phase and more than 2,000 jobs during the 15 year benefits phase," Clement told reporters at the company's plant near Toronto.
Skilled workers will be hired in Longueuil, Quebec, where the company is based, and in Mississauga, Ontario.
Pratt and Whitney Canada is a subsidiary of Hartford, Connecticut-based United Technologies Corp.
The company is developing power-plant technologies to provide reduced fuel consumption, lower emissions and less noise, for use in turbofan, turboprop and turboshaft engines in airplanes and helicopters.
© Thomson Reuters 2017 All rights reserved.