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TORONTO, Dec 8 (Reuters) - United Technologies Corp unit Pratt & Whitney Canada said on Monday it will invest more than C$1 billion ($874 million) over 4-1/2 years to develop new high-performance plane engines.
The company said the C$1 billion in research and development spending includes C$300 million from Canada’s federal government, which is repayable.
It announced the plans during parallel events at its facilities near Montreal and Toronto. Some 1,400 people work in engineering for the company in the Canadian provinces of Ontario and Quebec.
Reuters reported on Friday that Pratt & Whitney Canada was set to announce a new government investment.
$1 = $1.14 Canadian Reporting by Allison Martell; Editing by Paul Simao