Koss Aerospace awarded $5M in federal funding for new equipment
Company expects to hire an additional 25 employees thanks to repayable loan.
MISSISSAUGA, Ont. — Koss Aerospace has been awarded federal funding totalling $5 million to purchase new machinery and equipment, which the company says will strengthen its production capabilities.
The Mississauga, Ont.-based company manufactures structural aerospace components such as wing ribs, floor and cross beams, bulk heads and seat tracks for OEMs, including Boeing and Bombardier.
Koss says it will use the funding of $4.98 million to buy and install new equipment to help the company produce larger structural aerospace components for Canadian and international markets, including the US, Europe and Asia. It says the new equipment will reduce lead times and production costs.
It also anticipates hiring an additional 25 employees.
The repayable contribution to Koss is through FedDev Ontario’s Investing in Business Growth and Productivity initiative, which aims to help established businesses to expand their operations and invest in productivity improvements.