Premier Pat Binns and Joe McGuire, MP for Egmont, announced today that another major aerospace development has been secured for the Summerside area. MDS-PRAD Technologies Corporation has selected Prince Edward Island as home for its new facility.
MDS-PRAD is a joint venture between MDS Aero Support Corporation, a world leader in the supply of engine test facilities and test systems, and the Ural Works of Civil Aviation (PRAD), an aircraft engineering and overhaul facility.
The joint venture company will establish a R&D, engineering, and production facility in Slemon Park, creating over 120 jobs over the next several years. The company owns the rights to a Russian-developed coating which prevents premature wear and erosion in gas turbine engines. At its Slemon Park facility, MDS-PRAD will westernize the Russian technology and equipment to coat compressor section turbine blades for various jet engines.
"This is a very exciting announcement for Prince Edward Island, as it not only provides a tremendous boost to our ever-growing aerospace industry, but it also secures over 100 highly skilled jobs for the province," said Premier Binns. "The provincial government has been working with this company for several years regarding this project and it's a pleasure to announce today that MDS-PRAD will be joining our aerospace cluster in Slemon Park."
"The Government of Canada, through the Atlantic Innovation Fund, is pleased to support MDS-PRAD in its research and development endeavours," said Joe McGuire, MP for Egmont. "This exciting company, in working to improve the world's commercial and military aircraft, will bring quality jobs, new business opportunities, and a reputation for innovation to Prince Edward Island."
The MDS-PRAD installation is scheduled to be completed and operational by February, 2003. The company is currently working with Slemon Park Corporation regarding facilities and will address its training needs through the Holland College Aerospace and Industrial Technology Centre.
"We are very pleased to be locating this new venture in Prince Edward Island," said Phil Rodger, President and COO of MDS-PRAD. "The decision to invest in the province is testimony to the work of both the provincial and federal governments, and we look forward to developing a world-class workforce and facility here over the next few years"
The Provincial government is providing a $1 million loan as well as a $2.5 million forgivable performance incentive through PEI Business Development, the lead business development agency for the province. The Government of Canada is contributing $2 million through the Atlantic Innovation Fund (AIF), a five-year, $300 million initiative aimed at increasing R&D being carried out in Atlantic research facilities. The AIF is administered by ACOA.