The latest addition to the PEI aerospace industry, MDS-PRAD Technologies Corporation, began construction of their new 16,000 square-foot building today in Slemon Park. MDS-PRAD develops erosion-resistant protective coatings specifically for use on gas turbine compressor blades.
This building will become home to a new research and development, engineering, and production facility. MDS-PRAD will initially employ approximately 40 individuals and expects that number to rise to close to 120 by the end of year three.
MDS-PRAD Technologies Corporation is a Canadian joint venture between MDS Aero Support Corporation and Ural Works of Civil Aviation (PRAD) of Russia. The company owns the rights to a protective coating that prevents premature wear and erosion in gas turbine engines. The research and development activity will focus on applying modern western manufacturing and processing technologies to the core technology. The finished product will have application in a range of fixed and rotary wing aircraft.
"I am excited to be on-site as construction gets underway for this new and exciting addition to the Province's aerospace industry," said the Honourable Mike Currie, Minister of Development and Technology. "The ability to attract such renowned companies like MDS-PRAD speaks volumes for the aerospace business environment PEI offers and government's commitment to development."
The provincial government is providing a $2.5 million forgivable performance incentive to MDS-PRAD through PEI Business Development, the lead business development agency for the province. As well, Island Investment Development, Inc. (IIDI) will be providing a $1 million loan.