CAE set to receive $200mn from Canadian provincial and federal government

By sarahako ako

Canadian aviation simulator-maker, CAE, is set to receive almost $200mn over the next five years from the provincial and federal government, Montreal Gazette reports.

The funds will enable the firm to develop a new innovation campus in Montreal.

CAE announced the plans on Wednesday (8 August) that will see $1bn invested over the next five years with the aim of developing a new generation of flight simulators and training services in the areas of aviation, defence and health.

In a speech, Prime Minister Justin Trudeau, said: “The company will also add 550 new co-op internships and double the number of scholarships for students.”

See more:

It is anticipated that the move will create 400 new jobs in Canada, with 335 based in Montreal.

 “Where the help from the government really comes in, it helps us to accelerate the very sizeable investment,” said Marc Parent, CAE’s president and CEO.

“$1 billion of investment over five years for a company like ours is a very large sum.”

It has been confirmed that the majority of the money will be paid back, with the exception being the $10 million from the federal government and $5 million from the provincial government.

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI