R&D investments announced by Pratt & Whitney will contribute to a key sector of the city’s economy

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Added on 8 December 2014 in Press releases

Montréal, December 8, 2014 – The Board of Trade of Metropolitan Montreal is delighted with Pratt & Whitney’s investment of over a billion dollars in research and development, announced with the Honourable Denis Lebel, Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of Quebec, in attendance. The investment will go toward developing the next generation of high-performance aircraft engines in Canada in the coming years.

“We are pleased to know that the Government of Canada recognizes the importance of this sort of investment, which will help maintain jobs in one of the most strategic sectors of Montréal’s economy, and that the government supports innovation in this way,” said Michel Leblanc, President and CEO of the Board of Trade. “This investment will have a major impact on Montréal, which is the leading aerospace centre in Canada and one of the three major centres in the world, along with Seattle and Toulouse. The industry ― which employs 43,500 highly skilled workers in the greater metropolitan area ― is key to our economy. The major investment announced today will support this sector, which has been affected by the difficult economic times in recent years.”

“The Board of Trade has spent years pointing to the importance of encouraging private investment to keep our businesses and the city competitive,” Michel Leblanc said. “Businesses in Montréal’s aerospace sector export 80% of their production, and they need to leverage innovation and R&D to compete. Creating a world-class smart manufacturing centre of excellence in Longueuil will help the region continue to make its presence felt on international markets.”

“This investment is also recognition of our status as a university city, which creates centres of excellence in research and innovation,” Mr. Leblanc said. “The aerospace industry has long been a trailblazer in successful partnerships with institutions of higher learning. The investment announced today will allow it to pursue essential partnerships, train highly skilled labour and innovate.”

About the Board of Trade of Metropolitan Montreal

The Board of Trade of Metropolitan Montreal has over 7,000 members. Its mission is to be the voice of Montréal’s business community and to promote the city’s prosperity. It is involved in key areas of economic development, advocating a philosophy of action based on engagement, credibility, proactivity, collaboration and innovation. The Board of Trade also offers a range of specialized services to individuals and to business of all sizes to support them in their growth at home and abroad.

 

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Source: 
Michelle LLambias Meunier
Advisor, Media Relations
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4042
mllambias@ccmm.qc.ca

 

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