April 27, 2010
For immediate release
Aerospace Sales Continue to Soar in PEI
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“This is a new record for one of the fastest growing industries in Prince Edward Island,” said Minister Campbell. “During one of the worst economic recessions to hit the world in decades, annual sales for Island aerospace companies have reached an all time high. It goes to show that Prince Edward Island companies are competing and succeeding in a global market.”
New statistics for 2009 indicate annual sales for PEI-based aerospace companies increased by more than 24 per cent since 2007, from $287 million to $355 million. Approximately 900 Islanders are now working in the sector which is generating more than $31 million in annual payroll.
Growth in the sector can be attributed to hiring at various companies across the province. The latest addition to Prince Edward Island’s aerospace industry, Action Aero, is also growing at its Charlottetown headquarters on Belmont Street.
“Success across the aerospace industry is a direct result of the quality of our workforce,” said Dave Trainor, president of Action Aero. “We chose to establish Action Aero in Charlottetown in order to capitalize on the dedicated and highly skilled labour pool in the area.”
The president of Aerospace PEI (the representative industry association), Andrew Hall, admits the global industry has been hit by the recession, but local companies are managing to buck the trend.
“The industry in PEI is very strong and the fact that the provincial government is committed to growing this sector is great news for aerospace across the province,” said Mr. Hall. “Island companies continue to hire new employees and successfully pursue contracts and opportunities globally.”
Aerospace is the Island’s fourth largest industry and accounts for 25 per cent of international exports.
“Our Government will continue to invest in sectors that lead to economic growth and job creation for Islanders,” said Minister Campbell. “It is important for government to invest in business development and innovation. That’s why aerospace is highlighted in our economic development strategy, Island Prosperity: A Focus For Change. The fact that sales and employment continue to grow is proof that the plan is putting Islanders to work.”
Aerospace companies in the province specialize in the areas of advanced manufacturing, maintenance, repair and overhaul services, and design and engineering.
A total of nine aerospace companies now call Prince Edward Island home: Action Aero, Vector Atlantic, Honeywell Engine Systems & Services, MDS-Prad, Marand Engineering Ltd., Testori Americas Corporation, Tronosjet Maintenance Inc., Tube Fab Ltd and Wiebel Aerospace.
For more information, visit www.aerospacepei.com.