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June 25, 2015
For immediate release
Province provides vital financing for Vector Aerospace expansion
Economic Development and Tourism
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“Vector Aerospace is a cornerstone of this province’s aerospace industry and the second biggest private sector employer on the Island,” said Premier MacLauchlan. “Our financing will assist Vector with the addition of a fourth engine test cell at its Slemon Park operation allowing the company to pursue more lucrative contracts, provide uninterrupted service should one of their existing test cells be taken off line, and potentially mean more jobs for Islanders - making a positive contribution to the provincial economy and exports.”
The province’s support of the project is two-fold. Through Finance PEI’s Century Fund, the province will provide $4,020,986 in repayable financing for the project over a 15 year term. The province will also provide a non-repayable contribution of $1,352,807 which will be paid out in 2017 should Vector maintain or exceed current staffing levels
As part of the agreement, Vector Aerospace has signed a new 15 year lease with Slemon Park Corporation. That firms up the company’s commitment to stay in Slemon Park through 2030.
“Vector Aerospace is a fine example of how collaboration can breed success,” said Minister of Economic Development and Tourism Heath MacDonald. “The company provides hundreds of high paying jobs in a rural part of the province and makes a major contribution to our economy. This is an excellent example of the province working alongside other levels of government - municipal and federal - to build a strong Island economy.”
Vector Aerospace Engine Services Atlantic currently employs 440 workers at its Slemon Park facility. The company provides aircraft engine repair, restoration and overhaul services to companies around the world.