Pratt & Whitney Canada to Invest $250 Million
P&WC will invest an additional $250 million in research and development over the next three years, in the Montreal area.
By Brooke Shaw
LONGUEUIL, QUEBEC–(CCNMatthews – May 26, 2005) – Pratt & Whitney Canada (P&WC) will invest an additional $250 million in research and development over the next three years, in the Montreal area, following the Quebec government's decision to provide the company with reimbursable support for R&D.
Premier of Quebec Mr. Jean Charest and Quebec's Minister of Economic Development, Innovation and Export, Mr. Claude Bechard, announced today an investment of $75 million to support P&WC's R&D activities. The investment will be provided and monitored by Investissement Quebec and is repayable from royalties on sales.
"I want to thank the Quebec government on behalf of our 5,000 employees in Quebec, our 1,000 suppliers in Quebec, the hundreds of students and the thousands of Quebec citizens who benefit from the positive spin-offs generated by our company," said Alain M. Bellemare, President of P&WC. "This reimbursable support, combined with our sustained activities in R&D, will further help to maintain high quality aerospace jobs in the Montreal region."
P&WC's additional $250 million R&D investment will be aimed at design validation and integration, as well as improving engine performance, reducing weight, reducing the environmental impacts of both the engine and the
manufacturing processes and reducing the cost of ownership.