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Canada's Economic Action Plan Invests in Businesses and Creates Jobs in Cambridge

CAMBRIDGE, ONTARIO--(Marketwire - May 7, 2010) - Residents and businesses in the Cambridge area will benefit from an investment of more than $2.3 million for Centra Industries Inc. to buy new equipment for its manufacturing facility. The announcement was made today by the Honourable Gary Goodyear, Minister of State responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) at Centra Industries Inc.

"This investment will create jobs in Cambridge and stimulate the local economy," said Minister Goodyear. "Our government is working with people and businesses across southern Ontario to ensure this region continues to thrive and prosper."

Centra Industries Inc., a manufacturer of aerospace parts for commercial and military aircraft programs, will receive a repayable contribution of $2,376,248 to purchase new equipment to increase its manufacturing capacity. This funding will also allow Centra Industries Inc. to meet existing and future contract demands from Boeing and other prospective clients and will create 41 new, full-time positions.

"Centra's aerospace manufacturing capability competes at a world class level, supplying critical structural assemblies on significant emerging airplane platforms," said Mr. David McIntyre, President of Centra Industries Inc. "Support from FedDev Ontario is providing Centra an opportunity to continue to invest in the latest in high speed machining technology and expand its highly skilled workforce."

This project will be funded under the Community Adjustment Fund in southern Ontario, which will create immediate employment opportunities and support the local economies that have been struggling with the effects of the global economic downturn. Other projects approved under the Community Adjustment Fund will be announced over the coming weeks. Approved projects must meet the terms and conditions set out in their contribution agreements.

FedDev Ontario was created as part of Canada's Economic Action Plan to support economic and community development, innovation, and economic diversification, with contributions to communities, businesses and non-profit organizations in southern Ontario. To learn more about FedDev Ontario and the Community Adjustment Fund in southern Ontario, please visit the website at www.feddevontario.gc.ca, or call 1-866-593-5505. For additional information on Canada's Economic Action Plan, visit www.actionplan.gc.ca.

This news release is available online at www.feddevontario.gc.ca and www.actionplan.gc.ca.





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