Ottawa investing $250M in flight simulator maker CAE
The interior of CAE's Phenom 100 flight simulator is shown in this company handout photo. Flight training and simulator company CAE Inc. says it won contracts valued at more than $300 million from 15 airlines, including Air Canada. (THE CANADIAN PRESS/HO, CAE)
The Canadian Press
Published Thursday, February 27, 2014 9:56AM EST
MONTREAL -- Flight simulator company CAE has received a $250 million repayable investment from Ottawa.
The goal of the five-year program is to help Montreal-based CAE develop its next generation of simulation platforms.
CAE flight simulators are used around the world to train airline and military pilots and cockpit crews.
The company (TSX:CAE) also provides other training equipment and services for the civil aviation and defence markets.
The federal contribution was announced by Denis Lebel, the minister responsible for economic development in Quebec.