Ontario Aerospace Supplier Creating Jobs
McGuinty Government Backs Innovative Mississauga Manufacturer
Ontario is providing a $5.13 million loan to Mississauga-based 2Source Manufacturing Inc. to help expand its growing aerospace business. The funding will help support 138 project-related jobs, including the creation of 70 new jobs.
2Source Manufacturing Inc. will develop and manufacture new types of aircraft bushings. An aircraft bushing is a cylindrical metal lining designed to reduce the friction and wear between two mechanical parts. 2Source specializes in landing gear bushings for commercial and military aircraft. The company has its own training and technology centre which educates its workers.
The company has quickly become a leading supplier of high-precision bushings to the aircraft industry around the world. Annual revenues at 2Source have increased by 500 per cent in the past four years.
Helping manufacturers be more competitive is part of the government's five-point plan for the economy.
- 2Source manufactures 2,000-3,000 aircraft bushings a day.
- Ontario's aerospace industry employs nearly 25,000 people.
- There can be 500-1,000 bushings in an airplane, depending on its size.
“Our plan for the economy supports forward-looking businesses like 2Source. By partnering with business and investing in the skills of our workers, we are working to build a stronger Ontario.”
“Ontario's companies are the mainstay of our economy, and this is an investment towards the future of a stronger Ontario. It's great to see innovative companies grow, diversify, and compete — with our support — in the global marketplace.”
“The Ontario government's investment supports our $17.14 million capital expansion plan. Our goal is to transform 2Source's Mississauga facility into a global centre for excellence in aircraft bushings, and in doing so, we'll create new jobs within the province.”