Canada's Industrial and Regional Benefits Policy Generates Significant Investment in Kitchener

CAMBRIDGE, ONTARIO--(Marketwire - Nov. 10, 2011) - Harold Albrecht, Member of Parliament for Kitchener–Conestoga, on behalf of the Honourable Christian Paradis, Minister of Industry, today visited Conestoga College's Cambridge campus to celebrate an investment in the future of Canada's aerospace industry. As part of its Industrial and Regional Benefits (IRB) commitments, Lockheed Martin Corporation announced an investment valued at $3.7 million to Conestoga College to support the establishment of a training program related to the aerospace sector.

"This investment is a prime example of the valuable partnerships created as a result of the Industrial and Regional Benefits Policy," said Minister Paradis. "This gives students high-quality learning materials and provides Canada's future aerospace experts with the skills and training they need to keep Canada's aerospace industry ahead of the pack."

As part of this investment, to the benefit of its graduate and undergraduate students, Conestoga College will receive Lockheed Martin Corporate Engineering and Project Management training course material until 2017.

"This is a major investment in Canadian education and a big win for the Kitchener region," said Mr. Albrecht. "Today's announcement is a great example of academia and industry working together and a reflection of the partnerships and investments the IRB Policy was designed to promote."

Lockheed Martin's investment is being made as part of the company's IRB commitments related to Canada's CP-140 Aurora Structural Life Extension Project procurement. These strategic maritime surveillance aircraft are used by the Canadian Forces to patrol Canada's coastlines, safeguarding our waters from foreign threats.

Canada's IRB Policy requires firms that win military contracts to place economic benefits into Canada equal to 100 percent of the contract value. This means that the company must generate one dollar of economic activity in Canada for every dollar of the contract, creating jobs and training Canadian workers for future initiatives. More than 60 major procurements are subject to the IRB policy, representing over $21 billion in IRB commitments from major defence contractors.