Industry Canada

Industry Canada

May 16, 2008 13:00 ET

Minister of Industry Welcomes Significant Lockheed Martin Investment in Research at University of New Brunswick

FREDERICTON, NEW BRUNSWICK--(Marketwire - May 16, 2008) - The Honourable Jim Prentice, Minister of Industry, today welcomed the news that Lockheed Martin is investing $4 million in the University of New Brunswick as part of its industrial benefit obligations to Canada. Through this transaction, the company will fund research and support the acquisition of equipment for a new research facility at the university.

"This investment is further proof that our Canada First defence procurements are generating significant benefits for our industries, our scientific community and our economy," said Minister Prentice. "Together, we are making science and technology innovation a true competitive advantage for our country."

The project is the result of Lockheed Martin's obligations arising from the government's purchase of 17 C-130J Hercules aircraft for the Canadian Forces. Under Canada's industrial benefits policy, the government ensures a dollar-for-dollar return on its investments by requiring contractors to match the contract value with quality economic activities in advanced technology sectors of the Canadian economy. Contractors are free to engage in partnerships that make good business sense to them, thereby enabling them to build long-lasting relationships with companies and academic institutions.

Given the extensive capacity of Canadian industry, businesses and academic institutions across the country are benefiting from these procurements and are likewise expected to benefit further from the government's Canada First commitment, announced on June 29, 2006, to strengthen Canada's multi-role, combat-capable defence force. More projects, each with a guaranteed dollar-for-dollar return on investment, are expected in the future.

For further details on the Government of Canada's Canada First defence procurements, please visit www.forces.gc.ca/site/focus/first/index_e.asp.

Contact Information

  • Office of the Honourable Jim Prentice
    Minister of Industry
    Deirdra McCracken
    613-995-9001
    or
    Industry Canada
    Media Relations
    613-943-2502