The company that bought a division of shuttered Aveos Fleet Performance is getting a $7-million loan and subsidy package from Quebec to relaunch aerospace component-repair activities in the Montreal region.
The public funding is part of a $30-million project by British aerospace repair company AJ Walter Aviation Ltd. that is expected to create more than 200 jobs in the province over the next three years.
Quebec is providing a loan of $4-million and $3-million in financial aid through its Investissement Québec agency.
The Quebec subsidiary of AJ Walter – AJW Technique – is the global firm's first Canadian unit.
AJ Walter bought the repair division of Aveos, the former sub-contractor for Air Canada's repair, overhaul and maintenance work, last year.
Financially troubled Aveos shut down in March of 2012, putting about 2,800 workers out of work at facilities across Canada.
"The arrival of AJW Technique brings an international customer base to Quebec and will help strengthen our presence in global markets," Quebec Finance Minister Nicolas Marcoux said in a news release Thursday.