Parts for Martin Industries parts to sell the public in Canada will begin going on sale in November 2018, the company announced Tuesday.
Martin Industries announced in October that it plans to sell its industrial and aerospace parts business in Canada to a group of Canadian companies.
The announcement comes as the aerospace and parts market in Canada has grown by 12 per cent since the start of the year, according to data from the Canadian Manufacturers and Exporters Council.
That growth has been fueled by demand for parts made in Canada.
But the growth in the aerospace industry also has created challenges for the Canadian industry.
The Canadian Manufacturing Council estimates the aerospace sector lost $2.9 billion in business last year, down from $5.3 billion in 2015.
The Canadian aerospace industry is also a large supplier to the United States, and that supply chain is growing as well.
Martin is seeking to grow its business in the U.S. by offering components in the United Kingdom and Europe, the statement said.
Martin’s acquisition of Martin Industries, based in the Ontario city of Guelph, would give it a strong presence in the global aerospace market.
Martin has been looking for new ways to expand its footprint in Canada and is looking to diversify its product portfolio, the release said.
It also said the deal would help the company “focus on its core businesses” and would help it grow in the long term.
“Martin will continue to build on its strong position in the market and expand its product offerings in Canada,” the statement added.
Martin has been in business since 1959 and is based in Mississauga, Ont.
The company has a presence in several countries, including Germany, the U of A, Sweden, and South Korea.
Martin also makes industrial and consumer appliances.
It produces and markets the Martin JET-2C power generator, as well as other products.