02:18 PM EDT, 05/29/2024 (MT Newswires) -- CAE (CAE.TO, CAE) said Wednesday its SkyAlyne joint venture received an $11.2-billion, 25-year contract for Canada's Future Aircrew Training (FAcT) Program.

This aircraft simulator company said the FAcT initiative reimagines training for the Royal Canadian Air Force, consolidating three aircrew training operations under SkyAlyne and Canada's joint management. SkyAlyne, a partnership with KF Aerospace of Kelowna, BC, was selected in July 2023 as the preferred bidder for FAcT.

"CAE has proudly worked alongside the Royal Canadian Air Force (RCAF) for more than 75 years to design and deliver training, services, and technologies that support the mission readiness of Canada's aviators," said Marc Parent, CAE's chief executive, in a statement. "Today's announcement regarding the Future Aircrew Training Program is a significant achievement in the ongoing modernization efforts of Canada's defence forces. FAcT is a transformational win for SkyAlyne and CAE, laying the groundwork for training technologies and processes enabling mission readiness."

Under the program, SkyAlyne - in collaboration with the RCAF - will design, develop, and deliver training and support system, including live flying, simulation, ground school training, and a suite of in-service support functions.

CAE shares were last seen up $0.15 to $25.47 on the Toronto Stock Exchange.

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