The company is one of the largest public sector employers on the Island with more than 400 employees at its Slemon Park facility.
Also part of the announcement was new federal and provincial investments worth more than $6 million in the company.
On the federal side, the Atlantic Canada Opportunities Agency is giving the Summerside Regional Development Corporation a $1.5 million loan to build a new 4,000 square foot airplane engine test cell in Slemon Park.
That cell will then be leased to Vector.
The provincial government has also agreed to give Vector a $4 million financing loan, and an additional $1.3 million payment in 2017 if the company maintains or expands current staffing levels until then.
Image: From left are, Arnold Croken, General Manager of the Summerside Regional Development Corporation; Gerald Keddy, Parliamentary Secretary to the Minister of Agriculture, to the Minister of National Revenue and for the Atlantic Canada Opportunities Agency; The Honourable Wade MacLauchlan, Premier of Prince Edward Island; Jeff Poirier, President of Vector Aerospace Engine Services - Atlantic; and Shawn McCarvill, President of Slemon Park Corporation. The company is one of the largest public sector employers on the Island with more than 400 employees at its Slemon Park facility.