The facility, which used to be run by Aveos Fleet Performance Inc., will become the headquarters of the parts repair and overhaul service of A J Walter Aviation.
The company has a customer base of 800 airlines around the world.
AJW plans to create between 200 and 300 jobs during the next three years. So far, 40 people have been hired, with some of them being former Aveos workers.
The abrupt closure of Aveos in March 2012 resulted in 1,800 layoffs.
AJW has a stock of 400,000 spare parts valued at nearly $500 million which it leases to operators of Boeing and Airbus commercial aircraft.
AJW Technique's Montreal operation will do maintenance and repair on parts previously performed by subcontractors.
Greg Martin, AJW Technique's vice-president of sales, estimates this market at about $9 billion worldwide.
Christopher Whiteside, the president of AJW, said at a news conference on Thursday that Air Canada has been approached as a possible customer but no deal has been worked out yet.
Work previously done for Air Canada by Aveos is now split among companies in Quebec, the United States, Israel and Singapore.
An Aveos division that looked after engine maintenance was acquired by Lockheed Martin and it plans to hire 100 workers in Montreal this year.
The facility is being funded by a $30 million investment provided by AJW, the Quebec government and the Quebec Federation of Labour Solidarity Fund.
Quebec Finance Minister Nicolas Marceau said the government pitched in with a $3 million grant and a $4 million loan. The union fund supplied $12 million.