EDMUNDSTON (CNB) – The provincial and federal governments are making investments to help Fraser Specialty Products Ltd., Beaulieu Plumbing & Mechanical Inc., and IPL Inc. buy new equipment, expand their operations and create jobs.
The announcement was made today by Post-Secondary Education, Training and Labour Minister Donald Arseneault and National Revenue Minister Keith Ashfield, who is also the minister of the Atlantic Canada Opportunities Agency (ACOA) and minister for the Atlantic Gateway. They were joined by officials from the respective companies.
"Our entrepreneurs are an integral part of creating a successful, diversified economy in this province, and improving the success of our small businesses is part of our government's plan, An Action Plan for Self-Sufficiency in Northern New Brunswick," said Arseneault. "Our investments show our government's commitment to economic development in the Madawaska region and northern New Brunswick."
The two governments are making investments totalling close to $2 million in these projects.
"Our government's contribution to these companies will help them purchase the equipment they need to expand and grow," said Ashfield. "Our investments will help enhance the production capacity at all three companies, positioning them to better compete in markets, create jobs and increase sales."
Through its Business Development Program (BDP), ACOA is providing $500,000 to Fraser Specialty Products Ltd., a company that specializes in staining cedar shingles and wood siding. The provincial government, through the Northern Economic Development Fund and the NB Growth Fund, is investing $467,500. This funding will help the company expand its facility and buy a state-of-the-art staining and drying line.
ACOA is providing a repayable contribution of $500,000 under the BDP to Beaulieu Plumbing & Mechanical Inc. to purchase equipment that will enable it to consolidate its HVAC manufacturing processes, improve production efficiency and reduce costs. The provincial government, through the Northern Economic Development Fund, is providing $289,000. The company manufactures and installs HVAC products for industrial and commercial clients.
ACOA, again through the BDP, is providing $172,500 to help IPL Inc., acquire the technology it needs to manufacture high quality printing plates for the printing of food packaging products. The provincial government, again through the Northern Economic Development Fund, is investing $65,000.
LINK:
● Regional Development Corporation: www.gnb.ca/rdc
11-08-10