A.F. Theriault & Son Ltd. Brings Expansion to Shore
News release
Shipyard expansion will improve productivity and competitiveness
April 11, 2018 – Meteghan River, NS – Atlantic Canada Opportunities Agency
Investments made in rural communities foster new opportunities for business growth and create a stronger and more sustainable labour force. That’s why the Government of Canada is investing $2,315,000 in A.F. Theriault & Son Limited, Nova Scotia’s oldest and largest family-owned shipyard. The funding will allow the company to double its capacity and become a more active competitor in the global shipbuilding and manufacturing sector.
The funding was announced today by Colin Fraser, Member of Parliament for West Nova, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA). The repayable contribution is being made through ACOA’s Business Development Program, and will provide the company with the support it needs to complete its $6.65 million expansion project.
The contribution will enable A.F. Theriault to create 40 new skilled manufacturing and engineering jobs in the community while maintaining another 120 jobs. There will also be 15 temporary construction jobs created during the first year of the project.
The provincial business development agency, Nova Scotia Business Inc., has approved A.F. Theriault for a $1,536,877 Innovation Rebate, which is disbursed after the company completes its expansion. An Innovation Rebate is 25 % of eligible project costs.
A.F. Theriault will construct a marine railway, purchase new equipment, and undertake office upgrades necessary to accommodate the projected increase in production. When work is complete, the shipyard will be able to build and service larger vessels. The result will be a rural Nova Scotia firm with the resources needed to sustain current and future growth, improve productivity, and enhance global competitiveness.
This project builds on the Government of Canada and the four Atlantic Provinces’ commitment to drive economic growth in Atlantic Canada through the Atlantic Growth Strategy, which diversifies our economy and helps businesses succeed in the global marketplace.
Quotes
“Investing in infrastructure in traditional industries like shipbuilding supports long-term growth in Atlantic Canada. That is why the Government of Canada is committed to supporting projects such as this one, which will have a major impact on the sustainability of rural communities while enhancing Atlantic Canadians’ ability to become active participants and competitors in the global marketplace.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
“A.F. Theriault & Son Ltd. is well known for employing highly skilled professional engineers, tradespeople, project administrators and support staff from the Municipality of Clare and surrounding area. With over 80 years of experience, the company has established itself as one of Atlantic Canada’s leading boat manufacturing and repair firms. Today’s investment helps to position the company to meet growing market demands.”
- Colin Fraser, Member of Parliament for West-Nova
“Businesses investing more in their operations, like A.F. Theriault & Son is doing, is a critical part of growing Nova Scotia’s economy. The province has created the new Innovation Rebate Program through NSBI to support innovation and expansion, helping create jobs and providing more opportunity and benefits for Nova Scotians.”
- The Honourable Geoff MacLellan, Minister Responsible for the Nova Scotia Department of Business
“With the new Innovation Rebate Program, Nova Scotia Business Inc. is pleased to support A.F. Theriault & Son Ltd. in its growth in Nova Scotia. The company will first make capital investments, expand the capacity of its marine railways, and then A.F. Theriault can earn its 25% Innovation Rebate.”
- Laurel Broten, President and CEO, Nova Scotia Business Inc.
“Today is a good day for A.F.Theriault and rural Nova Scotia, especially for the municipality of Claire. This investment will have a huge impact on our region’s economic growth, and A.F. Theriault is proud to work alongside the federal and provincial governments to make this project a reality and improve our boat building and repair facility.”
- Gilles Theriault, Managing Director, A.F. Theriault & Son Limited
Quick facts
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A.F. Theriault’s scope of work includes the construction of state-of-the-art fishing vessels, passenger vessels, research and patrol boats, and ocean pleasure crafts.
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Since 1938, A.F. Theriault has built over 800 boats.
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The Innovation Rebate program and the BDP can be used cooperatively by Nova Scotia companies to spur new high-value investment in their operations.
Associated links
Contacts
Lori Selig
Communications Manager
Atlantic Canada Opportunities Agency
Phone: 902-266-7477 (cell)
E-mail: lori.selig@canada.ca
Gilles Theriault
Managing Director
A.F. Theriault & Son Limited
Cell: 902-778-0006
E-mail: gilles@aft.ns.ca