February 3, 2005 Truro, Nova Scotia The Atlantic Canada Opportunities Agency (ACOA) is assisting in the purchase of new production equipment for the Crossley Carpet Mills' manufacturing facility in Truro. The announcement was made today by Fisheries and Oceans Minister Geoff Regan on behalf of Joseph McGuire, Minister of ACOA. Crossley Carpets is receiving a $1.5 million repayable loan from ACOA's Business development Program (BDP) to acquire the equipment made necessary by the move of Crossley's sister company, Monterey Carpets, from California to Truro. The relocation was announced by the company in August 2004. A total of 150 new jobs are being created as a result of the plant consolidation in Nova Scotia. "The new equipment will enable the company to maintain its well-deserved, international reputation as a manufacturer of first-rate residential and commercial carpets," said Minister Regan. "The support we received from ACOA was an integral part of the decision to locate the Monterey business in Nova Scotia," said Crossley President and CEO Gordon Laing, "The productivity improvements gained through the purchase of new equipment will allow us to remain competitive in the global market." Crossley Carpets is a major employer in the Colchester County area, employing more than 400 at its Truro mill. Founded in 1964, the company manufacturers high-end residential and commercial tufted and woven carpets in its 400,000 square foot plant. In 1999 the company was acquired by Tandus of Dalton, Georgia. It is the only manufacturer of woven carpets in Canada, one of only a few in North America. Since 1995, the Business Development Program has constituted ACOA's main source of financing to small and medium-sized businesses. The program is designed to assist start-ups, expansions or modernizations by offering access to capital in the form of repayable loans. -30- For information, please contact: Valérie Poulin Director of Communications Office of the Honourable Joseph McGuire Minister of Atlantic Canada Opportunities Agency (613) 941-7241 David Harrigan Media Relations Officer ACOA (Nova Scotia) (902)426-4238 Gordon Laing President and CEO, Crossley Carpet Mills Limited Truro, NS (902) 895-5491
