Federal and provincial representatives joined company officials at Maritime Hydraulic Repair Centre today to announce funding to help the company expand its operations into a state-of-the-art facility, purchase highly- specialized equipment and create more than 40 new jobs.
The Honourable Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada Opportunities Agency (ACOA) and Minister for the Atlantic Gateway; and Minister Business New Brunswick Victor Boudreau announced investments totaling more than $1.1 million toward the new facility and equipment purchase. The project is expected to cost $2.6 million in total.
“Our Government will contribute $325,000 to Maritime Hydraulic Repair Centre to help the company purchase critical and specialized machining and fabrication equipment,” said Minister Ashfield. “This investment will help enhance the company’s production capacity of highly technical products, positioning it to better compete in global markets, create skilled jobs and increase its sales.”
The provincial government has agreed in principle to provide company with a $500,000 term loan to build a new 27,000 square foot facility in the Caledonia Industrial Estates. In addition, the province has agreed to provide up to $300,000 in payroll rebates to offset the cost of recruiting and training 40 new employees.
“We are proud to support this innovative company as it diversifies it products and seeks new markets,” said Boudreau. “We are also pleased to work with our federal partners to make this project a reality.”
Through its Business Development Program (BDP), ACOA is providing a repayable contribution of $325,000 for the purchase of new, highly technical machining and fabrication equipment while the company is also providing matching funds of $325,000 for equipment.
“The federal and provincial funding announced today will help support Maritime Hydraulic in producing world-class oil field drilling and production equipment on a competitive basis for export abroad,” said Kim Carruthers, President Maritime Hydraulic Repair Centre. “With the construction of a new, purpose-built facility and addition of high tech manufacturing/testing machinery, Maritime Hydraulic expects to create over 40 new positions for skilled tradesman and other high level support personnel in the upcoming months."
FOR BROADCAST USE:
Together, the Honourable Keith Ashfield, Minister of National Revenue, Minister of ACOA and Minister for the Atlantic Gateway; and Minister of Business New Brunswick Victor Boudreau joined company officials at Maritime Hydraulic Repair, today to announce more than $1.1 million in funding toward Maritime Hydraulic Repair Centre, located in Moncton, New Brunswick.
The Government of Canada, through ACOA, contributed $325,000 toward the purchase of new equipment, while the company is also providing matching funds of $325,000 towards the new equipment. The Province of New Brunswick provided $500,000 towards the acquisition of a new building and $300,000 in payroll rebates for up to 40 new employees. These investments are helping Maritime Hydraulic, strengthen its ability to compete in global markets and increase its sales. -
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INFORMATION:
Ann Kenney
Senior Communications Officer
ACOA New Brunswick
506-452-3687
Ashley Bursey
Communications Officer
Business New Brunswick
506-461-0942
Kim Carruthers
President, Maritime Hydraulic Repair Centre
506-858-0600
