2 Sussex companies set to expand with funding from ACOA
Two Sussex companies will be expanding and increasing their productivity and efficiency in the new year, thanks to early Christmas gifts from the federal government, announced on Monday.
Timberparts Ltd., an aftermarket remanufacturer that specializes in refitting and repowering fabricated products, will build a new 13,000 square foot facility and purchase a 10-ton crane with a $500,000 repayable contribution from the Atlantic Canada Opportunities Agency (ACOA).
Kings County Mechanical Ltd., a welding and fabrication shop, will acquire the building it currently leases, purchase equipment and construct a small adjoining building for its blast and paint shop with its $500,000 repayable contribution from ACOA.
In addition, the company will receive $12,375 from the government to hire productivity expertise to improve the plant's layout in an effort to reduce waste and increase efficiencies.
“Our government is committed to creating jobs and economic growth, while returning to fiscal balance," Regional Minister for New Brunswick and Minister of State (Atlantic Canada Opportunities Agency) Rob Moore said in a statement.
"Our support for Timberparts Limited and Kings County Mechanical Limited will help these two Sussex area companies expand their businesses, enhance their productivity and efficiency and diversify their markets, helping them to grow and further contribute to our region’s economy.”
Timberparts, whose customers are primarily in the forestry industry, is actively seeking to expand its markets and is now attracting business from the mining, industrial and construction industries.
Timberparts is investing $711,525 in the project.
Kings County Mechanical, which serves about 400 New Brunswick customers in the construction, mining and energy sectors, is kicking in about $454,125 of its own money.
