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Nova Scotia funds $2M to packager Maritime Paper Products for new printing press

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Nova Scotia funds $2M to packager Maritime Paper Products for new printing press

March 09, 2011 - 07:36

HALIFAX, NS, March 9, 2011 (Press Release) -Maritime Paper Products Ltd. is increasing competitiveness and productivity at its operation in Dartmouth with support from the province.

The investment is part of jobsHere, the province's plan to create good jobs and grow the economy.

Premier Darrell Dexter was joined by Steve MacDonald, vice-president, finance at Maritime Paper and Stephen Lund, president and CEO of Nova Scotia Business Inc. (NSBI) today, March 9, to announce support that will help the company increase competitiveness, improve productivity and sustain more than 100 high-value jobs in Nova Scotia.

"Increasing competitiveness for Nova Scotia companies is one of the pillars of jobsHere and this investment is a perfect example of the types of projects that strengthen the economy," said Premier Dexter. "The investment will support continued efforts by Maritime Paper to become even more competitive in this global industry, securing high-value jobs for Nova Scotians."

Maritime Paper will receive a $2.1-million NSBI term loan to help finance the new printing press. NSBI will also provide a four-year $201,375 payroll rebate, tied to the company maintaining its 118 full-time production employees.

"After introducing a new printing press, which replaced two older models, we've seen improvements to product quality and to the efficiency of our overall production," said Mr. MacDonald. "This investment will allow our company to continue delivering a superior product to our clients around the world."

In 2004, the company began a modernization plan to update its Dartmouth facility, which continues with today's announcement.

"NSBI uses its financial tools to help Nova Scotia companies as they make investments in their future growth," said Mr. Lund. "It can support them with the purchase of new equipment, productivity enhancements and process improvements -- with the intent of building stronger, more competitive companies."

Nova Scotia Business Inc. is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, we assist local companies and attract international companies to Nova Scotia. For more information, visit www.nsbi.ca and follow online at www.nsbi.ca/connect .