Crown Fibre Tube Inc. will use the funds from the Productivity Investment Program (PIP), to help buy a new creel and ply turner, cutter and cascading glue pot. The machinery is needed to produce paper tubes and cores, Crown Fibre's primary products, which are used in a variety of industrial applications across North America.
"This investment will help Crown Fibre become more productive by helping the company get its goods to market faster, and at a lower cost," said Premier Darrell Dexter, during a tour of the manufacturing facility.
"Through the Productivity Investment Program, and ultimately jobsHere, the province is helping and encouraging companies to make investments that are key to continued and new success."
In business since 1975, Crown Fibre currently employs 14 people. Its industrial tubes are used for shipping and in construction for forming concrete. The company's core products are used to wind paper and carpet.
"These equipment purchases will help modernize our core and tube manufacturing facility," said Lloyd Anderson, president of Crown Fibre Tube Inc. "Staying on top of the latest technology and practices is essential to remaining competitive in this industry, and the province is helping us do that."
The Productivity Investment Program is part of jobsHere, the province's strategic plan to grow the economy.
PIP provides financial incentives to encourage businesses to become more productive, innovative and globally competitive. It supports capital investments through the Capital Investment Incentive stream, and workplace training and certification through the Workplace Innovation and Productivity Skills Incentive stream.