"DSM evaluated multiple locations across the Americas for an expansion within our nutritional products division," said Stephan Tanda, managing board member of DSM, responsible for its nutrition business group. "With NSBI's support, along with Nova Scotia's talented and educated workforce and leading universities in the research and development of marine sciences, Nova Scotia was the right choice for this investment."
DSM acquired Ocean Nutrition in 2012 and today is one of Nova Scotia's largest employers in the life sciences industry.
"DSM has been a flagship operation in Nova Scotia, helping define the natural health products and nutraceuticals sector, and making us globally competitive and recognizable," said Scott Moffitt, managing director of BioNova, the province's life sciences and biotechnology industry association. "Seeing an increased footprint for DSM operations would be a significant move to further solidify Nova Scotia as an international player in this market."
To ensure DSM invests and grows in the province, Nova Scotia Business Inc. has signed two agreements with the company.
NSBI's payroll rebate agreement will encourage DSM to create up to 50 new jobs in Nova Scotia over five years. A second agreement will also encourage a capital investment of at least $30-million to increase capacity at its Mulgrave facility. The company must maintain at least 200 jobs over the five years to be eligible.
DSM can earn up to $6,225,000 in rebates through NSBI's Strategic Investment Funds.
These two agreements represent more than $86 million in salaries for Nova Scotia's economy, with employees paying provincial personal income taxes of about $10.5 million.
"This was a competitive situation and a big win for Nova Scotia," said Peter MacAskill vice-president, Nova Scotia Business Inc. "Today's announcement is about incenting a global leader to continue to invest, grow and be innovative in Nova Scotia,"
The Mulgrave facility has been in operation for 15 years, producing more than 175 billion servings of MEG-3 (Omega 3 healthy fish oil), which have been consumed worldwide. For more information on DSM, visit www.dsm.com. For more information on MEG-3, visit www.meg-3.com