HALIFAX (June 18, 2004) – A. F. Theriault & Son Limited of Meteghan River, Digby County, is increasing production and creating 20 new jobs, as the shipbuilder prepares to export new vessels to buyers in the United States (U.S.), with the help of Nova Scotia Business Inc. (NSBI).
A.F. Theriault is a well established shipbuilder, and the company exports more than half its vessels and marine-repair services to the U.S. Nova Scotia Business Inc. will provide a loan of $650,000 as working capital. That will help A. F. Theriault continue its work to supply vessels to new markets. Its traditional markets include supplying fishing boats here in Atlantic Canada, and building pleasure yachts for U.S. customers.
“We continue to make inroads and expand into the U.S. marketplace because the quality of our work is first class, and our boats are well regarded in the industry,” said Arthur Theriault, President of A. F. Theriault & Son Limited. “Our made-in-Nova Scotia boats are great sellers, and we’re always looking for ways to leverage that success into additional sales opportunities.”
With 150 full-time employees, the family-run shipbuilding company is already a significant employer in Digby County. It will hire 20 additional people, full-time, along with a Vice President of Marketing, with the infusion of working capital from NSBI.
“Never before have so many Nova Scotians been employed, and growing companies, such as A. F. Theriault, are to thank for this,” said Ernest Fage, Minister of Economic Development. “We’re proud A. F. Theriault and NSBI have created a business partnership in support of our common goal: the growth of the province’s economy, including rural Nova Scotia.”
In recent years, construction at the shipyard has increased greatly, thanks in part to A. F. Theriault’s ability to manufacture vessels from aluminum, steel, fiberglass and composite - the only shipyard in Eastern Canada using all these materials to produce vessels. A. F. Theriault & Son Limited is capable of producing vessels in excess of 40 meters (about 130 feet). The shipbuilding industry - led by top companies such as A. F. Theriault - is extremely valuable to the Nova Scotia economy; the industry’s annual exports help us prosper.
“A.F. Theriault has taken a traditional, local industry, created a niche for itself and its product, and has become a successful international exporter,” said Stephen Lund, President and CEO of Nova Scotia Business Inc. “NSBI supports companies, such as A.F. Theriault, to help them find opportunities, grow their business, and become successful exporters on the world stage.”
Nova Scotia Business Inc. is the province’s business-development agency, an organization that works with companies to deliver business solutions. The private sector-led organization works to attract new businesses to the province and helps those already in Nova Scotia expand, through services such as export development and financing.