Supporting a Major Employer in Upper Musquodoboit

Nov 12, 2004

Halifax (November 12, 2004) - MacTara Ltd., a wood products manufacturer in Upper Musquodoboit, is on the road to future growth, with help from Nova Scotia Business Inc. (NSBI) and the Office of Economic Development.

As part of MacTara's long-term strategy to be an aggressive market leader, the company is taking steps to maximize its position in a globally competitive industry. It has recently secured a new partner, Fulghum Fibres Inc. -- a company based in Augusta, Ga., and a leader in the wood chip industry.

"MacTara is a  well-respected regional employer with a proven track record," said Economic Development Minister Ernest Fage. "I'm pleased the company has succeeded in protecting hundreds of full-time jobs and continues to contribute to Nova Scotia's economic growth."

MacTara employs 210 people full time and has long been a leader in its market since it began operating in 1978.

"We expect to see continued improvements in our pellet, wood chip, and saw mill operations," said Gordon Shupe, president and chief executive officer with MacTara Ltd. "Our new partnership positions us well for the future to expand our product lines."

NSBI is supporting the business plan for the MacTara pellet mill with a loan guarantee of $2.5 million, and is deferring principal payments on an existing $1 million loan. The Office of Economic Development has assisted the company with an extension of an existing $3 million loan guarantee for an additional one-year period.

"NSBI is providing flexible services to a seasoned exporter of value-added products in a core resource industry in Nova Scotia," said NSBI's president and CEO Stephen Lund. "MacTara has a solid business case, and the company's ability to navigate unforeseen external circumstances speaks to its solid management."

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Mel Rusinak
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