Improving productivity to increase international market sales is the cornerstone of a Sydney-based manufacturer's plan for growth.
Polysteel Atlantic Ltd. is investing $1-million at its Sydney plant, including the purchase of 18 extrusion twisting machines that are integral to the production process. This investment will increase productivity and allow product diversification.
To assist with this growth, the province, through Nova Scotia Business Inc., is providing the company with a five-year payroll rebate to a maximum of $332,288. The company plans to create up to 20 new jobs over the next five years.
"Polysteel is an export-based company with plans to increase productivity and create new jobs in the region," said the Premier Darrell Dexter. "Government is delivering on our commitment to create good jobs and grow the economy."
Polysteel Atlantic manufactures high tensile strength three-strand synthetic rope products which are sold around the world.
"The province is making the right decisions for Nova Scotia families and we are proud to support a company that is contributing to our economy," said Economic and Rural Development Minister Percy Paris.
The company's rope has a reputation for having twice the strength, less stretch, a higher abrasion resistance and greater resistance to extremely high UV rays than its competitors. Polysteel's products also have the lowest cost per pound of tensile strength of any synthetic rope.
"Cost competitiveness and high-quality products are vital in the manufacturing industry," said Stephen Lund, president and CEO of Nova Scotia Business Inc. "Polysteel recognizes this and has built a company based on innovative products at competitive pricing to compete in global markets."
The company also provides customized products for customers. The new equipment will allow it to create an opportunity for further product development.
"By modernizing our plant we are able to provide our customers with the customization and support they depend on," said Sean Burke, vice-president and general manager of Polysteel. "The upgrades will also allow us to be more advanced with our product development and reach new markets."
Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.