The province, through Nova Scotia Business Inc., announced today, Aug. 3, that Weavexx, a division of Xerium Technologies Inc., will be investing in equipment upgrades, ensuring cost competitiveness and increased productivity for its plant located in Kentville.
The company, a leading global manufacturer of specially engineered consumable products primarily used in the pulp and paper industry, has 32 manufacturing facilities in 13 countries, strategically located in the major paper-producing regions of North America, Europe, South America and Asia-Pacific, with 3,300 employees worldwide. The company, headquartered in Raleigh, N.C., is publicly traded on the New York Stock Exchange.
To support the company, the province, through Nova Scotia Business Inc., is providing a five-year payroll rebate up to a maximum of $500,000.
"Future provincial prosperity is built on a foundation of innovative businesses in communities across Nova Scotia," said Percy Paris, Minister of Economic and Rural Development. "We are pleased to support Weavexx as part of government's commitment to help create good jobs and grow the economy."
Weavexx employs 140 people in Kentville and has been a pillar in the community for more than 40 years. The plant produces forming fabrics -- highly engineered synthetic textiles used by clients who produce all grades of paper, including coated food board, packaging, newsprint, writing paper and tissue.
"As a global competitor, we must ensure that the products we produce are of the highest quality," said plant manager Michael Fitzpatrick, a recent addition to the Weavexx team. "Our company has pioneered a number of technologies that are now considered industry standards. The capital investment in our Kentville facility is part of a long-term strategy to maintain our competitive advantage."
Weavexx has increased its export market, including Asia, which makes up a significant portion of the Kentville plant's business.
"Weavexx is a great example of a company looking forward and delivering on two key elements to future economic growth and sustainability -- technological innovation and research and development," said Stephen Lund, president and CEO of Nova Scotia Business Inc.
Weavexx, a unit of Xerium Technologies, Inc. (NYSE:XRM), is a leading supplier of forming, press, dryer, and engineered fabrics for pulp and paper and specific industrial applications.
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.