Despite today's global economic uncertainty, Acadian Seaplants Limited shows no sign of slowing down.
The fully integrated bioscience company is expanding to meet growing market demands by doubling capacity at its processing plant in Cornwallis, Annapolis Co.
The province, through Nova Scotia Business Inc., is complementing the home-grown company's investment with a payroll rebate to a maximum of $270,000. NSBI's five-year rebate will help Acadian Seaplants maintain its workforce of 75 full-time employees as it invests in its competitiveness.
Premier Rodney MacDonald made the announcement today, Feb. 16, in Cornwallis, with Community Services Minister Chris d'Entremont, on behalf of Economic and Rural Development Minister Murray Scott, Stephen Lund, president and chief executive officer, NSBI, and Jean-Paul Deveau, president, Acadian Seaplants.
"This family-owned company is one of a growing number that keep jobs in our communities and create new opportunities in rural Nova Scotia," said Premier MacDonald. "The province and NSBI are committed to partnering with companies like Acadian Seaplants to make smart investments in our future."
The five-year staged expansion of the facility will help increase productivity and capacity to develop new products.
"Acadian Seaplants is building on Nova Scotia's strengths -- innovative business, creative and skilled people and competitive success in export markets around the world," said Mr. d'Entremont."We are proud to be working with Acadian Seaplants president and CEO Jean-Paul Deveau and his team."
Acadian Seaplants specializes in the technology-based manufacturing of natural and specialty fertilizers, feed, food, food ingredients and brewery supplies derived from select species of marine plants. The company exports its products to 70 countries.
"Acadian Seaplants offers world-class products that are environmentally friendly," said Mr. Deveau. "This niche remains in high demand even with the economic uncertainty in today's marketplace. We need to keep our customers supplied and satisfied."
Current economic conditions, including rising transportation costs and the decreased value of the Canadian dollar, are leading many exporters to find new ways to improve productivity and reduce costs.
"This is exactly the right time to invest in our future," said Mr. Lund. "We have to make sure Nova Scotia is ready to compete and win once this economic downturn comes to an end -- and it will. It is crucial that we continue to invest in our people and support companies like Acadian Seaplants who are willing to be aggressive in trying times."
Acadian Seaplants Limited (ASL) is the world's largest independent manufacturer of seaweed-derived specialty products. With more than 40 years experience, ASL is a fully integrated company, from marine plant cultivation and hand harvesting, to product and application development, manufacturing and customer support. Acadian Seaplants has received government and industry recognition for its achievements in technology, environmental practices, management and export achievement and has been named one of Canada's 50 Best Managed Companies.
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.