Halifax (January 18, 2006) - Provincial support of $1.5 million will ensure the completion of a new wallboard plant in Point Tupper and the creation of new jobs in the Strait area.
Nova Scotia Business Inc. (NSBI) and the Office of Economic Development are extending their investments in Federal Gypsum Company's new wallboard plant.
The multi-million dollar project, first announced in July 2004, has encountered increased global steel prices and higher than expected labour costs. NSBI will provide an additional $1-million loan, bringing its total investment in the project to $5.5 million.
The Office of Economic Development will provide an additional $500,000 loan, bringing its total investment in the project to $1.5 million. The project is expected to be completed this year.
When completed, the plant is expected to employ 80 people and provide opportunities for local gypsum mines and transportation services. The product will be sold to markets in Eastern Canada and New England. The provincial government remains confident the project will provide stable employment and long-term economic benefits to the Strait area.