Two of Cumberland County's top employers — Surrette Battery Company Ltd. and Parrsboro Metal Fabricators Ltd. — are investing in new product development and markets with help from the province, through Nova Scotia Business Inc. (NSBI)
The companies are the first businesses to benefit from the expanded use of Nova Scotia Business Inc.'s performance-based payroll rebate. The partnership is an investment in the companies' future, competitiveness and workers.
Murray Scott, Minister of Transportation and Infrastructure Renewal, made the announcement today, March 28, on behalf of Angus MacIsaac, Minister of Economic Development.
"Competitive companies are vital for sustainability and growth throughout Nova Scotia," said Mr. Scott. "The province and NSBI are committed partners as businesses like these invest now and for the future."
Surrette Battery in Springhill is one of the leading lead-acid battery manufacturers in North America. The price-conscious railway sector holds more opportunity for Surrette, and the company plans to target the European and Mexican markets for its renewable energy products.
The company is committed to maintaining a minimum of 50 full-time positions and has signed a maximum $74,000 payroll rebate, with the province, through NSBI, tied to performance targets for the next five years.
NSBI is also loaning the company $225,000 as it starts production improvements and develops new markets for renewable-energy products.
"Our goal is to reduce production costs and improve productivity while maintaining our skilled workers," said James Surrette, president of Surrette Battery. "NSBI is helping us achieve these goals as we expand our reach in the marketplace."
Parrsboro Metal Fabricators Ltd. already has a diversified line of furnaces and heating products, including Kerr products. The company plans to increase the fuel efficiency of its products and develop new ones for today's environmentally conscious and price-sensitive consumers.
The province, through NSBI, has approved a maximum $138,000 payroll rebate with the company. Parrsboro Metal Fabricators is committed to performance targets within the next five years, including maintaining a minimum of 68 full-time positions.
The company is also receiving $600,000 in financing from NSBI for new equipment and to develop new products.
"Everyone at Parrsboro Metal Fabricators is working together to constantly improve and to diversify," said Tim Babineau, operations manager. "The need to focus on improving productivity and cost competitiveness in export markets has never been more immediate, and we look forward to positive results from our efforts."
For companies committed to using their funds for at least 20 per cent of project costs, the payroll rebate may be used as an additional investment to promote improvements in competitiveness through export markets and the retention of employment.
"We know Nova Scotia is competing and winning in the global economy," said Stephen Lund, president and CEO of NSBI. "We need to continue to invest in our people and support companies like Surrette Battery and Parrsboro Metal Fabricators as they make crucial investments for the future."
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.
Business Financing - Payroll Rebate