A local manufacturer is enhancing its productivity to reach new export markets.
Advanced Precision Machining and Fabrication Ltd., which serves a number of growing high-tech sectors, is investing $250,000 in a technology upgrade. The province, through Nova Scotia Business Inc. (NSBI), is complementing the investment with a five-year payroll rebate to a maximum $175,000.
The rebate will help Advanced Precision maintain 80 full-time positions as the company makes productivity improvements and lowers overall costs. It supplies components for high-tech industries such as aerospace, defence, ocean technology and medical firms.
"Success depends on the ability to adapt to a landscape that's changing every minute," said John Fitzpatrick, president of Advanced Precision. "Our competitors are working hard to gain an advantage in the marketplace. The payroll rebate helps our Nova Scotia-based company retain and retrain our skilled workforce while we invest in our overall competitiveness."
Advanced Precision is purchasing new technology and equipment to automate the production of complex multi-sided parts, and to do so in larger volumes. The company expects to be able to manufacture parts in hours, instead of days.
"Advanced Precision is investing in its future. The province, through NSBI, is a proud partner with this company and its people," said Economic Development Minister Angus MacIsaac. "Advanced Precision's focus on productivity, and our combined investments in this project make sense, especially during today's turbulent economic times."
With greater automation, the company's employees will focus more on design and computer programming. This shift of labour to higher-value design and prototype development will increase profit margins and diversify the firm's offerings.
"NSBI is proud to be at the table with a company that knows what it takes to stay competitive," said Stephen Lund, president and CEO of NSBI. "This is what NSBI does: we work hard to make sure Nova Scotia companies like Advanced Precision are able to achieve success locally and internationally."
NSBI's payroll rebate is an earned incentive tied to performance targets. For companies committed to using their funds for at least 20 per cent of project costs, the payroll rebate can be used to promote improvements in competitiveness through export markets and the retention or creation of employment.
Advanced Precision specializes in the manufacturing, testing and assembly of precision-machined components and fabrications for firms in high-tech industries, involving both research and development and custom manufacturing. The company has been serving the aerospace, defence, ocean technology, industrial and medical industries since 2000.
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.