Labrador company granted EDGE status
Labrador Hydraulics has complied with criteria set out by the province to become the latest EDGE company. Perry Canning, MHA -Labrador West, made the announcement today in Labrador City on behalf of Judy Foote, Minister of Industry, Trade and Technology.
Labrador Hydraulics plans to offer a full range of hydraulic services consisting of repair, manufacture and distribution of hydraulic components and systems to companies in the Labrador West area. Currently, there are no other businesses in Labrador West manufacturing and repairing hydraulic systems, which are often required by companies operating in the area such as the Iron Ore Company of Canada, Wabush Mines, Quebec Cartier Mining, and other various contractors. The operation has the potential to employ 14 people and will mean a capital investment of close to $1 million.
Ms. Foote said: "Anticipated growth in the iron ore industry coupled with opportunities at Voisey's Bay creates a huge and growing market for services and products related to the mining industry. Ideally situated near this market, Labrador Hydraulics can enjoy a significant competitive advantage over competing companies."
Mike Scott, Director of Labrador Hydraulics, who is presently operating a similar company in New Brunswick, said he excited about expanding into Labrador. He said: "This is a great opportunity for us to be on the ground in Labrador West and enable us to capture some of the work available in the area. We considered making the move to Labrador West for some time but incentives from the EDGE program has made it feasible for us to make this happen."
Mr. Canning said he was pleased to see Labrador Hydraulics set up shop in Labrador West. He said: "Government has been very active in trying to attract new service industries to Labrador West. The EDGE program is an important part of that strategy. This creates real jobs and continued growth for the area. I am confident that Labrador Hydraulics will do well in Labrador City and I look forward to seeing more EDGE companies establish here."
Companies designated with EDGE status are eligible for tax holidays, Crown land for a nominal fee and access to a facilitator who will help obtain the required permits and licences associated with start up or expansion.
Perry Canning, MHA - Labrador West, (709)