NLIS 6
April 24, 2003
(Industry, Trade and Rural Development)


Minister announces investment in Bell Island company

Industry, Trade and Rural Development Minister Judy Foote today announced that Island Manufacturing and Galvanizing Inc. was given an equity investment of $40,000 to assist with the construction of the new manufacturing facility on Bell Island. The funding was made available through the department�s Small Business Seed Capital Equity Program. Minister Foote and Jim Walsh, MHA for Conception Bay East and Bell Island and Minister of Works, Services and Transportation, attended the company�s official opening today on Bell Island.

"Small scale manufacturing is a strategic growth industry for Newfoundland and Labrador. In 2002, the value of manufacturing shipments grew by 1.7 per cent to $2.24 billion. Island Manufacturing and Galvanizing Inc. is a prime example of an innovative new company in this sector," said Minister Foote. "This company will bring significant benefits to the province, including new employment opportunities and spinoffs for Bell Island."

Island Manufacturing and Galvanizing Inc. is expected to create approximately 15 full-time permanent and five seasonal jobs. The company will manufacture hot dipped galvanized scaffolding components for modular system scaffolding. The majority of these products will be exported to its parent company, Don Fry Scaffolding Services Inc. in Ontario. The remaining product will be sold or rented across Newfoundland and Labrador.

Hot dipped galvanizing is a cost-effective corrosion process for most major industrial applications. Currently, there are not other manufacturers of scaffolding systems in Atlantic Canada.

"Today is a great day for Island Manufacturing and Galvanizing Inc. and for the community of Bell Island," said Minister Walsh. "The company will have a significant impact on this community in the short term through the new jobs created, but it will also have long term economic benefits for the community and Newfoundland and Labrador as a whole."

The Department of Industry, Trade and Rural Development established a $2 million Small Business Seed Capital Equity Program on April 1, 2000 in direct response to the jobs and growth consultations. This program makes equity investments of up to $50,000 available, on a matching basis, to new entrepreneurs or existing small businesses seeking expansion opportunities in areas of the economy that offer significant growth potential.

Media contact: Tansy Mundon, Communications, (709) 729-4570.

2003 04 24                                         2:40 p.m.


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