Innovation, Trade and Rural Development
February 6, 2009

Precision Industries Seeks to Expand Export Capacity

Precision Industries Inc., a manufacturer of high-end hardwood stair products, is receiving a $10,952 investment from the Provincial Government to help target opportunities in the Caribbean market. 

"With a growing construction industry in the Caribbean, the market for building products is growing," said the Honourable Shawn Skinner, Minister of Innovation, Trade and Rural Development.  "Recognizing this opportunity, Precision Industries is looking to increase awareness of its products in the market, and ultimately grow its export capacity."

Provincial support will enable the company to foster new relationships in the Caribbean market and secure training on new technology that will help the company diversify its product line.  As part of its new strategy, it is partnering with other manufacturers in the Atlantic region to leverage their collective strengths and better access the market.

"The Caribbean market is an import-driven market and we see significant potential for our product," said Barry Andrews of Precision Industries.  "To date, we have participated in trade missions to the Caribbean market and have engaged in very positive discussions with key builders.  I encourage other local companies to look to that market as a means of growing their operations."

Based in Mount Pearl, Precision Industries has been operating for more than 14 years.  It currently employs 11 people and is planning on expanding to meet the anticipated demand in the Caribbean market.

"As Precision Industries looks to expand its export activity, it marks an exciting time for the company and its staff," said Elizabeth Marshall, MHA, Topsail.  "I am pleased that the Provincial Government has the tools in place that enable local enterprises to capitalize on new opportunities and support their continued growth."

Funding was provided through the Business and Market Development Program (BMDP). BMDP provides new entrepreneurs and expanding small businesses with matching funding to help them acquire the necessary expertise to pursue new business ideas and markets. The $1 million program is intended to support new growth opportunities in the economy, such as value-added manufacturing activities and export-oriented opportunities.

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Media contact:
Scott Barfoot
Director of Communications
Department of Innovation, Trade and Rural Development
709-729-4570, 690-6290
scottbarfoot@gov.nl.ca