"The programs offered by the Provincial Government are
designed to assist business owners modify operations to improve the way
they meet market demands," said the Honourable Shawn Skinner, Minister
of Innovation, Trade and Rural Development. "This project not only
benefits our client�s business, but the application of this valuable
product will support the growth of our offshore oil and ocean industries
operating in one of the harshest environments in the world."
The overall market for sprayed polyurethane protective
coatings is wide-ranging, encompassing virtually all industry sectors.
Able to protect any type of material, the product can be marketed to a
host of potential users. PPI has already received inquiries from a
number of potential industrial and commercial clients for the product to
be applied at their locations.
"The funding provided by the Provincial Government
enables us to pursue business opportunities at industrial and commercial
worksites, with a primary focus on the offshore oil and gas, mining, and
marine industries," said Rick Penney, President, Penney Polycoatings.
"This is expected to lead to increased opportunities within our company
as we service our client base."
The major advantages of polyurethane coatings include
superior corrosion, abrasion and impact protection for valuable
equipment from extreme elements, blast force mitigation, and
environmental protection from stored chemicals or petroleum products. It
can also be applied to achieve non-slip, sound-deadening, or
vibration-damping surfaces used to improve workplace safety.
"This project is a great example of how a Provincial
Government program can help a company maximize its potential for
growth," says Bob Ridgley, MHA, St. John�s North. "It will bring
additional economic benefits and opportunities to the industrial and
commercial sectors."
PPI was established in 2006 as the province�s only
full-time sprayed polyurethane coatings applicator. During the first two
years of operation, the company focused on retail and wholesale clients
in the pick-up truck spray-on bedliner market. PPI is a franchise of
LINE-X Industrial Coatings, the world�s leading polyurethane coatings
provider and hired by the U. S. Military to apply its coatings to the
Pentagon and other military installations as a blast force mitigation
product.
This project is funded through the Small- and
Medium-Sized Enterprise (SME) Fund. Administered by the Department of
Innovation, Trade and Rural Development, the SME Fund is available for
start-up, modernization, or expansion of a business venture in key
growth sectors. A maximum of $500,000 is available per project with an
applicant investment of up to 20 per cent of project costs.
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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
