Fisheries and Aquaculture
April 3, 2014
Growth in Sealing Activity Supports Long-Term Prosperity
Carino Processing Limited Repays Loan and Secures Private Financing
Speaking to the strength of the growing provincial sealing industry, Carino Processing Limited has once again fully repaid a Provincial Government loan to support inventory financing within one year, and has now secured private investment that will finance future purchases from seal harvesters. The Honourable Keith Hutchings, Minister of Fisheries and Aquaculture, congratulated the company for its success, and for its efforts to further advance the provincial sealing industry as a strong global competitor.
“The sealing industry is culturally and economically significant to many
rural areas in this province. It is conducted in a humane, highly
professional, and carefully monitored manner, it is sustainable, and as
Carino’s investors can attest, the wide array of seal products produced by
the industry are in demand throughout Canada and around the world. I
congratulate Carino Processing Limited for debunking the rhetoric of
anti-sealing advocates who say the sealing industry is not economically
viable, and I look forward to seeing the company generate even more economic
activity in rural areas in the future.”
- The Honourable Keith Hutchings, Minister of Fisheries and Aquaculture
The Provincial Government had provided loans of up to $3.6 million to support inventory financing in 2012 and 2013, and in both cases these loans were repaid with interest before the beginning of the next sealing season.
“On behalf of Carino Processing Limited, I want to thank the Provincial
Government for its ongoing support of the sealing industry. Through
continuous partnership and strategic investments, the Provincial Government
has helped the sealing industry grow and mature in the same way it has
helped other industries with great economic potential grow and mature in
Newfoundland and Labrador, and Carino is now in a position to take the
industry to new levels of success.”
- Dion Dakins, Chief Executive Officer, Carino Processing Limited
In addition to providing loans for inventory financing, the Provincial Government has also assisted the sealing industry over the last several years with funding for sealer training seminars, product development projects, and marketing initiatives.
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Director of Communications
Department of Fisheries and Aquaculture
Chief Executive Officer
Carino Processing Ltd.
2014 04 03 2:45 p.m.