Premier Endorses Investment Agreement
Premier Russell MacLellan was in Hamburg, Germany today to endorse an investment agreement between Finewood Flooring and Lumber of Middle River, Victoria Co., Nova Scotia and Jacob Jurgensen of Hamburg.
Finewood was established in 1982 by Peter and Candace Christinao to fill a need for high quality kiln-dried native hardwood lumber for woodworkers and furniture manufacturers. It opened in 1984 to include a manufacturing plant which utilized low lumber grades and added value to the kiln-dried lumber.
Jacob Jurgensen is a Hamburg company which markets hardwood products in the European market, especially in Germany, Austria, Switzerland and Italy. Jacob Jurgensen has for many years marketed a high percentage of the export product Finewood Flooring and Lumber produces.
Finewood Flooring and Lumber and Jacob Jurgensen entered into a partnership in 1997. Jacob Jurgensen bought into Finewood to increase the volume and value of its exports.
As a result of this project, Nova Scotia will see an increase in the economic value of a provincial resource before being exported. An additional six-12 full-time, technically demanding jobs will be created in the province. Nova Scotia will also see increased worldwide distribution of finished hardwood products and have a modern efficient facility capable of high-yield, low-waste hardwood processing.
The current agreement has a project value of $390,000 for the developing Nova Scotia company and is the first of a number of investments between Finewood and its German partner. Jacob Jurgensen president Andeas von Moller has already indicated more agreements are anticipated as both companies consider expansion into new markets and products.
Premier MacLellan endorsed the deal as indicative of the growing marketing aggressiveness of small to mid-size Nova Scotia companies in global markets.
"Nova Scotia's long term economic future is tied to trade," said the premier. "And it is these kinds of initiatives that will develop growth markets abroad while growing business and employment at home."
The premier is in Germany and Switzerland this week to oversee the signing of six trade and investment deals for Nova Scotia.