Companies Earn Business Growth Credits

Four companies employed more than 4,200 Nova Scotians and paid out more than $400 million in wages across the province in the last two years thanks to business growth credits provided by the province.

The companies earned $7.6 million in credits in the fiscal years 2002-03 and 2003-04, after reaching the terms set out by the province in agreements established between 1992 and 2001.

"Our investment is paying off," said Economic Development Minister Ernest Fage. "Thousands of people are working and paying taxes that help deliver health, education and other services in communities throughout Nova Scotia."

Michelin North America (Canada) earned $3,195,246 in business growth credits based on 1997 and 1998 incentives that led the company to expand in Nova Scotia and to provide necessary training. The expansions, which total $310 million, include a $21 million steel cable expansion at the Bridgewater plant, a $151 million earthmover and truck tire expansion in Waterville, and a $138 million rubber mixing expansion in Granton.

Air Nova of Enfield earned $520,841 in business growth credits based on a 1993 agreement to support the company's efforts to establish its regional base at the Halifax International Airport and to maintain the equivalent of 427 full-time jobs.

Polysteel Atlantic Ltd. of Edwardsville, Cape Breton Co., earned $271,490 in business growth credits over the past two years, based on a 1997 agreement that allowed the company to purchase a new facility, hire up to 50 new employees and expand its lines and markets.

Crossley Carpets of Truro earned $3,639,793 in business growth credits under an agreement that ended in December 2002. The province invested in Crossley to assist its sale to an American investor and to open up significant new markets. The company sold, remained open, and now employs more than 300. Earlier this year, Crossley purchased new equipment and expanded into a new line of carpeting for the transportation industry.