Acquisition Would Provide Help for Nova Scotia Red Meat Industry

The purchase of Antigonish Abattoir will provide the Nova Scotia red meat industry with more control over the processing and distribution of their products.

Transportation and Public Works Minister Angus MacIsaac, on behalf of Economic Development Minister Richard Hurlburt, announced today, June 11, a $1.5-million loan to Federation Protein Holdings to help with the purchase. Federation Protein Holdings is a group of Nova Scotia red meat producers formed specifically to provide a greater opportunity to diversify and control the supply chain.

"This loan is an investment in entrepreneurship and we will continue to support companies that are adapting to meet market challenges," said Mr. MacIsaac. "Our investment is helping maintain jobs and supporting a producer-led initiative that is working to strengthen the province's meat industry."

The Antigonish Abattoir is one of only two in the province federally licensed to slaughter and produce meat products. The operation employs 32 people and distributes more than 50 different products throughout the Maritimes.

"The purchase of Antigonish Abattoir by Federation Protein will help bring stability to the red meat industry by getting producers more involved in operations," said Frazer Hunter, president of the Nova Scotia Federation of Agriculture and one of the founding shareholders of Federation Protein Holdongs. "This is good news for producers as it allows them to work hands-on and have a say in how they operate."

Federation Protein Hodings would retain the current workforce at Antigonish Abattoir, including management personnel, ensuring a smooth transition to new ownership.

"Federation Protein Holdings intends to help revive the fresh pork market and this investment will help make that happen," said Brooke Taylor, Minister of Agriculture. "The Department of Agriculture sees this as a solid investment opportunity and that is why government is helping with this purchase."

Economic Development is providing the $1.5-million loan through the Industrial Expansion Fund. The fund offers a variety of financial assistance to help the province's economy. Over the past two years, it has helped create or maintain more than 3,000 jobs in the province and has a return on investment of three dollars for every dollar spent.