Province Invests in Innovative, Efficient Equipment for Amherst Company

An Amherst-based manufacturing company will become more efficient and competitive in the global economy with an investment from the province for innovative new equipment.

Cumberland North MLA Brian Skabar, on behalf of Economic and Rural Development Minister Percy Paris, announced a capital investment of $1,090,600 in PolyCello today (March 22) through the Productivity Investment Program (PIP).

"Investing to help Nova Scotia businesses become more productive is an important part of jobsHere, the plan to grow our economy," said Mr. Skabar. "PIP is just one way the province is helping local companies like PolyCello to access capital so they can become more innovative, efficient, and competitive."

The province is contributing $1 million in 2012-13 toward the purchase of a 10-colour printing press, which will allow the company to become more efficient and attract new customers. The province is also investing $90,600 this year for additional cost-saving equipment. The total value of the upgrade is almost $9 million.

PolyCello, established in 1956, has become an industry leader in flexible packaging. The company's products range from microwaveable to eco-friendly and recyclable.

"The new printing press will provide the capacity to penetrate new markets, allowing us to increase both domestic and export sales and ensure continued employment for our work force," said Stephen Emmerson, president and CEO of PolyCello.

ACOA will also provide PolyCello with a $500,000 loan under its Business Development Program to help the company buy the new printing press, expand into new export markets and hire more workers.

"Government's top priority is jobs and economic growth for Canada," said MP Scott Armstrong. "Through the Economic Action Plan, the government of Canada is keeping Atlantic Canada moving forward in tough economic times. Our support for PolyCello will help the company acquire new equipment to respond to a changing marketplace, enhance its competitiveness and improve its ability to pursue new business in domestic and export markets."

The Productivity Investment Program encourages Nova Scotia businesses to become more productive, innovative and globally competitive through two financial incentives: the Capital Investment Incentive and the Workplace Innovation and Productivity Skills Incentive.

In its first year, $14.6 million has been committed in PIP funding for more than 220 projects with 185 Nova Scotia companies.

For more information on jobsHere and the Productivity Investment Program, visit http://jobsHere.novascotia.ca .