The $1.1 million project will see the addition of a parts making shop at MSE in Albany, a major employer in the area with 150 staff.
The Honourable Wayne Easter, Member of Parliament for Malpeque, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), today joined the Honourable Matthew MacKay, PEI Minister of Economic Growth, Tourism and Culture to announce the funding.
MSE will receive a $750,000 loan from the PEI Century Fund to support the project. The Government of Canada is providing a $350,000 investment for new equipment under the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative.
Quotes
"This will allow our company to build our own parts, many of which would otherwise have to be purchased elsewhere at a higher cost to serve our needs. This kind of vertical integration will put MSE in a better position to continue to be a successful employer and manufacturer over the long term, and we thank the federal and provincial governments for their support."
- Kirk MacKinnon, Chief Financial Officer, MSE
"It is vital that the province use its loan portfolio to support the growth and improvement of businesses across Prince Edward Island. This project supports MSE's continued efforts to be more efficient and reduce overhead costs, which will put the company in a more enviable position into the future."
- The Honourable Matthew MacKay, Prince Edward Island Minister of Economic Growth, Tourism and Culture
"Our government supports the hard-working steel and aluminum workers and companies that are important to regional economies across Canada. I am pleased to announce this investment for MSE, a rural PEI company focused on innovation to drive productivity, scale up and expand into new markets to create good jobs."
- The Honourable Wayne Easter, Member of Parliament for Malpeque
Quick facts
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Founded in 1998, MSE is a structural steel fabrication and installation company. The rural PEI business has built its company and reputation on the pillars of safety, integrity, excellence, and customer service.
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Government of Prince Edward Island loans help nearly 900 Island businesses with close to $400 million in financing. The vast majority of these loans support entrepreneurs and primary producers in rural communities. Provincial lending programs also make money and return about $4 million in profit annually. Provincial financing assistance has proven to be an essential support for business growth across Prince Edward Island.
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The Government of Canada, through ACOA, is committed to helping Atlantic Canadian manufacturers integrate new, innovative technologies into their traditional practices. ACOA's Advanced Manufacturing Technology Assessments are a new initiative designed to help manufacturers looking for innovative solutions to increase their efficiency, productivity and competitiveness.
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The Regional Economic Growth through Innovation program builds on the objectives of the Innovation and Skills Plan by providing regionally tailored, nationally consistent support for business productivity and scale-up and by helping to enhance regional technology clusters and innovation ecosystems.
Contacts
Andrew Sprague
Department of Economic Growth, Tourism and Culture
902-368-5535
Jana Parker Smith
Communications Manager
Atlantic Canada Opportunities Agency
902-566-7569
