News Release Archive

North Sydney's East Coast Rope is expanding with a new plant to
open in Point Edward, Cape Breton. Known as Polysteel Atlantic
Ltd., the plant will manufacture industrial rope, creating 43 new
jobs in the process. That number is expected to grow to 55 in two
to three years.

The project will involve the purchase of a building and equipment
at a total estimated cost of $9.7 million. The Economic Renewal
Agency will be providing the company with two loans totalling
$6.45 million. 

"Part of the loan is tied to a reward for performance. That means
a portion of the loan will not have to be repaid if employment
standards are met and maintained. This approach is similar to
other projects recently supported by the province," said Economic
Renewal Minister Richie Mann. 

"We're confident that East Coast Rope will meet those standards.
That's because this company has a hard working and dedicated
group of employees producing high quality products. The company's
track record and growing market is proof that businesses
operating from a Cape Breton base can succeed."

The federal government is also providing a repayable contribution
of $1.5 million. Another $523,000 will be provided through the
federal Transitional Jobs Fund.

"This financial assistance will allow us to increase our
capacity, expand beyond our current markets and concentrate on
new products," says Polysteel Atlantic president Henry Lim.

"We have identified many varied markets, a substantial portion of
which are in the U.S. We'll be able to access these markets once
the new facility is operational," he adds.

Mr. Mann said he's confident that East Coast Rope, and its new
plant, has only begun to realize its full potential. "I believe
the same holds true for the Cape Breton economy in general.


Contact: Angela Poirier  902-424-3900

trp                    March 14, 1997    1:50 p.m.