News Release Archive
ECONOMIC RENEWAL--NORTH SYDNEY'S EAST COAST ROPE TO EXPAND ----------------------------------------------------------------- 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. -30- Contact: Angela Poirier 902-424-3900 trp March 14, 1997 1:50 p.m.