Province Completes DSME Trenton Transaction
NOTE: A social media version of this release, including downloadable hi-res photos and audio clips is now available at gov.ns.ca/news/smr/2010-07-13-trenton.asp .
Nova Scotia's green economy continues to grow now that a new venture between the province of Nova Scotia and Daewoo Shipbuilding and Marine Engineering Ltd. (DSME) has crossed a legal hurdle.
Minister of Economic and Rural Development Percy Paris, and DSME executive director Mr. O.K. Shin, officially signed legal documents today, July 13, closing the transaction that will establish a wind turbine tower and blade manufacturing facility at the former TrentonWorks site.
"This is an important milestone in this partnership," said Minister Paris. "DSME Trenton will create hundreds of secure jobs that our economy needs. "This facility will also position Nova Scotia as a global leader in renewable energy and the green economy."
One-hundred and twenty staff are expected to be hired within the first year of operation. Up to 500 could be employed within three years.
Through the Industrial Expansion Fund, Nova Scotia is investing almost $60 million. Almost all of those funds are repayable, and the province will receive an equity stake in the Pictou County operation.
"Reaching this milestone validates the hard work and vision of so many at DSME and the Province of Nova Scotia," said Mr. Shin. "Now DSME Trenton can begin the work of supporting our company's strategy of diversification into the wind-energy sector and expansion into the North American market."
The process of converting the former railcar plant can now begin. DSME Trenton is expected to be operational by the end of 2010.
For more information on the partnership go to <a http://www.gov.ns.ca/econ/news/docs/Joint_Venture_Factsheet.20100714.pdf">www.gov.ns.ca/econ/news/docs/Joint_Venture_Factsheet.20100714.pdf</a>, and a history of the TrentonWorks plant is available at <a http://www.gov.ns.ca/econ/news/docs/Trenton_Factsheet.20100714.pdf">http://www.gov.ns.ca/econ/news/docs/Trenton_Factsheet.20100714.pdf</a> .
The Industrial Expansion Fund helps industries with innovation and technology, and contributes to a prosperous and sustainable business climate for Nova Scotia. The fund helps protect jobs and support businesses to be more competitive and sustainable. It provides financial support, such as loans and guarantees, when many traditional sources are reluctant to do so.
DSME is a diversified company and one of the world's largest ship builders. The South Korean-based company was established in 1973 and is a first-class builder of commercial and naval ships and offshore projects. In 2009, DSME acquired DeWind Inc., an American wind turbine engineering company, and announced plans to expand into the wind-power sector and build a production plant in North America. South Korea-based Daewoo is publicly listed on the Korean Stock Exchange.
FOR BROADCAST USE
Nova Scotia's green economy continues to grow, now that
a new joint venture has been completed between the province
and Daewoo Shipbuilding and Marine Limited or DSME.
Legal documents were signed today (July 13th)
establishing a wind turbine tower and blade manufacturing
facility at the former TrentonWorks site.
Economic and Rural Development Minister Percy Paris
says the deal will create hundreds of jobs and position Nova
Scotia as a global leader in renewable energy.
DSME Trenton is expected to be operational by the end