A.F. Theriault and Son Ltd., Nova Scotia’s oldest and largest family owned shipyard, is embarking on a $6.65 million investment in its operation in Digby County. The company is the first approved under a new Innovation Rebate Program.
“Our worldwide reputation is excellent. Our facilities have served us well with only minor changes for 30 years, but our capacity has reached its limit,” said Gilles Theriault, managing director, A.F. Theriault and Son Ltd. “Soon we will be able to say we can carry out refits on vessels over 1500 tonnes.”
The Meteghan River-based company plans to upgrade equipment, software and property – all of which is expected to expand capacity and competitiveness at the shipyard and create more jobs.
“A critical part of Nova Scotia’s economy is helping businesses like A.F. Theriault and Son invest more in their operations,” said Gordon Wilson, MLA Clare-Digby, on behalf of Minister of Business Geoff MacLellan. “The province, through the Innovation Rebate Program, is helping companies invest in innovation and expansion, creating jobs and providing more opportunities and benefits for Nova Scotians.”
The company is eligible to earn a maximum innovation rebate of $1,536,877 through Nova Scotia Business Inc. (NSBI) once upgrades are completed within three years.
“Businesses across Nova Scotia are looking for new approaches to achieve growth,” said Laurel Broten, president and CEO of NSBI. “The rebate program will be a useful tool in ensuring great projects happen here.
“Nova Scotia companies know investing in their business can drive greater rates of innovation and competitiveness, but decisions on significant upfront capital spending are never made lightly.”
To be considered, a company’s total project costs must be between $2 million and $15 million. An approved rebate is 25 per cent against eligible project costs.
The Innovation Rebate Program and the Atlantic Canada Opportunity Agency’s (ACOA) Business Development Program can be used co-operatively to encourage decisions by Nova Scotia companies that spur new high-value investment in their operations. The company will also receive a $2,315,000 repayable loan through ACOA for this project.
“A.F. Theriault and Son Ltd. Is well known for employing highly skilled professional engineers, tradespeople, project administrators and support staff from the Municipality of Clare and surrounding area,” said Colin Fraser, Member of Parliament for West-Nova on behalf of Navdeep Bains, Minister responsible for the Atlantic Canada Opportunities Agency (ACOA). “With over 80 years of experience, the company has established itself as one of Atlantic Canada’s leading boat manufacturing and repair firms. Today’s investment helps to position the company to meet growing market demands.”
Together with businesses taking the lead, NSBI and its partners are encouraging Nova Scotia companies to make significant capital investments in their operations, helping to make them more competitive and helping to strengthen their presence here at home.
- the Innovation Rebate Program was developed in consultation with Nova Scotia companies
- the program provides financial incentives on projects that enable a company to increase innovation capacity through private-sector capital investments or adoption of new technologies and business processes
- the total project cost must be between $2 million and $15 million. The maximum amount of eligible project costs that the rebate will be applied is $15 million
- the program provides a 25 per cent rebate based on eligible project costs, as defined in the Innovation Rebate Program Guidelines
- the program is intended to supplement existing federal and provincial incentives
- eligible projects must be approved by NSBI prior to March 31, 2020. All projects must be completed within a three-year period
For more information on applying for the Innovation Rebate Program, visit https://www.novascotiabusiness.com/export/innovation-rebate-program .
FOR BROADCAST USE:
Nova Scotia Business Inc. has approved an innovation rebate of one-point-five million dollars for A.F. Theriault and Son Ltd.
The company in Meteghan River is Nova Scotia’s oldest and largest family owned shipyard.
The Innovation Rebate Program is an incentive for companies to make capital investments that increase competitiveness in global markets.
A.F. Theriault and Son Ltd. is proceeding with a six-point- six million dollars capital investment that includes upgrading its marine railway, modifications to its yard facilities and purchasing new equipment to help increase capacity and export sales.