Fredericton, New Brunswick-based Marwood receives repayable federal investment of C$500,000 towards construction of wood scanning, optimizing plant; province contributes C$1.2M repayable loan and C$50,000 grant to project expected to create 20 jobs
MONCTON, New Brunswick
January 21, 2014
– Investments will lead to increased export success in the value-added wood sector
Marwood is expanding its facility, purchasing new equipment and adding 20 new full-time jobs thanks to investments by the Government of Canada and the Province of New Brunswick.
The Honourable Keith Ashfield, Member of Parliament for Fredericton and John Williamson, Member of Parliament for New Brunswick Southwest, on behalf of the Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency), and the Honourable David Alward, Premier of New Brunswick, joined Marwood officials to make the announcement today.
The project involves the construction of a new wood scanning and optimizing plant, and the purchase of specialized wood scanning technology as well as trimming equipment to improve production efficiencies.
The Government of Canada, through ACOA’s Business Development Program, is providing a repayable investment of $500,000 toward this project, while the Government of New Brunswick is providing a $1,200,000 repayable loan. The province is also providing a $50,000 grant.
“Our Government’s investment in Marwood Limited will help this major New Brunswick company construct a new wood scanning and optimizing plant, which will enhance its productivity and help expand its global presence.”
- The Honourable Keith Ashfield, Member of Parliament for Fredericton, on behalf of the Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency).
“As a primarily export based company, Marwood is just one of the many businesses that will benefit from access to a half-billion new customers as a result of the Canada-European Union Comprehensive and Economic Trade Agreement.”
- John Williamson, Member of Parliament for New Brunswick Southwest, on behalf of the Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency).
“Jobs and the economy are top-of-mind of New Brunswickers, Our investment in Marwood will help support a rural New Brunswick company increase its productivity and create jobs in this region of our province.”
– The Honourable David Alward, Premier of New Brunswick
“Marwood has been employing people in rural New Brunswick to produce value added wood products for many years, and over this time we have continuously made investments in our business to ensure we are aligned with the evolving needs of our customers. The investment in our wood scanning optimization project by the federal and provincial governments will protect existing jobs while creating new ones through increased wood recoveries and productivity improvements, which will keep Marwood competitive in the export markets we serve. I want to thank both Governments for their continued support and confidence in Marwood.”
- Michael O’Donnell, President, Marwood Limited