GOVERNMENT OF CANADA ANNOUNCES INVESTMENT IN ACADIAN SEAPLANTS TO SUPPORT EXPANSION AND RELOCATION
February 21, 2012
CORNWALLIS (NS) – FEBRUARY 21, 2012 – Acadian Seaplants, the largest independent producer of seaweed specialty products in the world, is expanding and relocating thanks to a repayable investment from the Government of Canada. Greg Kerr, Member of Parliament for West Nova, announced the business loan today on behalf of the Honourable Bernard Valcourt, Minister for the Atlantic Canada Opportunites Agency (ACOA) and La Francophonie.
“Our Government’s top priority is economic growth and job creation,” said MP Kerr. “That is why we are proud to support Acadian Seaplants to continue to expand. This funding will enable the company to introduce new technology, with the goal of increasing production as well as improving the environmental efficiency in the manufacturing of its crop biostimulant products for export markets.”
ACOA’s repayable investment of $490,000 through the Business Development Program supports the expansion of the processing facility in Cornwallis. This will be used for a plant expansion and new processing equipment to help the company address current and future demands.
“Acadian Seaplants has been working hard to meet the current and future demand for our crop biostimulant products and has been operating our Cornwallis production facility at full capacity,” said Acadian Seaplants President Jean-Paul Deveau. “This repayable investment by the Government of Canada will allow us to maintain our competitive edge, capitalize on new opportunities and capture the potential of the global marketplace.”
ACOA’s Business Development Program (BDP) is designed to help businesses set up, expand or modernize. Focusing on small and medium-sized enterprises, the BDP provides access to capital in the form of interest-free repayable loans.
Acadian Seaplants Limited is a fully-integrated, diversified, technology-based manufacturer of quality, natural plant and crop input products, animal feed supplements, cultivated sea-vegetables and functional ingredients derived from select species of marine plants.