A major expansion at Charlottetown Metal Products (CMP) will result in new jobs, increases in production, research and development capabilities, and more exports.
The $7.5 million project will see the construction of a 50-thousand square foot addition to CMP’s facility in Milton, which manufactures stainless steel food processing equipment and turnkey solutions – the vast majority of which are exported. The provincial government will support the project with a repayable loan worth $4,542,750 from the PEI Century Fund.
“It is vital that the province supports projects that will create new jobs, increase exports, and result in a positive impact on the provincial economy,” Economic Growth, Tourism and Culture Minister Matthew MacKay said. “This is an excellent example of a local company expanding to better meet the current and future needs of customers, while putting a sharp focus on improving their already quality products.”
The project is expected to get underway later this year.
“This expansion will not only allow us to grow our workforce by about 55 positions, but it will also give us an opportunity to increase and expand our manufacturing, research and development capabilities, as well as our fabrication and installation services in order to increase our level of service to our clients,” CMP President Trevor Spinney said. “The support we are receiving from the provincial government is critical to this project’s success and we are very pleased they see the value in this expansion.”
Provincial financing assistance has proven to be an essential support for business growth across Prince Edward Island. Provincial loans help nearly 900 Island businesses with close to $400 million in financing; the vast majority of which supports entrepreneurs and primary producers in rural communities. Provincial lending programs also make money and return about $4 million in profit annually.
Department of Economic Growth, Tourism and Culture