Provincial, federal governments invest in Minto company04 July 2012
MINTO (GNB) – The provincial and federal governments are making a combined investment of $281,000 to help Tire Recycling Atlantic Canada Corp. improve its productivity and increase its capacity to meet customer demand.
"A stronger economy is a vital part of the provincial government's plan for rebuilding New Brunswick," said Grand Lake – Gagetown MLA Ross Wetmore. "This investment will allow the operation to increase its production and seek greater opportunities."
Wetmore was appearing on behalf of Economic Development Minister Paul Robichaud.
"Our investment in Tire Recycling Atlantic Canada Corp. will allow this company to move forward and focus its efforts on growth, bringing more economic benefits to this rural region of New Brunswick," said Keith Ashfield, federal minister of fisheries and oceans as well as minister for the Atlantic Gateway. "Our government is committed to working with communities and businesses across the province by supporting initiatives that lead to job creation, economic growth and prosperity."
The federal government, through the Atlantic Canada Opportunities Agency (ACOA) Business Development Program, is providing repayable assistance of $221,000 to help the company acquire new equipment. The provincial government is investing $60,000.
"The financial support that Tire Recycling Atlantic Canada Corp. has received from ACOA and the Province of New Brunswick has helped our company modernize its operations so we can continue to work on new innovative products and sustain our competitive edge, while at the same time positioning ourselves for future growth in the tire recycling industry," said Stephen Richardson, general manager of the company.
The project will enable the company to buy a shredder and ancillary equipment that will enable it to upgrade and increase its grinding capability as well as improve efficiencies and productivity by reducing maintenance costs and energy consumption.
The company produces a variety of products using recycled rubber crumb. Some of these include animal mats, interlocking and non-interlocking rubber mats, anti-fatigue mats, imitation patio blocks, barrel bottoms, landscape crumb, snow guards and roofing shingles called Moderne Slate.