FREDERICTON (GNB) – The provincial and federal governments today announced investments to help Razor Contract Manufacturing Ltd. in Saint John add up to 29 new jobs and enhance production.

Opportunities NB is providing $235,000 in payroll rebates for the company’s workforce expansion, and $412,500 in the form of a conditionally repayable loan for an automation system to improve productivity. It is estimated that these investments will help create a total of $4,138,973 in provincial GDP over four years.

The federal government, through the Atlantic Canada Opportunities Agency (ACOA) is providing a repayable contribution of $950,000 through its Regional Economic Growth Through Innovation program for the purchase of the automation system.

“Advanced manufacturing is a priority sector for us and contributes greatly to the economic success of our province,” said Arlene Dunn, minister responsible for Opportunities NB. “Small businesses like Razor Contract Manufacturing have a significant impact on our province and we are proud to support its growth.”

The company specializes in metal fabrication, including carbon steel, stainless steel, and aluminum and has the capability of laser cutting, bending, and welding, primarily for the aerospace industry.

“By taking advantage of new, innovative technology, Razor Contract Manufacturing will be able to better service its existing customers while exploring new markets,” said Saint John-Rothesay MP Wayne Long. “I am so pleased that this home-grown, Saint John company is creating new opportunities for our local workforce and helping to grow the economy.”

Long attended for Official Languages Minister and minister responsible for ACOA Ginette Petitpas Taylor.

“We pride ourselves on providing high-quality products at a competitive price and in a timely manner to our customers,” said Allan Morris, company co-owner and chief financial officer. “With this funding, we will be able to become more competitive in North America and increase production to meet demand, while playing a bigger role in increasing provincial exports.”

Small Business Week in Canada will be recognized this year from Oct. 16 to 22. There are more than 26,000 small businesses operating in New Brunswick, employing more than 200,000 people. This accounts for almost 60 per cent of employment.

Opportunities NB is a Crown corporation and the lead economic development agency for the province. It seeks to attract and support opportunities to stimulate the economy and create jobs by providing support services for businesses across the province.