first_imgA $6-million expansion at the Composites Atlantic facility inLunenburg will create at least 60 new jobs. The expansion allowsthe firm to become a long-term supplier to Airbus and capitalizeson newly secured European contracts as an original equipmentmanufacturer. The province of Nova Scotia is matching the company’s $3 millioncontribution for the expansion over a three-year period. The newjobs will add another $3 million in wages and benefits to theexisting $5.2-million payroll. “This is a strategic and sound investment in rural Nova Scotia,”Economic Development Minister Ernest Fage said today, May 31.”Composites is a proven success story, growing from 10 employeesin 1993 to 170 today. The expanded facility is well-positionedfor future growth and proof that commercial success and a ruralsetting can go hand-in-hand.” “The company is growing in Nova Scotia as a result of ourpartnership with the government and the talent and dedication ofour workforce,” said Composites Atlantic chair, Francois Tauzin.”Our new plant and laboratory facilities will help streamlineoperations and increase our capacity and exports.” Composites Atlantic manufactures composite materials andassemblies for use in the aircraft, aerospace and defenceindustries. The company is owned by the EADS group, a Europeanconglomerate that manufacturers the Airbus line of aircraft, plushelicopters, satellite and missile and defence systems. The expansion funds will be used for buildings and equipment anddevelopment costs for Airbus contracts involving parts such asinstrument panels and strut components. An additional innovation incentive of $416,500 is conditionalupon the company achieving the expansion’s job targets. Theprovince’s $3-million investment is secured by a position inpreferred shares and a repayable loan.last_img