A New Nova Scotia Company Takes Flight

first_imgA Truro-based producer of custom-moulded plastics and an international manufacturing company have joined forces to take advantage of Nova Scotia’s growing aerospace industry. The province announced today, July 2, a $2.9-million loan and a $1.6-million training incentive for a new company, Composite Sea to Sky Ltd. This is a joint partnership between Bartlett Plastic and Precision Machining Ltd. and MIPNET, a French manufacturer of equipment for aircraft. Composite Sea to Sky will manufacture and export ventilation equipment for use in aerospace, defence and commercial industries, and expects to create up to 200 new jobs over the next five years. The loan is from the Industrial Expansion Fund and will be used to help provide equipment for the startup business and is repayable with interest over ten years. The training incentive is payable based on the company reaching employment targets. A $869,000 repayable loan will also be used to refinance an existing bank loan and line of credit assigned to Bartlett Plastics. “Composite Sea to Sky is an innovative startup company looking to compete in a technologically advanced industry,” said acting Minister of Economic Development, Jamie Muir. “The company brings together the best in manufacturing ability and management expertise, which will contribute to job growth and enhance sustainable prosperity for this province.” “With our leadership, experience and unique technology to manufacture complex composites, we are excited about expanding into the North American market with the creation of Composite Sea to Sky,” said Pierre Conze, CEO of Composite Sea to Sky and MIPNET. “This new company will contribute to a growing aerospace and defence industry, while combining our expertise with local experience to create quality jobs.” A combined capital investment from Bartlett Plastics and MIPNET will create about $1.2 million in additional bank financing for the new company. “This government investment will help to establish a new composites and plastic manufacturing company right here in Nova Scotia,” said Barry Bartlett, owner, Bartlett Plastic and Precision Machining Ltd. “Our company will provide Composite Sea to Sky with skilled workers, work orders and a foot in the door to the North American market.” The Industrial Expansion Fund is one method the government of Nova Scotia uses to support economic development in the province. It is key to helping industries involved in innovative research and technology while contributing to a prosperous and sustainable business climate for Nova Scotia.last_img read more