Business New Brunswick

Province provides support for a Scoudouc value-added food processor (08/09/22)

NB 1370

Sept. 22, 2008

SCOUDOUC (CNB) - The provincial government is providing a loan and a loan guarantee to maintain more than 95 jobs at Ocean Pier Inc. The assistance will help the company expand and make productivity improvements. Premier Shawn Graham made the announcement in Scoudouc today.

(Multimedia)

"We are committed to supporting our New Brunswick companies, and it is encouraging to see Ocean Pier expand and invest in its operations," said Graham. "This announcement will help ensure that the company has the financial resources necessary to invest in its operations and be more successful in Scoudouc."

The Premier was accompanied by Mike Breau, president of Ocean Pier; Finance Minister Victor Boudreau; and Bernard LeBlanc, MLA for Memramcook-Lakeville-Dieppe.

"Today we are helping an important Scoudouc value-added processor that has created sustainable employment for nearly 100 people in the region," added Graham. "This type of strategic partnership is an example of how we are helping our companies be more innovative and be more competitive, while furthering our goal of self-sufficiency by 2026."

The $425,000 term loan and $800,000 loan guarantee will allow the company to expand its operations, become more efficient and undertake productivity improvements that will reduce operating costs.

"We are pleased to have the province collaborate with us as we make productivity improvements and cut our operating costs," said Breau. "We are competing globally, and we must continue to look for efficiencies, new markets and new products. We must be as competitive as possible.

This funding allows Ocean Pier to continue investing in innovation, expanding the growth of both our branded and private-label business in Canada as well as in additional markets in the United States."

The Government of New Brunswick has been fulfilling its commitment to assist New Brunswick industry as companies such as Groupe Savoie, IPL Inc., Sunny Corner Enterprises, LuminUltra Technologies, and Ganong Brothers Ltd. invest in their operations.

"This announcement is part of our government's effort to be a leader in economic development," said Graham. "By supporting this sector of the economy, we are helping it to modernize, to be innovative and to upgrade technologies to compete better in the global marketplace. We want to ensure that New Brunswick companies have the tools at their disposal to be leaders in the global economy."

Founded in 1989, Ocean Pier is a value-added seafood processor that sells frozen food products on local markets as well as in Quebec and the United States.

08/09/22

MEDIA CONTACTS: Ryan Donaghy, communications, Business New Brunswick, 506-453-2694; Mike Breau, Ocean Pier Inc., 506-532-3010.

08/09/22