Business New Brunswick

Government supports T.S Simms & Co. Ltd. (09/03/09)

NB 285

March 9, 2009

SAINT JOHN (CNB) - The provincial government is providing a $1.5-million repayable loan to paint-applicator manufacturer T.S. Simms & Co. Ltd. to help the company maintain 67 jobs in Saint John. Business New Brunswick Minister Greg Byrne made the announcement today.

(Multimedia)

"T.S. Simms & Co. Ltd. has been operating in New Brunswick for 137 years," said Byrne. "We are pleased to help T.S. Simms & Co. Ltd., one of New Brunswick's oldest and most well-respected companies, with its working capital needs. It is a significant employer in the community, and it supplies quality paint-applicator products all across the country."

Byrne was joined at the announcement by Thomas S. Simms III, chief executive officer of T.S. Simms & Co. Ltd., and Tourism and Parks Minister Stuart Jamieson.

"We have built T.S. Simms & Co. Ltd. into a nationally recognized manufacturing company," said Simms. "To grow our company and keep introducing innovative product, we are reliant on funding to provide the assistance we need to access capital and maintain employment right here in Saint John."

The government has been fulfilling its commitment to ensure New Brunswick companies have the means to continue being successful. Companies helped include AL-PACK in Moncton, IPL in Edmundston, and Ocean Pier in Scoudouc.

"Our government is making strategic investments in businesses because we understand the importance of job maintenance and company growth," said Byrne. "We are providing businesses with the means to be productive and profitable in a challenging economic environment. Continuing to make strategic investments and cultivating partnerships such as this one today will help us achieve our goal of self-sufficiency by 2026."

T.S. Simms & Co. Ltd. has had its production facilities in Saint John since 1872. The company has always been owned and operated by one or more members of the Simms family. Simms, the sole stockholder and owner of the company, is the great-grandson of the founder. The company manufactures paint-applications such as paint brushes and paint rollers.

09/03/09

MEDIA CONTACT: Ryan Donaghy, communications, Business New Brunswick, 506-453-2694, e-mail ryan.donaghy@gnb.ca.

09/03/09