May 6, 2009
FREDERICTON (CNB) - The provincial government is providing a $375,000 repayable loan to textile producer Paquet Yarns to help the company maintain 15 jobs in Paquetville. Energy Minister Jack Keir, who is acting minister of business New Brunswick, made the announcement today.
"Our government is supporting Paquet Yarns as it continues to grow its operation and diversify its market," said Keir. "Paquet Yarns is proving that in New Brunswick, companies can be innovative, can be more competitive, and be successful in these challenging economic times."
The loan will provide the company with working capital to purchase materials to be used to fulfil contracts the company has signed. As the company continues to grow, it may be in a position to add a night shift, which would create an additional eight jobs.
"Our government is making strategic investments in businesses because we understand the importance of job maintenance and company growth," said Keir. "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."
Paquet Yarns was incorporated in 1995, and began production of woollen spun yarns in 1996. In 1998, the company expanded its operations in order to produce woven fabrics. In late 2006, it purchased and installed an open-end system that enables it to provide medium-to-light-count yarns at significantly higher production rates to new customers.
MEDIA CONTACTS: Ryan Donaghy, communications, Business New Brunswick, 506-453-2694, e-mail: email@example.com.