Feb. 19, 2010
TRACADIE-SHEILA (CNB) - The provincial government is providing a $2-million loan guarantee and a $320,000-investment to help multi-purpose machinery manufacturer Lamtrac International Inc. The financial support will help the company diversify its product line, maintain 20 jobs and create eight jobs at its Tracadie-Sheila facility, Business New Brunswick Minister Victor Boudreau announced today.
"Lamtrac is a dominant player in a competitive market, and its unique snow and land clearing vehicles sell all across North America," said Boudreau. "The provincial government is helping this company access credit during difficult financial times, and ensure their continued success as they begin diversifying their product lines to reach new markets."
The loan guarantee for working capital, plus the cash contribution from the Northern Economic Development Fund, will enable the company to maintain its operation, diversify its market base, reduce production costs and diversify its product line.
"Lamtrac is one of the major manufacturers and exporters in northern New Brunswick, and we are proud to be able to provide the global marketplace with New Brunswick products," said Jay Roszell, president of Lamtrac International Inc. "This vote of confidence from the provincial government is helping us build on our existing reputation for world-class products and continue to further develop new prototypes."
Lamtrac produces two-track and four-track multipurpose vehicles used for land clearing and mulching on rough terrain and snow. The vehicles are often used in the oil and forestry industries, where their reduced ground disturbance due to their weight distribution, their versatility and the stability of their drive systems are advantageous.
The company has sold hundreds of vehicles in western and central Canada and is now focussing on markets in Texas, Florida, California and Colorado.
"The provincial government continues to invest in, and partner with, local companies to ensure they can continue to compete around the world, and to ensure that working New Brunswickers are protected from job losses," said Boudreau. "As we look forward to a self-sufficient future, making strategic investments in local businesses is critical for job maintenance and business growth."
MEDIA CONTACTS: Ashley Bursey, communications, Business New Brunswick, 506-461-0942, firstname.lastname@example.org; Jay Roszell, Lamtrac International Inc., 506-393-8502.