May 28, 2010
TABUSINTAC (CNB) - The provincial government is providing a $300,000 term loan to Heveco Ltd., a peat moss producer, to help it focus on its export markets and maintain 40 jobs at its Tabusintac facility.
The loan will be used for working capital and will help the company as it continues to produce its block-cut peat moss product.
"Our government is proud of the contributions New Brunswick entrepreneurs continue to make to our growing economy, and we know partnerships with these companies are the building blocks of our Action Plan for Self-Sufficiency in Northern New Brunswick," said acting Business New Brunswick Minister Jack Keir. "We are working with companies like Heveco Ltd. to access credit as they produce unique products and tap into new markets."
Heveco Ltd. is a family-owned peat moss producer that has been in operation since 1962. The company was the first producer in Canada to manufacture commercially available mixes. It serves the North American market and also exports to Asia, South America and countries within the Pacific Rim.
"Along with our research in reconditioned peat-moss areas, Heveco Ltd. is proud to be the only company in the country that is producing block cut peat moss," said Bernd-Georg Mecking, company president. "The government's vote of confidence in our company and our innovative products will allow us to grow our workforce in Tabusintac, and to continue shipping our peat moss to greenhouses all over Canada and the United States."
MEDIA CONTACTS: Ashley Bursey, communications, Business New Brunswick, 506-453-2694; Rolf Mecking, general manager, Heveco Ltd., 506-779-9277.