Business New Brunswick / Regional Development Corporation

Shippagan company receives support (10/05/07)

NB 691

May 7, 2010

SHIPPAGAN (CNB) - The provincial government is providing a $200,000-loan guarantee to Thermopak Ltd., a Shippagan manufacturer and exporter, to create four jobs and maintain another 20. The loan guarantee will be used for working capital, including helping the company diversify its existing product line.

"Our entrepreneurs are an integral part of creating a successful, diversified economy in this province, and improving the success of our small businesses is part of our government's plan, An Action Plan for Self-Sufficiency in Northern New Brunswick," said Business New Brunswick Minister Victor Boudreau. "The provincial government recognizes that the continued growth of companies such as Thermopak Ltd. will set the stage for a self-sufficient New Brunswick, and we are eager to help these companies as they work to access credit and tap into new markets on the upswing of recent economic challenges."

The Regional Development Corporation is also helping Thermopak Ltd. by providing a $20,000 contribution under the Community Development Trust Fund to complete the prototyping and development of new products.

Thermopak Ltd. manufactures custom plastic thermoformed trays, supplying a number of industries, including the food, horticultural, fisheries, hardware and electronic sectors. The company is developing new products for the food, building and construction industries.

"For more than two decades, we have been building our company in northern New Brunswick," said Bernard Morin, president, Thermopak Ltd. "This is a competitive industry, and to stay on top, we need to take bold steps to develop innovative, value-added plastic products. This assistance from the provincial government means we can continue to employ New Brunswickers as we build on our existing product lines."

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10/05/07

MEDIA CONTACTS: Ashley Bursey, communications, Business New Brunswick, 506-453-2694; Bernard Morin, president, Thermopak Ltd., 1-800-906-3344, bernard.morin@thermopak.com.

10/05/07