Government Supports Cape Breton Company
The province will help a Cape Breton employer restructure, maintain 60 well-paying jobs and prepare for future growth and success. Atlantic Castings will receive a $2-million investment incentive through the Industrial Expansion Fund. “This investment will help Atlantic Castings protect and create important jobs and provide economic support for a vibrant community,” said Angus MacIsaac, Minister of Economic Development. Atlantic Castings, formerly Cape Breton Castings Ltd., is a manufacturer and supplier of aluminum die cast transmission parts for the North American automotive industry. The company’s operating facility consists of eight die cast manufacturing cells with a full suite of new and well-maintained equipment. “This government support, combined with a $2-million cash contribution through our group of investors, will allow our company to work towards achieving a competitive edge in the automotive industry, and provide the necessary resources to diversify into other markets,” said Sean Burke, a spokesperson for the investor group. “We are committed to contributing to sustainable growth and economic prosperity for Nova Scotia.” The Industrial Expansion Fund (IEF) is one method the government of Nova Scotia uses to support economic development in the province. It is key to helping industries involved in innovative research and technology, while contributing to a prosperous and sustainable business climate for Nova Scotia. The IEF has considerable flexibility in the amount and type of funding it can provide.