WINSLOE – Charlottetown Metal Products (CMP) is expanding its facilities and adding to its workforce with the help of Innovation P.E.I. and Finance P.E.I.
The announcement was made Tuesday.
The capital and renovation costs for the planned expansion of CMP are expected to cost $1.2 million with a further increase of more than $3 million in salaries paid to new staff.
More than $1 million of that $1.2 million cost is coming from the province, with Innovation P.E.I. allocating $10,000 for welding equipment, $16,000 for IT improvements and up to $357,000 in labour rebates ifthe company meets projects for new hiring in 2013 and 2015.
Finance P.E.I. has provided a $649,000 loan for the project.
“CMP has tripled in size in the last five years. With over 80 per cent of our sales being exports, we are proud to be an Island company taking our products to the world,” said company president Steve Kelley. “To continue growing, we need additional plant space, equipment, designers, engineers and skilled craftsmen. With the help of Innovation P.E.I. we are laying the foundation to triple in size again in the next five years.”
Charlottetown Metal Products has a 50-year history in the design and manufacture of equipment for the seafood and food processing industries.
CMP recently acquired a neighbouring commercial property, adding nearly 12,000 square feet to its business space, and is projecting hiring 40 people over the next five years, increasing staffing from its current level of 80 full-time workers.