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Premier Darrell Dexter announced Friday that the province will have a 49 per cent equity stake in a new operation to be run by Daewoo in Trenton, a town near New Glasgow.
The Pictou County plant will initially create about 200 jobs. Deputy premier Frank Corbett said the operation would eventually employ more than 400 people.
Daewoo will reportedly invest $20 million into the plant, with the province contributing $60 million and the federal government $10 million.
It is Daewoo's first foray into North America and senior officials told reporters it also intends to build offshore oil and gas platforms in Trenton and is looking at tidal turbines.
"Nova Scotia is going to be a partner in a joint venture with Daewoo of South Korea. It is a business that will address a number of objectives that the province had," Dexter said Thursday. "I mean, obviously, the creation of jobs in the Trenton area is a big one, strengthening the rural tax base."
The Daewoo Shipbuilding and Marine Engineering Co. Ltd. plant will be built on the grounds of the former TrentonWorks plant.
Daewoo also has a deal with Nova Scotia Power to explore tidal energy and offshore wind projects.
Oregon-based Greenbrier closed TrentonWorks, terminating 330 jobs, in April 2007 after deciding it was no longer financially viable.
Archie Davidson, who worked at the plant for 30 years, welcomed news that the plant is going to be active again.
"I seen some ups and downs in this plant over the years that I've worked here, and I'm telling you it was a sad day when everyone walked out of that plant, and it was gloom and doom," he said Friday after the announcement.
"But today, the future is now and all our employees, men and women — a skilled labour workforce — will get back to work in here and make a future."
The plant had been in the community since 1872 and employed 1,200 people as recently as 2006.
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