The P.E.I. government is putting more than $1 million into an expansion of Charlottetown Metal Products by way of a loan, labour rebates and equipment.
Stephen Kelly, president of CMP,said the company has tripled in size in the last five years and expected that growth to continue. He said he has further plans to double the size of the company over the next three years.
But to grow the company that quickly requires help from the government, said Kelly.
Innovation P.E.I. has provided a $649,000 loan and $357,000 in labour rebates.
P.E.I. Innovation Minister Alan Roach said the funding will help CMP hire another 40 people over the next five years.
CMP currently employs 88 people, mostly skilled metal fabricators. The company manufactures industrial stainless steel food processing equipment for companies like McCain, J.D. Irving Ltd., Maple Leaf Foods and many others around the world.
Kelly credits the skills and abilities of his employees for the company’s success.