A company in eastern P.E.I. that received millions in government assistance to expand its business is blaming the global recession for a slow start.

The arrival of Opacmare Americas, which manufactures fittings for luxury yachts in Poole's Corner, was officially announced a year ago.

Taxpayers put $3.3 million, $2.3 million from ACOA and $1 million from the province, toward buying and renovating its 80,000-square-foot building, which the company leases back. The provincial government is also subsidizing employee wages.

"When we're fully up and running, we're looking at 100 people working here total, which would be fantastic," plant manager Marc de Jong told CBC News on Friday.

But there are currently just five people working at the plant. With global markets in poor shape, de Jong has been focusing on local markets.

"What we have done here, and I've done personally, is gone around to the Island and basically promoted this as the most high-tech machine shop east of Montreal and basically gone after local business," he said.

Opacmare has made parts for companies such as Testori in Summerside, Charlottetown Metal Products and others.

De Jong hopes by this time next year, there will be 35 employees, and that the company will be doing more of the work it set up to do, such as teak and stainless gangways, and hydraulic cranes for lifting Jet Skis.