HALIFAX (NS) – June 10, 2008 –Gerald Keddy, Parliamentary Secretary to the Minister of the Atlantic Canada Opportunities Agency (ACOA) and to the Minister of International Trade, announced today that the Government of Canada is providing a business loan to Ocean Nutrition Canada Limited (ONC) to assist with an expansion of its operations in Mulgrave.
“Ocean Nutrition Canada’s products are exported across the globe, enhancing this region’s economic growth,” said Parliamentary Secretary Keddy. “Our Government’s investment of $2 million will not only allow ONC to double its output of finished products, but it will also create 20 new jobs for the area.”
With the loan from Enterprise Cape Breton Corporation (ECBC), ONC will add a fifth production line at the Mulgrave facility. This line will be larger and more efficient than those already in place, allowing ONC to drastically increase productivity and double its output.
ONC has become the world’s largest supplier of concentrated fish oils and the Mulgrave facility is the only plant in North America that commercially refines concentrated Omega-3 fish oils. Omega 3 oils from Mulgrave are used as ingredients in dietary supplements sold in over 40 countries. They are also included in ONC’s patented powder technology that is used to create Omega 3 enhanced food products such as bread, yogurt and orange juice. As healthy eating is a growing concern for people around the globe, ONC’s Omega 3 products are in high demand to help reduce the risks of heart disease, improve brain function and reduce inflammation.
“Virtually all products manufactured in Mulgrave are destined for export,” said Robert Orr, President of ONC. “With this expansion we will be able to manufacture over 340 metric tons of finished products each month and keep up with growing demand for our products. We are using technology to increase revenues and improve efficiency, which will help offset rising raw material costs and foreign currency challenges.”
The overall cost of the project is $8.1 million. ECBC is providing a $2 million business loan.
Ocean Nutrition Canada Limited is a privately held company whose major shareholder is Clearwater Fine Foods Incorporated. The company defines its business as discovery, manufacturing and marketing of marine based ingredients, which improve human health.
Enterprise Cape Breton Corporation offers programs in support of economic development initiatives and is responsible for delivering ACOA’s programs on Cape Breton Island and in the Mulgrave area.
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For More Information Contact:
Pat Savage
ECBC Communications
Tel: 902-564-3950
Lori Covert
VP Marketing & Communications
Ocean Nutrition Canada Ltd.
Tel: 902-480-3180