Korean Manufacturer Chooses Nova Scotia for North American Production PlantBy Nova Scotia Business Inc., PRNE
Thursday, March 4, 2010
HALIFAX, Canada, March 5, 2010 - Korea-based Daewoo Shipbuilding & Marine Engineering (DSME) has chosen
Nova Scotia, Canada, for its North American production centre for wind
turbine towers and blades. The operation will be located in Trenton, Pictou
County, creating up to 500 direct jobs and is expected to be operational by
The Province of Nova Scotia and DSME have signed a shareholder
agreement and committed to equity investments: DSME is contributing CDN$20.
4 million and will hold 51 per cent of the common shares and the Province
is contributing CDN$19.6 million and will hold 49 per cent of the common
shares. The Province will have a representative on the board of directors.
The Province of Nova Scotia is also providing start-up financing, a loan
for new equipment, working capital, and a loan to acquire land and buildings.
"This is a historic day for Nova Scotia as we welcome another leading
international manufacturer to our business community" said Nova Scotia's
Premier, Darrell Dexter. "Nova Scotia's partnership with DSME reinforces
the province's position as a gateway to lucrative North American markets."
The partnership between Nova Scotia and DSME is reflective of the
province's work to diversify its sources of foreign direct investment by
tapping into emerging markets, specifically Asia.
"Nova Scotia is the right location for DSME as we plot our strategy to
diversify into the wind energy sector," said Mr. Nam Sang-Tae, CEO &
President of DSME. "We were attracted by Nova Scotia's skilled workforce,
efficient transportation systems, competitive costs and multiple energy
sources, including wind, tidal and offshore. The support we received from
government was another key factor in our decision."
The government of Canada announced that it intends to invest CDN$10
million in the plant. The investment, through the Atlantic Canada
Opportunities Agency, will be a CDN$5-million repayable loan and a CDN$5-
million contribution for adjacent land improvements.
This venture is the result of more than a year of work that began with
signing a memorandum of understanding to explore economic opportunities.
The original memorandum was developed by DSME, the Nova Scotia government
departments of Energy, Economic and Rural Development, and Nova Scotia
DSME is a diversified company and one of the world's largest ship
builders. The South Korean-based company was established in 1973 and today
is a first-class builder of commercial and naval ships and offshore
projects. In 2009, DSME acquired DeWind Inc., an American wind turbine
engineering company, and announced plans to expand into the wind power
sector and build a production plant in North America. South Korea-based
DSME is publicly listed on the Korean Stock Exchange.
For more information on this and other opportunities, visit:
For further information: Sarah Levy, Nova Scotia Business Inc.,
+1(902)222-3658, email@example.com; Janet Lynn McNeil, Nova Scotia Premier's
Office, +1(902)424-2402, firstname.lastname@example.org
For further information: Sarah Levy, Nova Scotia Business Inc., +1(902)222-3658, slevy at nsbi.ca; Janet Lynn McNeil, Nova Scotia Premier's Office, +1(902)424-2402, mcneiljl at gov.ns.ca
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