Expansion at CMP will create 40 new jobs

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Charlottetown Metal Products President Steve Kelley, left, discusses the company's planned expansion with Innovation Minister Allen Roach during a news conference at the Winsloe plant on Tuesday.

A Prince Edward Island company with 50 years of experience as a leader in the design, manufacture, and installation of custom stainless steel equipment is expanding once again.

Charlottetown Metal Products, known as CMP, is expanding its facilities and adding to its workforce.

The capital and renovation costs for the planned expansion of CMP are expected to cost $1.2 million – with a further increase of more than $3 million in salaries paid to new staff.

Innovation P.E.I. supported the recent expansion of Charlottetown Metal Products with $10,000 for welding equipment, $16,000 for IT improvements and up to $357,000 in labour rebates if the company meets projections for new hiring in 2013 and 2014. Finance P.E.I. has supported the project with a $649,000 loan.

Steve Kelley says CMP has tripled in size in the last five years.

“With over 80 per cent of our sales being exports, we are proud to be an Island company taking our products to the world,” said Kelley. “To continue growing, we need additional plant space, equipment, designers, engineers and skilled craftsmen. With the help of Innovation P.E.I. we are laying the foundation to triple in size again in the next five years.”

Charlottetown Metal Products manufactures equipment for the seafood and food processing industries.

CMP recently acquired a neighbouring commercial property, adding nearly 12,000 square feet to its business space, and is planning to hire 40 people over the next five years, increasing staffing from its current level of 80 full-time workers.

Innovation Minister Allen Roach says not only is Charlottetown Metal Products a reliable provider of stainless steel equipment, this company has the flexibility to design and deliver material for a wide range of customer needs.

“With quality products and a determination to meet customer needs, CMP is demonstrating that Island companies can compete and succeed in world markets.”

 

 

 

 

 

Organizations: Charlottetown Metal Products

Geographic location: Iceland, Charlottetown

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Recent comments

  • spud
    December 18, 2013 - 11:23

    If it tripled in size in the last five years on it's own why does it need taxpayers money to triple in size again!!!!!!!!!!!!!

  • More Details Please
    December 18, 2013 - 11:04

    Nice to hear a PEI business that is actually prospering. That being said, what are the basic conditions of the loan (interest rate, amortization, default conditions)? This would help dispel some peoples' belief that it's just a cushy low interest government perk on the sole premise of creating some jobs. How does our "investment" compare to what a bank would've derived?

  • Nice to help good Island companies
    December 18, 2013 - 06:41

    These are the type of companies that we should be investing in. Island companies that have been around for a long time. Companies with roots here. Not the start ups that move here to get government support and leave as soon as it dries up. Great investment! Good luck to CMP with your expansion. Glad that I (as a taxpayer) could help!

  • WHAT IS WRONG HERE
    December 17, 2013 - 21:00

    Why is it that people on pEI feel that he taxpayers should pay for private businesses to hire workers. You complain about high taxes yet are perfectly okay with it when those taxes are given to companies that continue making profits that do nothing of the taxpayers. We must stop paying to run private business and start looking after the taxpayers for a change. if businesses cannot afford to run by themselves then they are a liability and not and asset.

  • Holy
    December 17, 2013 - 19:33

    There is just no pleasing some folk. This otherwise is a good news story. That is 40 workers who will not need to leave for Alberta to find work.

  • YES
    December 17, 2013 - 19:13

    Yeah! Let's hear more stories like this.

  • Sure Why Not
    December 17, 2013 - 18:38

    Sure Why not , after all the taxpayer is paying for equiptment & labour . This should make a level playing field with the child labour countries . Only difference is the taxpayers of PEI being exploited rather than the childern of theses other countries . Another wise investment for such a rich province .

    • Jackofalltrades
      December 17, 2013 - 18:56

      people complain there aren't enough good year round jobs, they complain the government isn't doing enough to create those jobs and complain when government helps a company create those jobs. I guess people would rather see skilled people out of work collecting EI or have them move out west for employment

    • Not At All
      December 18, 2013 - 08:38

      @Jackofalltrades , no , not at all , you got it wrong . I am not against new jobs & don't want to see people have to move BUT I am also not for using my tax dollar to make the Goverment work force larger . It is not CMP that is making these 40 new job's , its the taxpayer & the Ghiz goverment again passing out tax money under the pretense of new job's using CMP as the front . If this was a loan & not grant's , I would be wrong & you would be correct . When we the taxpayer does the paying , it's nothing more than a substitute for a real job created to make political hay . Just image the good that amount of money could do if spent for the people of this Island .

    • pat
      December 18, 2013 - 08:51

      @Sure Why Not, So, I suppose you missed this part, then? "Finance P.E.I. has supported the project with a $649,000 loan."

    • I guess
      December 18, 2013 - 09:56

      You missed the part of the article that clearly states it is a LOAN.

    • confusing
      December 18, 2013 - 10:09

      Since all islanders can tell with 100% certainty what businesses will thrive when invested in and which ones will not, why are they not all rich?

    • On the other hand...
      December 18, 2013 - 10:25

      If CMP makes more money because of the government money, CMP and its employees will pay more taxes. $1.2 million for a company whose 90 employees pay $10,000 - $30,000 a year in taxes, about half of which are provincial taxes isn't that much.