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December 17, 2013
For immediate release
Charlottetown Metal Products supported in expansion and hiring
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“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,” said Minister Roach. “With quality products and a determination to meet customer needs, CMP is demonstrating that Island companies can compete and succeed in world markets.”
The capital and renovation costs for the planned expansion of CMP are expected to cost $1.2 million – with a further increase of over $3 million in salaries paid to new staff.
Innovation PEI supported this 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 PEI has supported the project with a $649,000 loan.
“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 company president Steve Kelley. “To continue growing, we need additional plant space, equipment, designers, engineers and skilled craftsmen. With the help of Innovation PEI we are laying the foundation to triple in size again in the next five years.”
Charlottetown Metal Products has a 50-year history in the design and manufacture of 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 projecting hiring 40 people over the next five years, increasing staffing from its current level of 80 full-time workers.