Province Completes DSME Trenton Transaction

Economic and Rural Development

Published Tuesday, July 13, 2010

Nova Scotia's green economy continues to grow, now that a new joint venture has been completed between the province and Daewoo Shipbuilding and Marine Limited or DSME.

Legal documents were signed today establishing a wind turbine tower and blade manufacturing facility at the former TrentonWorks site.

Quotes

“This is an important milestone in this partnership. DSME Trenton will create hundreds of secure jobs that our economy needs. This facility will also position Nova Scotia as a global leader in renewable energy and the green economy.” Percy Paris, Minister of Economic and Rural Development

“Reaching this milestone validates the hard work and vision of so many at DSME and the Province of Nova Scotia. Now DSME Trenton can begin the work of supporting our company's strategy of diversification into the wind-energy sector and expansion into the North American market.” Mr. O.K. Shin, DSME executive director

Quick Facts

  • One-hundred and twenty staff are expected to be hired within the first year of operation. Up to 500 could be employed within three years.
  • Through the Industrial Expansion Fund, Nova Scotia is investing almost $60 million. Almost all of those funds are repayable, and the province will receive an equity stake in the Pictou County operation.
  • The process of converting the former railcar plant can now begin. DSME Trenton is expected to be operational by the end of 2010.
  • The Industrial Expansion Fund helps industries with innovation and technology, and contributes to a prosperous and sustainable business climate for Nova Scotia. The fund helps protect jobs and support businesses to be more competitive and sustainable. It provides financial support, such as loans and guarantees, when many traditional sources are reluctant to do so.
  • DSME is a diversified company and one of the world's largest ship builders. The South Korean-based company was established in 1973 and 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 Daewoo is publicly listed on the Korean Stock Exchange.

Learn More

Media Contacts

Toby Koffman
Economic and Rural Development
902-424-4482
E-mail:
Mr. Shin
DSME
E-mail:

Images

Economic and Rural Development Minister Percy Paris, and DSME executive director Mr. O.K. Shin, officially sign legal documents.
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Minister Paris and Mr. Shin close DSME Trenton Transaction.
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Audio

Economic and Rural Development Minister Percy Paris says this is an important milestone.
DSME executive director Mr. O.K. Shin says the company is very excited.