Newco Metal and Recycling Limited is expanding operations with help from the federal government.
Newco Metal and Auto Recycling run a metal recycling business that processes scrapped vehicles, appliances and other metal waste in ten communities across the province.
The company today announced that it is expanding its capacity to process cleaner, higher value metals at its operation in Foxtrap.
Newco is increasing efficiency in Foxtrap by adding office space and a new computer system that will combine all ten locations and provide real-time data.
The expansion will also include its processing deck to mitigate environmental impact as well as enable the company to better meet the growing global demand for its products.
Federal Minister of Economic Development, Melanie Joly was on hand for the announcement and says they want to make sure they’re making the right investments. She says the federal government is providing a $1-million repayable loan to make sure Newco can create ten new jobs, while helping the company and its workers prosper.
BREAKING: Federal Minister of Economic Development, Melanie Joly tells @VOCMNEWS she will announce a one million dollar repayable loan at Newco Metals that will create ten jobs. pic.twitter.com/AbdRMomLuN
— Gerri Lynn Mackey (@GerriLynnMackey) January 9, 2020
Newco is matching the $1-million from the feds that will help maintain 25 jobs in Foxtrap as it helps to grow and diversify the local economy.
Joly says Newco is an example of investing in a good business model. She says at the same time, they are making sure they make the right investments to ensure the environment is well taken care of.
(Left to right: Councillor Darrin Bent; Karen Skinner, Vice President of ACOA NL; Minister Melanie Joly; Mayor Terry French; MP Ken McDonald; Deputy Major Richard Murphy.)
Minister Joly met with the town of Conception Bay South this morning to discuss plans and opportunities within the community.
