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Province Contributes to Stora Enso Solution |
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Written by NS Government
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Wednesday, 03 May 2006 |
The provincial government plans to pay Stora Enso now for land it was obligated to provide the company in future.
That's the centerpiece of an agreement signed between the province and Stora Enso today (May 3rd) to help the company get past current challenges and continue as a major employer in the
Strait region.
The province will pay Stora $65 million dollars over the next seven years - provided the company continues normal operations. In return, the province will no longer have to buy 200 thousand acres of land it had been obligated to provide to Stora by 2013.
Economic Development Minister Kerry Morash said, "The province's contribution should help Stora Enso bridge past short-term challenges, while relieving taxpayers of a costly obligation down the road."
Stora Enso has operated a mill in Port Hawkesbury since 1961. It currently employs about 650 people directly, and creates about 2,400 spin-off jobs. |
