A Saint John-based company known for its own form of sweet liquid gold received a bit of extra support from the provincial and federal governments.
Crosby’s Molasses Company Ltd. received an $800,000 investment through Opportunities New Brunswick and the Atlantic Canada Opportunities Agency (ACOA). ONB has invested $250,000, while ACOA will contribute $550,000.
“Crosby’s is a leading family-owned and operated food company in Saint John that has contributed to the regional economy for many years and is a great source of pride for this city,” said Saint John-Rothesay MP Wayne Long, speaking on behalf of ACOA Minister Ginette Petitpas Taylor.
“I am pleased to see our government’s support for this company as it improves operations, secures markets, and in doing so, strengthens the economy both locally and internationally.”
According to a news release by the province announcing the investment, the money will go towards helping Crosby’s purchase specialized equipment and hire a supply chain manager.
Officials say this will allow the company, which has headquarters on the east side of Saint John, N.B., to increase its contract manufacturing business, increase production capacity by 15 per cent and expand its Canadian customer base.
“We are proud to be supporting Crosby’s increased production through automation to meet demand and increase provincial exports in partnership with ACOA,” said Arlene Dunn, the minister responsible for Opportunities New Brunswick.
“Productivity improvements are a key driver to helping New Brunswick businesses grow, succeed and continue contributing to our province’s economic success.”
Crosby’s has imported molasses from around the world to the east coast since 1879 and supplies to businesses across Canada and even going into the United States, providing its products to retailers as far south as New England.
The province says food and beverage processing is the second-largest industry in Canada.
“Crosby Molasses enjoys a longstanding relationship with ACOA and the province of New Brunswick,” said James Crosby, president of Crosby’s Molasses Company Ltd, in a statement.
“We truly appreciate their financial support on this automation project. The installation of the robotic cartoner and palletizer will allow us to increase our production, in an already 24/7 operation, meeting the expanding needs of our customers.”