TRENTON — When Daewoo Shipbuilding & Marine Engineering comes calling, that’s huge.
And when the world’s second-largest shipbuilder opts to make wind turbines and blades at a defunct railcar manufacturing plant in Trenton, there are huge sighs of relief in the town.
"It is absolutely the best news we’ve had in this place for a long, long time," one woman said outside Cornish’s Variety and Bakery, which overlooks the former TrentonWorks plant and a Nova Scotia Power generating station.
"It means my son can come back home with the grandkids from out west.
"There’s going to be one big party," she laughed.
Most residents of the Pictou County town probably had a similar reaction to the news that DSME will be establishing a wind turbine manufacturing operation at the TrentonWorks location.
In the three years since U.S. parent company Greenbrier shut down TrentonWorks, putting 300 people out of work, politicians at the municipal, provincial and federal levels have been jumping through hoops trying to attract another manufacturer to the site.
"We waited three years to hear this good news," Premier Darrell Dexter said during a news conference at the plant.
"There will be 125 jobs created in the first year, and it will provide opportunities for suppliers and businesses in the local area."
The wind turbine manufacturing operation, to be known as DSME Trenton, could eventually create 500 jobs, but those jobs won’t come cheap.
DSME is putting $20 million into DSME Trenton and will hold 51 per cent of the shares, while the province will kick in almost $60 million and keep a 49 per cent stake in the operation.
The province’s contribution includes $19.6 million in cash, a $30-million loan for new equipment, a $6-million loan for working capital and a $4-million forgivable loan for land and buildings.
The federal government, through the Atlantic Canada Opportunities Agency, will provide $10 million, half as a forgivable loan and half to improve adjacent lands that will be leased from Nova Scotia Power.
Local MP Peter MacKay called the announcement a gold medal for the community and the country.
"This augurs well for the future of Pictou County," he said.
He told DSME president Nam Sang-Tae to expect nothing but hard work, perseverance and productivity from Pictou County workers.
MacKay, who is the defence minister in the Harper government, predicted the region could become the North American leader in clean energy research and technology.
Nam said the deal marks the South Korean company’s first chance to break into the North American market.
"This is the very first step and I’m very proud of that," he said.
"We will continue to prove this small step will make a big difference."
Nova Scotia Power signed a memorandum of understanding Friday acknowledging a shared interest in Bay of Fundy tidal power technology and offshore wind-generation platforms.
Liberal Leader Stephen McNeil said late Friday he is happy for the people of Pictou County "but I do have some concerns."
"This private company is investing $20 million and the taxpayers are investing a total of $70 million, and if this is such a good thing, why are we putting in over two-thirds and we own less?" he said.
"This province has a history of buying into companies that don’t do well, and the question has to be asked, when does the province get its money back?
"There are a lot of unknowns, and the taxpayers could be in a vulnerable position."
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DAEWOO FACTS
Company name: Daewoo Shipbuilding & Marine Engineering Co. Ltd.
Country of origin: South Korea
Workforce: employs 29,000
2008-09 sales: US$9.66 billion
Work: builds offshore platforms, like those in use at Sable Island and Terra Nova, as well as drilling rigs, submarines, destroyers and other kinds of vessels
Acquisition: bought DeWind Inc., an American wind turbine engineering company, last year.
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