South Korea-based Daewoo Shipbuilding & Marine Engineering (DSME) announced its investment in a Nova Scotia, Canada facility for wind turbine tower and blade production on March 5. The project, based in Trenton, Pictou County, will create 500 jobs and open in the fall.
"We were attracted by Nova Scotia's skilled workforce, efficient transportation systems, competitive costs and multiple energy sources, including wind, tidal and offshore," said Nam Sang-Tae, DSME CEO and President.
DSME and Nova Scotia signed a shareholder agreement in which DSME contributed C$20.4 million and will hold 51 percent of common shares, and Nova Scotia provided C$19.6 million and will hold 49 percent of the shares. The Canadian government will invest C$10 million via the Atlantic Canada Opportunities Agency.
DSME is one of the world's largest ship builders, and is publicly listed on the Korean Stock Exchange.