DeepWater Buoyancy, a Biddeford, Maine-based marine composites manufacturer, plans to invest over $300,000 to manufacture syntactic foam products, creating 15 new jobs in The Pine Tree State’s maritime industry.
Syntactic foam products produced at the Biddeford facility will be used for a variety of subsea operations for the oceanographic, oil and gas and industrial markets.
"We are pleased to welcome DeepWater Buoyancy to Maine,” said Governor Paul R. LePage. “The company’s financial investments in our state and its commitment to providing career opportunities to Maine people are greatly appreciated. I look forward to working with DeepWater Buoyancy as they grow and thrive, and I will keep working to attract other job creators to Maine, while helping to sustain and grow the businesses that are already here.”
The company was recently certified for a Maine Department of Economic and Community Development incentive package including various tax exemptions and reimbursements.
“DeepWater Buoyancy has seized a unique market opportunity but, make no mistake about it, starting up a marine composites business from scratch and ramping up production is a capital intensive endeavor,” said President David Capotosto. “Every extra dollar available to spend on skilled labor allows us to hone our competitive edge. Tax rebates and reduced energy rates will allow us to grow our business and our workforce to meet the demand we see in the industries we serve.”