The province is lending over $4.5 million for a 50,000-square-foot expansion to the Charlottetown Metal Products facility in Milton, P.E.I.

CMP's facility manufactures stainless steel food processing equipment and turnkey solutions.

The expansion will result in new jobs, increases in production, research and development capabilities and more exports, the province said in a release.

CMP president Trevor Spinney said the investment is huge for the growing company.

"The commitment from the provincial government to support our project … made all the difference of deciding to locate our expansion here," he said.

"So we're … delighted at CMP that this is happening and, you know, right out in our back 30 acres."

Spinney said the company will now be able to increase its export capacity overseas in Asia, Europe and South America.

Trying to lure talent back home

The total cost of the project is $7.5 million and the province is supporting the project with a repayable loan just above $4.5 million from the P.E.I. Century Fund.

The loan will provide new equipment and help build a new 50,000-square-foot expansion at the existing facility. (Isabella Zavarise/CBC)

Spinney said the funding will also go toward expanding CMP's workforce by 55 jobs.

He said he hopes to attract more Islanders back home in the hiring process.

"We've got a lot of talented folks that are looking to try to find a way to head back home," he said.

"We offer good paying jobs which makes that equation work for them to, you know, get folks out of western Canada or … the Greater Toronto Area."

Spinney said he's looking to grow his engineering team, technical sales team and manufacturing department.

Local company, quality products

The project is expected to get underway later this year.

Charlottetown Metal Products president Trevor Spinney says the investment will also allow the company to hire 55 new employees. (Isabella Zavarise/CBC)

"This is an excellent example of a local company expanding to better meet the current and future needs of customers, while putting a sharp focus on improving their already quality products," said Matthew MacKay, economic growth, tourism and culture minister in the release.

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