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Two Saskatchewan First Nations have purchased the majority share of a Saskatoon fabricator in a move the company’s president and CEO says will benefit everyone involved.

“One of the opportunities I could see was to develop a win-win by partnering with these First Nations organizations, giving them hope and opportunity to participate and to share my team’s knowledge and experience, and at the same time helping us preserve our future,” Jim Nowakowski told reporters Friday.

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The economic development corporations of English River First Nation and Peter Ballantyne Cree Nation have each acquired 30 per cent of JNE Welding. The company, which manufactures enormous steel vessels for mining and oil companies, is “temporarily” on work-share, but business is expected to pick back up this year, Nowakowski said.

The terms of the agreement have not been disclosed, but JNE’s vice president of finance said the company’s annual revenue is between $35 and $40 million. Together, the three corporations employ more than 1,000 people with an annual payroll of $54 million, and have an estimated combined revenue of $296 million, according to a news release.