IMO Foods Ltd. has received a $200,000 repayable loan through ACOA to undertake a heat recovery project to reduce energy costs in its canning operation.
IMO Foods Ltd. president and general manager Philip LeBlanc with West Nova MP Greg Kerr. On Oct. 9 it was announced the company would receive a $200,000 repayable loan for equipment to help reduce energy costs in its canning operation.
The announcement was made today by West Nova MP Greg Kerr.
“IMO has been a stable employer here for nearly 45 years and this assistance will help the company modernize its operations and reduce energy costs,” said Kerr.
“Our government’s top priority is jobs, growth and long-term prosperity.”
ACOA will provide the company with a repayable loan of $200,000 under its Business Development Program so it can undertake a heat recovery project. Heat will be extracted from the cold storage and combined with the heat from refrigeration equipment will produce 138 kW on a continuous basis to reduce energy costs.
“This project is part of an ongoing process by IMO to reduce the overall costs of operation and increase productivity with a goal to maintaining quality and the company’s place in world markets,” said Philip LeBlanc, president and general manager.
IMO markets canned herring and mackerel products worldwide and employs 75 full-time workers.