The money will allow the company to expand its operations and meet growing market demands.
Innovation, Business and Rural Development Minister Terry French said the provincial government remains focused on developing a diversified economy, which supports private sector growth, entrepreneurship, innovation, and sustainable opportunities, and Dynamic does all of those things.
“A globally-minded company, Dynamic Air Shelters is a major employer on the Burin Peninsula that is actively expanding its operations to improve its product and meet growing market demands. As the global economy grows and diversifies, I am confident this investment of $561,852 will assist Dynamic to undertake their expansions and spark future growth.”
The funds will be utilized in three separate projects to allow Dynamic Air Shelters to respond to immediate customer requests, satisfy short-term customer needs and allow the firm to demonstrate their product capabilities directly to potential customers at major events tailored to the oil and gas and industrial markets.
The three projects include $466,391 to be used to construct six shelters to rent/lease to customers in industrial markets; $49,000 will be used to present the products suitability in the Middle East; $46,461 will be used to penetrate and develop new markets in the United Kingdom and the European Union.
Grand Bank MHA Darin King agreed “Dynamic Air Shelters continued success will be greatly enhanced by this investment, thus providing sustainable employment for residents of our region.”
Dynamic Air Shelters, a Newfoundland and Labrador incorporated company with manufacturing/production facilities in Grand Bank on the Burin Peninsula, manufactures promotional, industrial, first-response and blast resistant shelters.
Company vice-president Kay Riggs indicated the investment “will allow Dynamic Air shelters to expand into the ‘shelter rental/lease’ sector of the temporary shelter market, validate existing products for new market opportunities in the Middle East, and exploit market development opportunities in the UK and Europe. The investments will help grow and diversify our business and ensure it is sustainable into the future.”