Atlantic Assets: Newco Metal and Auto Recycling receives $1m in funding

St. John’s, Newfoundland and Labrador — St. John’s, Newfoundland and Labrador-based Newco Metal and Auto Recycling recently announced it would be expanding its capacity at its Foxtrap, Nfld. facility after receiving a $1 million repayable contribution from the Atlantic Canada Opportunities Agency.

According to a news release from the Atlantic Canada Opportunities Agency, Newco plans to increase efficiency at its Foxtrap facility by adding office space as well as a new computer system that will integrate all its locations and provide real-time data. Improvements will also be made to its processing deck in order to mitigate environmental impacts of the facility’s operations. 

Newco will also be putting  $1 million of its own funds toward the improvements, and the combined investments will create 10 new jobs at the Foxtrap site.

“We thank [the Atlantic Canada Opportunities Agency] and the government of Canada for their investment in Newco Metal and Auto Recycling,” said Bob Anstey, president of Newco. “The increased efficiency at the shredder facility through the new office space and a new updated computer system is a vital next step in the company’s overall operation. The shredder processing deck, which has been constructed to ensure site control, will be expanded to mitigate environmental impacts of operations.

“Through this investment, the company will be in a position to better meet the growing global demand for its products while still reducing carbon associated with the traditional operation,” he continues. “This facility processes recyclable scrap metal from the entire province. We are putting jobs, industry, and prosperity here, with a 100 percent locally owned and operated company.”

Newco opened in 1985 and currently employs more than 100 people at 10 locations across Newfoundland and Labrador.

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