The purchase of all outstanding shares of the Slemon Park Corporation will help the province grow its aerospace industry and attract more companies to Prince Edward Island, Economic Development and Tourism Minister Heath MacDonald says.
“Aerospace is a major employer, exporter, and contributor to the province’s economy and Slemon Park is an incredibly important strategic asset,” Minister MacDonald said. “This acquisition will allow the province to make capital improvements to Slemon Park that will help us increase exports, expand our economy, and create jobs for Islanders in this fast-growing industry.”
With the purchase of all of Slemon Park Corporation’s remaining ownership shares for $2.39 million, the province will now operate it as a crown corporation. As sole owner, the province will explore ways to ensure the corporation realizes its full potential through improvements to the airport runway and other facilities.
“Slemon Park Corporation would like to thank all shareholders for the pivotal roles they played in the early success of Slemon Park Corporation, and for their ongoing contributions as shareholders and directors in our 25-year history,” said Wayne Carew, chairman of the Slemon Park Corporation Board of Directors. “Slemon Park is a special business centre with unique infrastructure and assets, so we look forward to the clarity of focus and potential for further development with the Province as the sole owner of the corporation.”
The Slemon Park Corporation was incorporated in January 1991 as a private for-profit corporation and acquired the 1,400-acre former CFB Summerside property in April 1992. Slemon Park has been the centerpiece of the province’s aerospace sector since that time, hosting Vector Aerospace and Honeywell Aerospace as its anchor tenants.
“We are pleased to see the province's ongoing commitment and recognition of Slemon Park Corporation as a very important economic development strategic asset,” said Steven Yeo, site leader at Honeywell Aerospace. “Having a clear ownership and governance structure is important to Honeywell PEI. We are one of the Island's leading aerospace companies and have achieved business growth due in no small part to the dedicated local workforce and our positive working relationship with the Province.”
The corporation also operates the Summerside Airport and the Slemon Park Hotel and Conference Centre, among other interests. Nearly 1,000 people work at the site, and 600 live in the Slemon Park community.
“This strategic announcement will greatly increase the City of Summerside’s potential with regards to our business development mandate,” said Summerside Mayor Bill Martin. “We recognize our position as a leader in the aerospace sector and Slemon Park is the perfect venue for creating new business relationships. “This opens the door to crucial ventures being pursued in support of our quest for job creation for Prince County. We congratulate the Province for its leadership on this important initiative.”
Aerospace companies generate $149 million to the provincial economy and employ more than 1,360 highly skilled Islanders. The sector has grown steadily, particularly in international exports which have increased by 300 per cent over the past five years.