Updated: Stainless Steel investment creating new jobs
(Adds GWU's reaction)
Stainless Steel Products Limited is investing €350,000 in new technology and tooling, creating 30 new jobs.
The company, a member of Jacuzzi UK Group plc, employs 100 full-time workers. A few months ago, it received government support to mitigate the impact of the international crisis and return to a five-day week.
This investment was annouced this morning by the managing director of Jacuzzi UK Group plc Mark Prince, during a visit by Finance Minister Tonio Fenech.
Like many other exporting firms Stainless Steel Products Limited was not spared the effects of the international recession and in 2008 and 2009 experienced a sharp drop in demand for products.
Following the intervention of the taskforce that had been set up by the Finance MInistry and the resultant assistance provided by Malta Enterprise, the company invested 400,00 euros in tooling and machinery to make products that were being sourced from China.
By enhancing the automation of the process required for production, the company will be producing sinks of a higher quality at a cost comparable to China’s and offering better customer service.
ME and Stainless Steel now agreed on a further investment of €350,000.
Minister Tonio Fenech defined the Stainless Steel experience as a “success story”.
Despite the order book suffering the impact of an international recession, the joint efforts of the company that sought new opportunities together with the government’s support, saved jobs and created new ones.
In a statement, the GWU welcomed the new investment which would lead to the creation of new jobs.
It said it was pleased that the Finance MInistry had taken up its suggestions to widen the assistance to industries in difficulties.
It said that now that companies were recovering, the government should ensure that it did not burden them unnecessarily.
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Galea. L
Nov 20th 2009, 20:31
Gina Barbara Agree with you. It seems that when a few jobs are created the Minister take credit but when hundreds and thousands of jobs are lost world recession is blamed.
M Mifsud
Nov 20th 2009, 18:36
Poor prophets of doom and gloom are having a tough time recently. They can't cope with the list of new jobs created by the number of projects which are regularly being announced. Some even dared criticise the Techniks project by saying that 350 jobs will not solve Malta's unemployment. I am not surprised at all by these critics. Most probably they still live in their little world of "korpi tax-xoghol" of the seventies and eighties!
Joe Vella
Nov 20th 2009, 18:06
@ Gina Barbara A sorry state of affairs is when under Socialist Governments, Malta had to resort in the creation of "Korpi Statali' to provide employment. Unproductive employment that contributed nothing to the GDP and proved to be a noose around the Maltese economy for many years and still today . Also, to boot about, the Socialist Government in accomplice with the GWU did not extend the right to strike to these workers. Shame indeed.
Joseph Scicluna
Nov 20th 2009, 17:32
@ gina barbara. sorry state is when your muscat ran away from the Icelandic reporter, the press reporters questions, the debate with Dr.Gonzi on a local radio station and so on and on...that is what a really sorry state is.
R.J.Costigan
Nov 20th 2009, 15:33
According to someone the Prime Minister did not kept his
promise to safeguard employment. The Prime Minister
should have invested the money in the Qawra Marine Park,
again according to someone.
But he is bright enough to invest in a factory to safeguard the employment
of those employees.
W H A T A D I F F E R E N C E ---- results speak for
themselves. Well done.
Joe Vella
Nov 20th 2009, 15:14
@ Gina Barbara
Statements like yours only shows that the Gloom and Doom crowd is starting to really worry by the Governments' success in attracting new Foreign investment to Malta and helping the one that is already here to grow in the midst of a World recession. It was not long ago that the Gloom and Doom crowd was glowing because firms like Stainless Steel Products Limited went on a four day work. The Gloom and Doom crowd should be ashamed indeed.
John C Micallef
Nov 20th 2009, 12:47
I'm happy to hear this news. It shows that there is still opportunity for such industries in Malta.
Compliments go to the Minister, ME and the management and staff of Stainless Steel Products.
Gina Barbara
Nov 20th 2009, 12:24
@Michelle Pirotta
If we have now come to the sorry state of praising the Minister for an investment worth 30 new jobs - or even 300 for that matter - we're in a very unhappy situation indeed. Unless of course you are one of the apologists (or a relative or an employee) who thinks Mr Fenech deserves a push and a pull before he slides down all the way.
Peter Abela
Nov 20th 2009, 11:41
Surely recent change of heart in the political scene is proving fruitful.
Never heard so much the word self employed and SMEs mentioned as one does today. Finally politics have realised that the only way forward is to invest in the the only thing that produces. THE PRIVATE SECTOR.
Well done Tonio and Gonzi, these are policies that you will never fail you. Well done as well to all those in the sector from employees to investors alike for the goodwill and entusiasm.
Just as the PN says 'FLIMKIEN KOLLOX POSSIBLI'
Michelle Pirotta
Nov 20th 2009, 11:30
Another feather in the cap for Tonio Fenech.
Keep 'em coming.