The Tri-City economy may have taken a hit recently with the loss of Target, Future Shop and Williams Moving but it will soon see the ripple effect from a multi-million dollar federal contract awarded to a Port Coquitlam firm.
Guy Nelson, the executive chairman, CEO and president of Empire Industries Ltd., which owns Dynamic Structures in PoCo, told The Tri-City News the Thirty Meter Telescope (TMT) may be destined for Hawaii but the $243.5-million contract to build it will be felt in the Tri-Cities.
Nelson said the company of 150 employees expects to hire another 130 people in the next two years to help manufacture one of the world's largest telescopes at its Kingsway Avenue plant. Specifically, it will need 60 high-level engineers, senior designers and technicians; 60 skilled millwrights and steel fabricators; plus 10 accountants, human resources and quality assurance personnel.
The company's 200 suppliers will benefit, too, as a much of its services and products are outsourced to machine shops, electrical contractors and software programmers. Dynamic's spokesperson said Altec Integrated Solutions in Coquitlam as well as PoCo businesses Fastenal Canada and Mahler Industries will likely see a surge in business as a result of the contract that was announced Monday evening by Prime Minister Stephen Harper.
In addition, Nelson said Dynamic is looking at how it will expand its 10 acres to accommodate the telescope and other projects. Currently, it has two properties on Kingsway that last year brought in $254,097 in municipal taxes for the city of PoCo.
Nelson said the TMT contract had a positive effect on the company's stock price, with shares in the publicly traded company up as much as 25% after the news broke.
On Tuesday, Nelson was in the Dynamic offices to talk to employees, although "I knew only half the people because we've been growing so quickly," he said. "We've had to backfill because of so much work."
PoCo Mayor Greg Moore said he has been working with Dynamic for several years to promote the TMT being built on home turf. Industry Minister James Moore, the MP for Port Moody-Westwood-Port Coquitlam, has also been a champion.
"I am sure this is the biggest ever federal project to directly benefit Port Coquitlam," the mayor said.
The federal government commitment to TMT means Canada has a 19.6% interest in the project. The other partner countries are Japan, China, India and the U.S. Once complete in 2023 or '24, TMT will be sited at the summit of the Mauna Kea volcano in Hawaii.
@jwarrenTC
