Province lends window company $10 million
Steinbach-based window and door manufacturer Loewen will receive a $10-million repayable loan from the province to help fund a $30-million factory overhaul.
The secured, interest-bearing loan will help pay for a factory redesign for the company, which expects to double capacity and increase productivity by 30 per cent by the time the overhaul is finished.
Loewen has been hard-hit by the U.S. housing market slump in the past year.
Last April the company laid off about 100 manufacturing workers, and in July it laid off an additional 70 office staff.
The loan, offered through the Manitoba Industrial Opportunities Program, will be secured by Loewen's assets in Manitoba. The interest rate charged is above the province's cost of borrowing.
----
170 laid off workers! Anyone know how many people this business employs?