HALIFAX — Nova Scotia’s business lending agency has agreed to provide an electronics company with $2.5 million over five years if it hires 150 people.
Nova Scotia Business Inc. has offered the payroll rebate to Dartmouth-based Ultra Electronics Maritime Systems Inc.
Established in 1947, the company makes sonar systems for the international military market.
It’s one of the oldest continuously operating electronics design and manufacturing operations in Canada.
The company will be eligible for a smaller rebate if it creates fewer than 150 new jobs.
The province says the payroll rebate system is designed to ensure the tax revenue generated by new jobs is always more than the amount of the rebate.
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