DeepWater Buoyancy to add 15 new jobs now they have Pine Tree Zone tax exemptions
A Spherical ADCP Buoy manufactured by DeepWater Buoyancy of Bidderford, Maine
By Ramona du Houx
DeepWater Buoyancy, a Biddeford-based marine composites manufacturer, in June announced their investment of over $300,000 in their company. The move will create 15 new manufacturing jobs in Maine’s maritime and composite industry.
The company will manufacture syntactic foam products at its Biddeford plant. These products will be used for a variety of subsea operations for the oceanographic, oil and gas and industrial markets. DeepWater Buoyancy worked with the University of Maine team at the composite laboratory in Orono to help test and develop the product.
DeepWater Buoyancy was recently certified for a Pine Tree Development Zone incentive package, which includes various tax exemptions and reimbursements. Governor John Baldacci established Maine’s PTDZ economic development program in 2003. Over 350 companies are now PTDZ certified, and have added thousands of jobs to Maine’s economy. A major provision of the PTDZ certification is that companies have to add good paying jobs and benefits.
“DeepWater Buoyancy has seized a unique market opportunity but, make no mistake about it, starting up a marine composites business from scratch and ramping up production is a capital intensive endeavor,” said DeepWater President David Capotosto. “Every extra dollar available to spend on skilled labor allows us to hone our competitive edge. Tax rebates and reduced energy rates will allow us to grow our business and our workforce to meet the demand we see in the industries we serve.”