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The province has backed out of a previously announced agreement to buy the Lunenburg Foundry Shipyard. The government announced its plans in December but is now not going ahead after conducting due diligence and finding additional costs it did not want the taxpayer to absorb.
The Nova Scotia government says it has agreed to buy the historic Lunenburg Foundry, which opened in 1891 but has been idle since November 2021.
Economic Development Minister Susan Corkum-Greek said it was vital to preserve the shipyard for current and future opportunities related to the fishery, ocean technology, offshore wind energy development and other vessel maintenance.
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