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DeepWater Buoyancy 'Surfaces' in York County
AUGUSTA – DeepWater Buoyancy is one of Maine’s newest companies. The Biddeford-based marine composites manufacturer is planning to invest over $300,000, creating 15 new manufacturing jobs in Maine’s expansive maritime 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.
"We are pleased to welcome DeepWater Buoyancy to Maine,” said Governor Paul R. LePage. “The company’s financial investments in our state and its commitment to providing career opportunities to Maine people are greatly appreciated. I look forward to working with DeepWater Buoyancy as they grow and thrive, and I will keep working to attract other job creators to Maine, while helping to sustain and grow the businesses that are already here.”
DeepWater Buoyancy was recently certified for a Maine Department of Economic and Community Development (DECD) incentive package including various tax exemptions and reimbursements.
“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 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.”
During the certification process, Capotosto worked closely with DECD and its team of Governor LePage Account Executives. “They helped guide us through the process from start to finish,” added Capotosto. “They are a terrific resource for us and we will continue to look to them for counsel as we grow.”
The primary mission of the Governor’s Account Executives is to help businesses expand, relocate and succeed here in Maine. For more information about the Governor’s Account Executives within the Maine Department of Economic and Community Development, and Deepwater Buoyancy, Inc., please visit the links below:
DBI: www.deepwaterbuoyancy.com DECD: www.Maine.gov/decd