The Tasmanian Liberal Government is delivering on our commitment to secure the future of Tasmanian Advanced Manufacturer, PFG, within the defence industry for years to come, supporting Tasmanian jobs.
As part of our First 100 Day Plan, we announced that if elected, we would provide a $600,000 loan to PFG group to construct an 11 metre ultra-durable High-Density Polyethylene prototype vessel.
The loan will enable the construction of a prototype vessel for PFG to showcase its unique boat building capabilities and its application to the defence sector, and importantly, it will support PFG in securing future opportunities across the domestic and international military and security domains.
Today we have delivered on our commitment, demonstrating our ongoing support for the Advanced Manufacturing and Defence Industries by stimulating the sector to further innovate, commercialise and scale up to create jobs and further opportunities.
PFG Group is an established Tasmanian based company that specialises in the manufacture of polyethylene products for a wide range of applications and industries. Over recent years, it has made significant progress towards unlocking opportunities within the defence sector, particularly regarding its class-leading range of advanced tactical watercraft.
Minister for State Growth, Roger Jaensch, said that he was pleased to announce that the State has formally approved the provision of a $600,000 loan to PFG and both parties have now reached in-principle agreement on the fundamental commercial loan terms.
“We will now work collaboratively towards finalising the legal arrangements to underpin the loan. Construction of this ‘first in class’ watercraft will help secure the operations at PFG, with flow-on benefits to many local businesses.”
With the Royal Australian Navy and Royal New Zealand Navy each looking to replace their sea-boat fleets over the next 2 decades, this prototype vessel will ensure that PFG has every opportunity to secure these contracts and create additional jobs.
Minister for Advanced Manufacturing and Defence Industries, Jeremy Rockliff, said that with several significant defence opportunities arising over the next 12 months, this prototype will offer PFG an important opportunity to demonstrate the advanced capabilities of these vessels to prospective buyers in the future.
“We recognise PFG’s importance to the Tasmanian economy through its status as a large employer in Tasmania as well as through the local supply chain businesses that rely upon its operations.”
The Tasmanian Liberal Government committed to supporting PFG, its workers and its supply chain and today we have delivered on what we promised.