SAINT JOHN, N.B. - The parent company for New Brunswick-based Irving Oil says it will not move ahead with its planned world headquarters project because of the recession.
In a statement today, Fort Reliance blames current economic conditions caused by the global recession for its decision to shelve the $30-million project on the Saint John, N.B., waterfront.
The company first announced its intention to build a home office on land it owned at the Long Wharf location over five years ago.
A 99-year lease of the site had been approved by the federal government last April.
Irving wanted to construct the new building to bring together about 1,000 employees in Saint John.