(OTTAWA) – May 27, 2009 – Export Development Canada (
) today announced that it has provided $7.5 million in general corporate financing to Canadian General-Tower Limited (
), an innovative Cambridge-based auto supplier.
"EDC's financial solution for Canadian General-Tower shows how our domestic powers can help Canadian companies during today's challenging credit environment," said Eric Siegel, President and CEO of EDC.
"While the auto sector is experiencing significant challenges, companies like Canadian General-Tower are well positioned to emerge from the auto sector turmoil, when it's all said and done, with better market share and a more global perspective."
The financing will be provided as a general purpose corporate facility, which will enhance CGT's financial flexibility and operational liquidity.
This transaction was facilitated under EDC's temporary two-year broadening of its mandate to undertake domestic financing and insurance. EDC's domestic powers were enacted on March 12, 2009.
CGT, a provider of innovative polymer products, designs, and technical solutions, is headquartered in Cambridge, Ontario, Canada. The company's upholstery and soft interior trim products are found in 85 per cent of cars and light trucks made in North America. CGT has expanded its global footprint recently with two manufacturing sites located near Shanghai, China. The company is exploring manufacturing opportunities in Mexico, Eastern Europe and Russia.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for eight consecutive years.
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Media contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
BlackBerry: ptaylor@edc.ca
