(OTTAWA) – August 27, 2009 – Export Development Canada (
) today announced it provided $27 million in financing as part of a larger working capital facility for Montreal-based Kruger Inc.
"EDC was pleased to work in partnership with other Canadian banks to add capacity to Kruger’s credit facility as the credit crunch continues to constrain lending, in particular for companies in the pulp and paper sector," said Carl Marcotte, EDC Vice-President, Resources Group.
The agreement was facilitated under EDC’s temporary two-year broadening of its mandate to undertake domestic financing, insurance, surety and bonding. EDC’s domestic powers were enacted on March 12, 2009.
“EDC is a long standing financial partner and we are very pleased to expand the scope of our relationship now that EDC is able to leverage its new powers,” said Pierre Duhamel, Executive Vice President and Chief Financial Officer of Kruger Inc.
Founded in 1904, Kruger Inc. is a major producer of publication papers, tissue, lumber and other wood products, corrugated cartons from recycled fibers, green and renewable energy and wines and spirits. The Company is also a leader in paper and paperboard recycling in North America. Kruger operates facilities in Québec, Ontario, Alberta, British Columbia, Newfoundland and Labrador, in the United States and the United Kingdom and has 9,000 employees.
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.
-30-
Media contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
