(OTTAWA) – August 5 2009 – Export Development Canada (EDC) today announced that it provided USD 10 million in financing to Ingenia Polymers (Ingenia), a Canadian-based supplier to the North American plastics industry with operations in Brantford and Calgary.
“Ingenia has a strong exporting history and is globally well diversified in the markets they serve, so it was a natural fit for EDC to provide access to credit and assist the company in its globalization efforts,” said Stephen Poloz, Senior Vice-President, Financing Products Group EDC. “EDC is also happy to be working in partnership with Toronto Dominion Bank to secure working capital for Ingenia.”
The financing will be used for general corporate purposes and providing additional growth liquidity. EDC worked in partnership with Ingenia's primary bank, Toronto Dominion Bank, to complete the financing transaction.
“We are very happy to have EDC, together with Toronto Dominion Bank, as financiers and partners. EDC has the mandate, tools and people to assist Ingenia as it grows its exports and globalizes. In addition to financing, Ingenia will benefit from EDC's other products including export receivable insurance. Also, EDC's presence, with offices around the world, will benefit Ingenia by providing local knowledge and connections,” said John Lefas, CEO of Ingenia.
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.
Ingenia is a Canadian manufacturer supplying innovative products and solutions to the global petrochemical and plastic industries. It operates plants in Ontario, Alberta and Texas. Having proven its business model in North America, it is now seeking to increase its exports of products and expand operations in other parts of the world including the Middle East, South America and Europe. It is currently planning to build a plant in Saudi Arabia.
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
