Export Development Canada (EDC) announced today that it is financing Acadian Seaplants Limited (ASL), a leader in the cultivation and processing of seaweed-based products, for its acquisition of Ireland’s largest seaweed processing company, Arramara Teoranta.
“We are really proud to see this business expanding,” said Jean-Paul Deveau, President of Acadian Seaplants Limited. “With financing from EDC, we will be able to expand our direct investment around the world, helping us maintain our competitive advantage and allowing us to capitalize on new opportunities.”
ASL currently buys from approximately 250 seaweed harvesters in Nova Scotia, 900 worldwide, and exports their products to over 80 countries.
ASL’s acquisition was supported by RBC financing and with EDC’s guarantee, allowing the Nova Scotia-based company to complete the investment in Arramara Teoranta. After this initial investment, ASL plans to invest in research and product development at the Arramara Teoranta facility.
EDC is Canada’s leading provider of financing, insurance and bonding for Canadian companies of all sizes that do business outside of Canada. EDC can provide solutions such as the export guarantee program for any Canadian company with export-related activities or direct investment abroad.
“Making a foreign investment can be a major milestone for any Canadian company, but EDC and RBC were committed to making this happen for ASL,” said David Surrette, EDC Regional Vice-President for Atlantic Canada. “It’s great to see a homegrown Nova Scotia company like Acadian Seaplants, leading the way in a global industry. This is the kind of company EDC wants to invest in.”
Acadian Seaplants is recognized globally for its sustainable resource management, product and processing innovations, and research in the seaweed industry. The company that started out as a small-scale seasonal seaweed harvester is today a multinational industry leader in the supply of premium fertilizer, animal feed, food products, and other seaweed products.
More than 413 Canadian companies in Atlantic Canada used EDC products and services in 2013, over 50% of which were small businesses, totaling more than CAD 3 B in export trade.
Acadian Seaplants Limited (ASL) is a globally recognized industry leader in the processing of seaweed-based products for food, animal feeds, and biochemical, agricultural, horticultural and agri-chemical markets worldwide. Acadian Seaplants is the largest independent manufacturer of marine plant products of its type in the world. It is a fully-integrated company that is responsible for every stage of its operation from the sustainable harvesting and cultivation of marine plants, technology development and engineering, manufacturing and quality assurance to market development, sales and technical customer support.
EDC is Canada’s export credit agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private- and public- sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment.
For more information about how EDC can help your company, visit www.edc.ca.
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Phil Taylor
Export Development Canada
(613) 598-2904
ptaylor@edc.ca
