Wescast Industries Inc.

Wescast Industries Inc.

April 06, 2010 13:37 ET

Wescast Renews Credit Facility for Two Years

BRANTFORD, ONTARIO--(Marketwire - April 6, 2010) - Wescast Industries Inc. ("Wescast") (TSX:WCS.A) announced today that it has entered into an amended and restated credit agreement with The Toronto-Dominion Bank and Export Development Canada.

The amended and restated agreement provides for a two year committed revolving term credit facility in the maximum principal amount of up to $30 million Canadian dollars. The facility, secured by the assets of Wescast and certain obligors, may be used to finance working capital requirements and for general corporate purposes.

"We are pleased to continue our relationship with both the Toronto-Dominion Bank and Export Development Canada," said Ed Frackowiak, Wescast Chairman and CEO. "This longer term renewal of the credit facility is an important element in the execution of our business plan."

About Wescast

Wescast Industries Inc. is the world's leading supplier of cast exhaust manifolds for passenger cars and light trucks. The Company designs, casts, machines and assembles exhaust system components for automotive original equipment manufacturers ("OEMs") and Tier 1 customers for the car and light truck markets in North America, Europe and Asia. The Company employs approximately 1,625 people in 7 production facilities and 5 sales and design centres in Canada, Hungary, the United States, Germany, Japan and China. The Company also has sales and technical design representation in the United Kingdom and France. The Company is recognized worldwide for its quality products, innovative design solutions and highly committed workforce.

Learn more at www.wescast.com.

Forward Looking Statements

Wescast and its representatives may periodically make written or oral statements that are "forward-looking", including statements included in this news release and in our filings with applicable Securities Commissions and in reports to our stockholders. These statements may be identified by words such as "believe," "anticipate," "project," "expect," "intend" or other similar expressions, and include all statements which address operating performance, events or developments that we expect or anticipate may occur in the future (including statements relating to future sales or earnings expectations, volume growth, awarded sales contracts and earnings per share expectations or statements expressing general optimism about future operating results). Such statements involve risks and uncertainties that may cause unanticipated events and actually evolve to be materially different from those either expressed or implied. These factors include, but are not limited to, risks associated with the automotive industry, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated in the forward-looking statements. For more detailed information regarding these risks you may refer to Wescast's publicly filed documents with applicable Canadian securities authorities. Wescast undertakes no obligation to update any of these forward-looking statements.

Contact Information

  • Wescast Industries Inc.
    Mr. Edward G. Frackowiak
    Chairman and Chief Executive Officer
    (519) 750-0000