SOURCE: Export Development Canada

Export Development Canada

December 11, 2014 00:00 ET

EDC Finances USD 50 M to Mexican Finance Company of Truck and Bus Manufacturer Navistar

OTTAWA, ON--(Marketwired - December 11, 2014) - Export Development Canada (EDC) today announced a USD 50 M financing deal with Navistar Financial Mexico (NFCx), the financial arm of Navistar Mexico, S. de R.L. de C.V. (Navimex), a wholly owned subsidiary of Navistar International Corporation (Navistar) in Mexico.

Navimex is a leading manufacturer of commercial trucks and buses sold in Latin America, Canada, and the U.S., with one of its principal manufacturing facilities located in Monterrey, Mexico.

"This financing provides Navimex with ongoing flexibility to help us support the purchase of components produced by Canadian suppliers that are used in the manufacturing of International® trucks and buses in Mexico," said Jose Alfredo Chacon Perez, Executive President, NFCx.

EDC is the leading provider of financing for small Canadian companies that have business outside of Canada.

EDC worked with Navimex's financial partners to provide the financing, which will be used to fund new loans and leases for the sale of trucks and businesses assembled with Canadian components.

"Navistar already has a healthy Canadian supply, but there are imminent opportunities for more Canadian companies as they ramp up production levels within their Mexican facilities," said Todd Winterhalt, Vice-President of International Business Development, EDC.

Canadian companies with a local manufacturing presence in Mexico and with experience supplying parts to the automotive or heavy vehicle industry are in high demand.

EDC creates these opportunities by targeting companies whose procurement needs match up with existing Canadian expertise. EDC gets to know and understand what the foreign companies need and where they want to grow. With that knowledge, EDC seeks out Canadian companies that meet those needs and introduces them to senior buyers.

"EDC's financing for foreign buyers can pay important dividends to Canadian companies," added Winterhalt. "Since we began working with Navistar more than 13 years ago, we've seen their Canadian supply increase by more than 400 percent. That, by any standard, is a good return on investment for Canada."

Since 2003, EDC has made about $25 billion in loans to more than 200 foreign companies, leading to more than $38 billion in business with about 4,000 Canadian companies.

For more information on how EDC can help your company, contact 1-888-434-8508 or visit EDC.ca

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.

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