BARRIE, ON--(Marketwired - March 16, 2016) - Export Development Canada (EDC) today announced CAD 2.5 M in financing for Barrie, Ontario's Linear Transfer Automation, a leading manufacturer of automation systems for the auto sector.
Linear Transfer will use the financing as a revolving line of credit for various large export contracts, including work for Ford, Nissan, General Motors, Daimler and Honda.
EDC's relationship with Linear Transfer dates back to 2006, when EDC first provided the company with credit insurance and bonding support for a transaction in Mexico. Today, EDC is developing new export and foreign exchange guarantees for the company's growing international customer base, as well as political risk insurance to protect their assets held in other countries.
"EDC has really come to the table to provide us with what we need to succeed, every step of the way," says Rama Jayaweera, President and General Manager of Linear Transfer. "Our sales are ever-increasing and now span all of North America and around the world."
Linear Transfer's manufacturing facility is located in Barrie, Ontario. The company has sales offices in the US, Mexico, Brazil, the UK, China, and Thailand.
"Linear Transfer has already accomplished the hard part, which is establishing itself in global supply chains of major multinational corporations," said Carl Burlock, Senior Vice-President, Financing and Investment, EDC. "EDC can provide a variety of financial solutions to support the full breadth of the company's business, making it easier for them to multiply their trade volume and their capacity to take on new business."
The company currently has 80 employees at the Barrie plant, with plans to create 10 new positions in the next year.
"EDC has even indirectly helped us by providing working capital financing to one of our customers," added Jayaweera. "By doing so, it was easier for our customer to buy two of our tandem press systems that we exported to the U.S."
EDC is Canada's leading provider of financing, insurance and bonding products for Canadian companies that have business outside of Canada. EDC also provides financial services for foreign companies that buy from Canadian companies or those that have Canadian supply and services in their corporate value chains.
For more information on how EDC can help your company, visit EDC's solutions page.
About Linear Transfer Automation Inc.
Linear is a global supplier of press transfer automation, blank feed systems and press-to-press automation. Established in 1994, Linear serves the automotive, appliance, HVAC, outdoor power equipment, renewable energy, and consumer goods industries at the OEM and tier levels. Our proven technology is designed to be the most reliable, robust and flexible automation in the market. We also build each system with the simple goal of never being the bottleneck in the stamping process. We use our modular and scalable actuators, optimized with our application sizing software, to insure the system exceeds any speed limitations in the stamping process. The equipment is backed up with world class 24/7 support from our many global locations.
About EDC
EDC is Canada's trade finance 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 we can help your company, call us at 1-888-434-8508 or visit www.edc.ca.
Contact Information:
Contact:
Elise Dedekam
Export Development Canada
613-598-3076