Linear Transfer Automation, a Canadian manufacturer of automation systems for the auto sector, has received a C$2.5mn revolving credit facility from Export Development Canada (EDC).
The funds will be used for various large export contracts, including with Ford, Nissan, General Motors, Daimler and Honda.
The company’s manufacturing plant is based in Barrie, Ontario, and currently employs 80 people, with plans to create 10 new positions in the next year.
EDC first provided it with credit insurance and bonding support for a transaction in Mexico in 2006. Today, the Canadian export credit agency is developing new export and foreign exchange guarantees for Linear Transfer’s growing international customer base, as well as political risk insurance to protect their assets held in other countries.
“EDC has even indirectly helped us by providing working capital financing to one of our customers,” says Rama Jayaweera, the company’s president and general manager. “By doing so, it was easier for our customer to buy two of our tandem press systems that we exported to the US.”
“Our sales are ever-increasing and now span all of North America and around the world,” he adds.
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,” says Carl Burlock, senior vice-president, financing and investment, EDC.