OTTAWA, May 27 /CNW Telbec/ - Export Development Canada (EDC) today
announced that it has provided $7.5 million in general corporate financing to
Canadian General-Tower Limited (CGT), an innovative Cambridge-based auto
"EDC's financial solution for Canadian General-Tower shows how our
domestic powers can help Canadian companies during today's challenging credit
environment," said Eric Siegel, President and CEO of EDC.
"While the auto sector is experiencing significant challenges, companies
like Canadian General-Tower are well positioned to emerge from the auto sector
turmoil, when it's all said and done, with better market share and a more
The financing will be provided as a general purpose corporate facility,
which will enhance CGT's financial flexibility and operational liquidity.
This transaction was facilitated under EDC's temporary two-year
broadening of its mandate to undertake domestic financing and insurance. EDC's
domestic powers were enacted on March 12, 2009.
CGT, a provider of innovative polymer products, designs, and technical
solutions, is headquartered in Cambridge, Ontario, Canada. The company's
upholstery and soft interior trim products are found in 85 per cent of cars
and light trucks made in North America. CGT has expanded its global footprint
recently with two manufacturing sites located near Shanghai, China. The
company is exploring manufacturing opportunities in Mexico, Eastern Europe and
EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their international
business. EDC's knowledge and partnerships are used by more than 8,300
Canadian companies and their global customers in up to 200 markets worldwide
each year. EDC is financially self-sustaining, a recognized leader in
financial reporting and economic analysis, and has been recognized as one of
Canada's Top 100 Employers for eight consecutive years.
For further information:
For further information: Phil Taylor, Export Development Canada, (613)
598-2904, BlackBerry: email@example.com