OTTAWA, Aug. 5 /CNW Telbec/ - Export Development Canada (EDC) today
announced that it provided USD 10 million in financing to Ingenia Polymers
(Ingenia), a Canadian-based supplier to the North American plastics industry
with operations in Brantford and Calgary.
"Ingenia has a strong exporting history and is globally well diversified
in the markets they serve, so it was a natural fit for EDC to provide access
to credit and assist the company in its globalization efforts," said Stephen
Poloz, Senior Vice-President, Financing Products Group EDC. "EDC is also happy
to be working in partnership with Toronto Dominion Bank to secure working
capital for Ingenia."
The financing will be used for general corporate purposes and providing
additional growth liquidity. EDC worked in partnership with Ingenia's primary
bank, Toronto Dominion Bank, to complete the financing transaction.
"We are very happy to have EDC, together with Toronto Dominion Bank, as
financiers and partners. EDC has the mandate, tools and people to assist
Ingenia as it grows its exports and globalizes. In addition to financing,
Ingenia will benefit from EDC's other products including export receivable
insurance. Also, EDC's presence, with offices around the world, will benefit
Ingenia by providing local knowledge and connections," said John Lefas, CEO of
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.
Ingenia is a Canadian manufacturer supplying innovative products and
solutions to the global petrochemical and plastic industries. It operates
plants in Ontario, Alberta and Texas. Having proven its business model in
North America, it is now seeking to increase its exports of products and
expand operations in other parts of the world including the Middle East, South
America and Europe. It is currently planning to build a plant in Saudi Arabia.
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: Media contact: Phil Taylor, Export Development
Canada, Tel: (613) 598-2904, Blackberry: firstname.lastname@example.org