OTTAWA, Ont.–Export Development Canada (EDC) announced a USD $100 M financing deal with Metalsa, S.A de C.V. (Metalsa), a Mexico-based OEM producer of automotive structures such as chassis, suspension, cradles and stamping.
The financing will be used for general corporate purposes, upsizing and extending an existing credit facility that Metalsa has with EDC, said a release.
The financing is also designed to help open doors for Canadian businesses to enter Metalsa’s supply chain. Metalsa are direct suppliers to auto-giants like Toyota, Ford and Chrysler.
“Our financing for foreign buyers can pay important dividends to Canadian companies,” said Carl Burlock, Senior Vice-President, Financing and Investment, EDC. “Since we began working with Metalsa more than 15 years ago, we’ve seen their Canadian supply increase by more than 800 per cent. That, by any standard, is a good return on EDC’s efforts to introduce new suppliers to Metalsa.”
“EDC has accompanied and supported Metalsa continuously in its global growth as a financial partner. We are very pleased to have such a strong relationship with a financial institution that understands our needs and brings value-added solutions to the table,” said Arturo Méndez, Director of Financing and Treasury of Grupo Proeza (holding company of Metalsa).
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.
Mexico is a strategic market for Canada, as outlined in the Government’s Global Market Action Plan, and is also a market of corporate priority for EDC.
For more information on how EDC can help your company, contact 1-888-434-8508 or visit our solutions page.
Julia Kuzeljevich is Editor of Canadian Shipper. She has been writing about transportation and logistics issues since 1999. All posts by Julia Kuzeljevich